PlO—Lancaster Farming, Saturday, April 26, 1960
Bipartisan group asks USD A
to increase soybean support
WASHINGTON, D.C. -
Sixteen members of the
Senate Committee on
Agriculture, Nutrition, and
Forestry, including
Chairman Herman E.
Talmadge, Wednesday
called on Agriculture
Secretary Bob Bergland to
increase the price support
loan rate for soybeans from
$4.50 to $5.02 per bushel.
The bi-partisan group also
asked the secretary to waive
a requirement that
producers must have
planted within the normal
crop acreage of their
respective fanns last year in
order to be eligible for price
support on their 1979
soybeans.
The Secretary has
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(Continued from Page 09)
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authority under existing law
to take both of the requested
actions. The senators’
request has been endorsed
by the American Soybean
Association.
The proposed $5.02 loan
rate is equivalent to 65
percent of the national
average cost of producing a
bushel of soybeans.
The Senate Agriculture
commitee members urged
Bergland to take the
recommended actions
because of the sharp drop in
soybean prices and the
prospects of another bumper
crop this year.
“Since many fanners are
faced with a severe shortage
of cash and the outlook for
higher soybean prices is
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pessimistic, it only makes
good sense to increase Hie
soybean loan rate and allow
all of the 1979 crop of
soybeans to be eligible for
the soybean loan program
disregarding the normal
crop acreage requirement,”
the senators said in a joint
letter to Bergland.
Noting that many soybean
producers have held their
1979 crop in hopes of higher
prices, the senators’ letter
said:
“In the absence of action
by you, many fanners will
have no choice other than to
sell their soybeans at a
significant financial loss.
This would weaken our
soybean industry an in
dustry that last year con
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tributed nearly $7 billion to
the U.S. balance of
payments and ranked only
second to aircraft in total
export value.”
In addition to Talmadge,
signers of the letter include:
David L. Boren (D-Ok);
Rudy Boschwitz (R-Minn.);
Thad Cochran (R-Miss.);
Bob Dole (R-Kan.); Walter
D. Huddleston (D-Ky.);
Robert W. Jepsen (R-Iowa);
Patrick J. Leahy (D-Vt.);
Richard G. Lugar (R-Ind.);
George McGovern (D-S.
Dak.); John Melcher (D-
Mont.); David H. Pryof (D-
Ark.); Donald W. Stewart
(D-Ala.); Richard B. Stone
(D-Fla.); Milton R. Young
(R-N.D.); Edward Zorinsky
(D-Neb.).
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