A Good Year ... Cash receipts
to farmers during the year’s first
half stood 8 percent above a year
earlier, highlighted mainly by
higher returns from beef, pork,
and cotton. Gross income for the
year now is estimated over $64 M;
billion. Despite some repidly
rising production costs, farmers
will probably bring in a little over
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outlook
$lB billion in realized net farm
income, a new record high.
Prices Received for farm
marketings through June
averaged almost 10 percent more
than a year earlier while the
volume of products marketed
remained about the same.
Livestock and livestock products
brought in more than $16.1 billion
0:1101
by June, compared with $14.4
billion a year earlier. The in
crease was due entirely to higher
average prices. Almost $1.6
billion of the $1.7 billion total
increase came from meat
animals.
Cattle and Hogs . . . Up . . .
Receceipts for cattle and calves
were up nearly $1 billion for the
first half, compared with 1971.
Hogg producers’ receipts were up
about $6OO million as reduced
supplies and continuing strong
demand boosted prices 40 percent
above year-earlier levels.
The Cost of Almost Everything
that it takes to run a farm
averaged almost 6 percent more
this July than a year earlier.
Expenses for production items,
interest, taxes, and wages drifted
upward. Only purchased feed of
the major items cost less than a
year earlier. Noticeable gainers
during the past months have been
farm machinery and building and
fencing materials. At midyear
they were up 6 percent and 8
percent, respectively, from a
year earlier. For all of 1972, farm
expenses are likely to gain
around $2% billion, or possibly
more, over the $44 billion paid out
during 1971.
Cotton Income . . . Cotton
plantings are estimated 12
percent more than last year.
Cotton prices so far this year
have been running well ahead of
1971 levels. Receipts for January-
June to producers were up $2OO
million from last year. Good
prices are stemming mainly
from small carryovers resulting
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from a short crop in 1971 and
relatively firm demand.
Red Meat.. . Second half 1972
red meat production will about
equal the output of a year earlier
due mainly to a large beef pull
ahead. Pork production will be
off from last year—veal, lamb,
and mutton will continue their
downtrends, which date back
several years. Although ex
panding beef production and the
seasonally larger pork supplies
will bridle prices later in the
year, prices of most classes of
livestock will still run ahead of
last year’s.
Fed Cattle Marketings look
record large this year. Feeders
in the 23 major feeding States had
9 percent more cattle on feed July
1 in weight groups that typically
make up fourth quarter sales.
Fed cattle prices are expected to
run well ahead of last July-
December’s $33.50 per hundred
pounds Choice steers at Omaha
because of strong demand and a
smaller pork output.
Feeder Cattle Supplies, up
again at midyear, are large
enough to support continued
large placements. Also, this
year’s beef calf crop is estimated
4 percent larger than 1971’5,
indicating an increase in the 1973
feeder cattle supply.
Hogs . . . The hog situation
during the second half will
remain as tight as m 1972’s first 6
months, when slaughter dipped 9
percent under the previous year
and prices soared 40 percent
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Lancaster Farming, Saturday, September 30,1972
above. Also, operators had 7
percent fewer market hogs on
June 1 and plan 5 percent less
farrowings than a year earlier
during June-November. So,
although farrrowings may rise
above year earlier levels next
winter, hog slaughter will trail
behind year earlier levels next
winter, hog slaughter will trail
behind year earlier levels
through mid-1973 and prices will
continue strong.
Main Courses ... During 1972’s
second half red meat con
sumption will continue to trail
year earlier levels. During the
first half it fell off about 1 pound
per person from the 95-pound
year earlier level.
Beef . . . Second half beef
consumption will probably
average around 59 pounds per
person, up 2 pounds from a year
earlier. Pork consumption will
probably fall off around 3 pounds
from 1971’s second half, settling
at around 34 pounds per person.
Veal, lamb, and mutton will
continue their fallback this year.
Futures Market . . . Futures
trading in regulated agricultural
commodities hit an alltime high
during the year ended June 30.
Trading in 17 commodities in
creased 6 percent over the year
earlier, totaling 12.6 million
transactions. The total was
valued at an estimated $148.0
billion, compared to 1970-71’s
114.4 billion.
Futures Champs . . . Soybeans
hit an alltime record in futures
trading, marking up almost 4
million transactions. The volume
transacted-19.8 billion bushels
was up 47 percent from the 13.4
billion traded the year before.
Frozen pork bellies ranked as
second most active with over 2
million transactions, up 34
percent from the year earlier.
Live hogs set a new record for
themselves, 366,450 transactions,
up 92 percent from the year
earlie. Pig value totaled almost
$2.8 billion, compared with 1970-
71’s almost 1.1 billion.
I <
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Phone: 354-4181
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312 W. Mam St.
New Holland, Pa. 17557
11