STEPHEN FORD
GREGORY HANSON
H. LOUIS MOORE
ROBERT YONKERS
PSU Extension Ag Economics
STATE COLLEGE (Centre
Co.) Further growth is in store
for the United States economy
during 1994.
The most recent recession was
not as severe as thought and the
1992 recovery was much stronger
than reported a year ago.
Gross domestic product grew
by a surprising 4 percent for much
of the 1992 period.
However, growth prospects for
1993 have been scaled back from
Figure 1. Ending stocks and farm prices received for U.S. corn from
1980 to 1993.
BILLION
BUSHELS
1981
source. USDA Ag Outlook, marketing year ends August 31
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EXISTING PRODUCERS ARE EXPERIENCING THE FOLLOWING:
CONTACT FARMER BOT AG...YOUR PROFESSIONAL COMPANY
24
Hour
Service
Pennsylvania Ag Prognosis Good For 1994
earlier expectations. Gross domes
tic product (GDP) growth for
1993 is expected to be about 2.S
percent; Economic recovery has
been characterized as being “stuck
in‘low gear.”
Unemployment continues to be
a problem as employers try to
increase output with smaller
workforces.
The modest recovery rate
brought some side benefits.
Consumer prices rose only 2.7
percent in the 12-month period
ending Sept. 30. Commercial
lending rates average 6 percent—
their lowest levels in 25 years
and should remain near current
levels through the first half of
1994.
1985
• A STEADY MONTHLY CONTRACT INCOME.
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• SUPPLY OF HEALTHY FAST GROWING PIGS
• EXCELLENT HEALTH & DISEASE PROGRAM SUPPORT
• CUSTOM DESIGN • NUTRIENT MANAGEMENT PLANNING
• ASSISTANCE IN PLANNING YOUR FINANCING
• SERVICING BUILDING PERMITS & INFORMATION REQUIREMENTS
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WE
SHIP
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1990
YEAH
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Looking farther ahead, 1994
could be a repeat of 1993. Eco
nomic growth is projected to be
2.3 to 2.7 percent. Consumer
prices will increase 3 percent or
even less. Unemployment will
change little from the current level
of 6.8 percent, which is high by
historical standards for this stage
in an economic recovery.
Feed Supplies
Sharply Lower
Agriculture had an unusual year
during 1993.
Drought in the Northeast and
Southeast and record floods in the
Midwest sharply reduced crop
prospects.
This was the first time that too
CORN PRICE
PER BUSHIL
S 3 40
S 3 20
S 3 00
S 2 80
S 2 60
S 2 40
S 2 20
S 2 00
'SI 80
$1 60
SI 40
4 1994
* Proioclf (I
much moisture reduced crap yields
in such a large area of the country.
November projections of the
national com crap were 6.50 tril
lion bushels, down 31 percent
from last year’s record crop. Soy
bean production in 1993 was
expected to total 1.83 billion
bushels, down 16 percent from
last year.
Com and soybean supplies will
be tighter in 1994 than during the
past year. Sizable stocks were car
ried over from 1992 record crops.
Com stocks on September 1,
1993, were at 2.1 billion bushels,
nearly double a year earlier, but on
September 1. 1994, they should
total about 1.1 billion bushels
Figure 2. Meat production in the United States from 1960 to 1993.
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USDA National Agricultural Statistics Service
Lancaster Fanning, Saturday, January 1,1114-All
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I ..i .
m \ .* ** BflOlLEfls
YEAR
Hours:
M-F 7:00-5:00;
Sat. 7:30-11:30
(Figure. 1).
Tightening supplies of com will
support prices at IS- to SO-cents
higher than during the past year.
Higher prices will restrict com
used for livestock feeding.by
about 100 million bushels.
Com exports have been drop
ping sharply.
Sales to Japan have been larger
than a year ago but sale levels to
the countries of the forma- Soviet
Union have been sagging a
reflection of instability and the
lack of hard currency in those
countries.
Exports of com for the 1993-94
year are projected at 1.4 billion
(Turn lo Pag* Al 3)
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80 85 90 93
2000/
3000
FINISHER
BARNS
Full Line Of
Parts In Stock
For Your
Poultry And
Hog Needs
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