Economic and Marketing Information for Indiana Farmers (May 31, 1968) |
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Economic and Marketing Information FOR INDIANA FARMERS Prepared by the Agricultural Staff of Purdue University, Lafayette, Indiana May 31, 1968 THE WORLD WHEAT SITUATION W. S. Farris, Agricultural Economics The 1968 world wheat crop is expected to approach record levels. This means that total production for the year will probably be 10 to 10.5 billion bushels. The record was 10.5 billion bushels in 1966. The large 1966 crop resulted in surplus stocks in some countries, and the effects of those stocks are still being felt in world wheat trade. Wheat prices were down 20-30 cents per bushel in world markets as of May 1, 1968, compared to a year earlier. U.S. dark northern spring wheat with 14 percent protein was quoted $1.88 per bushel at Rotterdam versus $2.08 a year earlier. Also at Rotterdam, U.S. No. 2 soft red winter was $1.60 per bushel compared to $1.90 last year at the same date. Stocks of Wheat in Main Exporting Countries The major wheat exporters, the United States, Canada, Argentina, and Australia, had about 2.2 billion bushels of wheat available for export as of January 1. Comparable supplies were about 2.0 billion for the two previous years. Australia was the only one of the four with smaller supplies, but this was after a bumper 1966 crop which put Australian stocks at record levels. Through March, 1968, U.S. wheat export totaled 595 million bushels, up slightly from the same months of the previous year. Canadian exports were only about half the previous year, but commitments to communist countries will increase this level substantially prior to the 1968 harvest. Argentina was virtually out of the export market until recent months when the new crop (December, 1967, harvest) began moving into world trade. Australian exports through March, 1968, were 195 million bushels, 23 million above the same period a year earlier. In addition to the four major wheat exporters, France supplies wheat in substantial quantities to the EEC countries, the United Kingdom and eastern European countries including the USSR. Because of relatively good crops in Europe last year, France has moved wheat to other markets such as communist China, Latin America and Africa. Prospects For the 1968 Crop The 1968 world wheat crop may be below the record of 10.5 billion bushels but is estimated to approach this level. The Australian and Argentine crops (already harvested) were up about 120 million bushels and 50 million bushels respectively, and it appears that 1968 plantings in these countries will exceed the 1967 plantings. Canada indicated a 2.6 percent reduction in 1968 acreage, but the expected carryover of about 600 million bushels on August 1 is sufficient to supply the usual season's export and domestic requirements, leaving the 1968 production as exportable surplus. The wheat crop in western Europe appears in good condition, and even though acreage is down about 5 percent from the two preceding years, the crop may still approach record levels. The U.S. wheat crop is estimated to total about 1.5 billion bushels, with the winter wheat crop expected to account for 1.2 billion bushels of the crop. Production of soft red winter wheat, the type grown in Indiana, will likely be 240 to 245 million bushels this year, 35 to 40 million bushels below the 1967 crop. Indiana's crop is estimated at about 41 million bushels down 15 percent from last year's crop. Wheat Price Prospects Wheat prices received by U.S. farmers for the 1967 crop averaged about 15 cents above the national support level of $1.25 per pushel. Indiana's
Object Description
Title | Economic and Marketing Information for Indiana Farmers (May 31, 1968) |
Purdue Identification Number | UA14-13-econ196805 |
Date of Original | 1968 |
Publisher | Purdue University. Agricultural Extension Service |
Subjects (LCSH) |
Farm produce--Indiana--Marketing Agriculture--Economic aspects--Indiana |
Genre | Periodical |
Collection Title | Extension Economic & Marketing Information (Purdue University. Agricultural Extension) |
Rights | Copyright Purdue University. All rights reserved. |
Coverage | United States - Indiana |
Type | text |
Format | JP2 |
Language | eng |
Repository | Purdue University Libraries |
Date Digitized | 05/01/2015 |
Digitization Specifications | Original scanned at 400 ppi on a BookEye 3 scanner using Opus software. Display images generated in Contentdm as JP2000s; file format for archival copy is uncompressed TIF format. |
URI | UA14-13-econ196805.tif |
Description
Title | Economic and Marketing Information for Indiana Farmers (May 31, 1968) |
Purdue Identification Number | UA14-13-econ196805 |
Transcript | Economic and Marketing Information FOR INDIANA FARMERS Prepared by the Agricultural Staff of Purdue University, Lafayette, Indiana May 31, 1968 THE WORLD WHEAT SITUATION W. S. Farris, Agricultural Economics The 1968 world wheat crop is expected to approach record levels. This means that total production for the year will probably be 10 to 10.5 billion bushels. The record was 10.5 billion bushels in 1966. The large 1966 crop resulted in surplus stocks in some countries, and the effects of those stocks are still being felt in world wheat trade. Wheat prices were down 20-30 cents per bushel in world markets as of May 1, 1968, compared to a year earlier. U.S. dark northern spring wheat with 14 percent protein was quoted $1.88 per bushel at Rotterdam versus $2.08 a year earlier. Also at Rotterdam, U.S. No. 2 soft red winter was $1.60 per bushel compared to $1.90 last year at the same date. Stocks of Wheat in Main Exporting Countries The major wheat exporters, the United States, Canada, Argentina, and Australia, had about 2.2 billion bushels of wheat available for export as of January 1. Comparable supplies were about 2.0 billion for the two previous years. Australia was the only one of the four with smaller supplies, but this was after a bumper 1966 crop which put Australian stocks at record levels. Through March, 1968, U.S. wheat export totaled 595 million bushels, up slightly from the same months of the previous year. Canadian exports were only about half the previous year, but commitments to communist countries will increase this level substantially prior to the 1968 harvest. Argentina was virtually out of the export market until recent months when the new crop (December, 1967, harvest) began moving into world trade. Australian exports through March, 1968, were 195 million bushels, 23 million above the same period a year earlier. In addition to the four major wheat exporters, France supplies wheat in substantial quantities to the EEC countries, the United Kingdom and eastern European countries including the USSR. Because of relatively good crops in Europe last year, France has moved wheat to other markets such as communist China, Latin America and Africa. Prospects For the 1968 Crop The 1968 world wheat crop may be below the record of 10.5 billion bushels but is estimated to approach this level. The Australian and Argentine crops (already harvested) were up about 120 million bushels and 50 million bushels respectively, and it appears that 1968 plantings in these countries will exceed the 1967 plantings. Canada indicated a 2.6 percent reduction in 1968 acreage, but the expected carryover of about 600 million bushels on August 1 is sufficient to supply the usual season's export and domestic requirements, leaving the 1968 production as exportable surplus. The wheat crop in western Europe appears in good condition, and even though acreage is down about 5 percent from the two preceding years, the crop may still approach record levels. The U.S. wheat crop is estimated to total about 1.5 billion bushels, with the winter wheat crop expected to account for 1.2 billion bushels of the crop. Production of soft red winter wheat, the type grown in Indiana, will likely be 240 to 245 million bushels this year, 35 to 40 million bushels below the 1967 crop. Indiana's crop is estimated at about 41 million bushels down 15 percent from last year's crop. Wheat Price Prospects Wheat prices received by U.S. farmers for the 1967 crop averaged about 15 cents above the national support level of $1.25 per pushel. Indiana's |
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