Economic and Marketing Information for Indiana Farmers (Dec. 31, 1966) |
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Economic and Marketing Information
FOR INDIANA FARMERS
Prepared by the Agricultural Staff of Purdue University, Lafayette, Indiana
December 31, 1966
Feed Grain Supplies Lower—Prices Higher
by W. S. Farris, Agricultural Economics
Feed grain supplies are down about
7 percent from last year while utilization continues at near record levels.
The current higher level of prices is
expected to continue well into 1967.
Total feed grain production in 1966
is estimated at 159 million tons, slightly below last year's record crop. Corn
makes up 115 million tons, and oats,
barley and sorghum grains 13.5, 9.5
and 21 million tons respectively. The
production of each is down slightly
from last year except sorghum grains,
which set a new record about 10 percent above the 1965 crop.
The total supply of feed grains for
1966-67 is estimated at 202 million tons.
This includes a carryover of 43 million
tons. Government stocks of about 25
million tons were the smallest since
1954.
The use of feed grains will continue
at record levels.
We will use nearly 175 million tons
of feed grains during the 1966-67 feeding year (October to September). This
is about the same as the 1965-66 utilization and 14 percent higher than the
1964-65 season (Table 1). Next fall we
will see the feed grain carryover reduced to about 25 to 30 million tons.
This amounts to about 7 weeks' supply at our present rate of use. A high
level of domestic and foreign demand
coupled with lower production and
dwindling reserve stocks has caused
the higher price levels for feed grains
which we are now experiencing.
Exports of feed grains amounted to
29 million tons last year. We used 131
million tons for livestock feed and the
I remainder, 15 million tons, went for
seed, food and industrial use. This
level of use is expected to continue 176 million for the 1966-67 feeding
and will keep prices strong until wc season, but this increase will be offset
get an estimate of the production pic- to some extent by a slightly reduced
ture for next year. rate of feeding. Hog and poultry nuin-
Corn is the main ingredient in the ljt'rs and feed requirements may be 6
feed grain market picture. Supplies of lo 8 percent higher during 1966-67, but
corn are down as a result of increased feed requirements for cattle may
use and the rate of utilization appears change only slightly,
to be going even higher than was re- Corn prices in mid-November aver-
cently expected. Prices are about 25 aged $1.26 per bushel for the U. S.,
cents a bushel higher than levels of 28 cents higher than the November,
previous years and this strength will 1965 level. Prices are expected to move
probably remain in the market well upward enough to more than cover
into 1967. storage costs to late winter and early
Corn production this year is esti- spring—at least 15 cents per bushel
mated at 4.13 billion bushels, only ;»»(l higher in corn deficit areas,
slightly below last year's crop. A carry- Longer-range prospects for feed
over of 866 million bushels put the grains indicate continued strong domes-
total supply of corn at just under 5 tic and export demand, but increased
billion bushels. production of corn and sorghum grains
The corn balance sheet for the 1965 will push prices down to the vicinity
and 1966 feeding seasons is given in of support levels.
The trend in corn prices beyond
Grain consuming animal units are next spring will be influenced greatly
expected to be up from 169 million to by the prospects for the 1967 crop. A
Table 1. Corn balance sheet—1965 and 1966 feeding seasons.
Year
Item 1965-66 1966-67
Supply: million bushels
Carry-over—beginning of feeding year Oct. 1 1,170 866
Production (Sept. 1, Est.) 4,171 4,130
Imports , 1 1
Total Supply 5,342 4,997
Utilization:
Livestock feed 3,439 3,449
Food and industrial uses 339 340
Seed 11 11
Exports 687 700
Total Utilization 4,476 4,500
Carry-over—end of feeding year Sept. 30 866 497
Support Price $1.05 $1.00
Average Price for Marketing Year $1.15 $1.35-1.45
Object Description
| Title | Economic and Marketing Information for Indiana Farmers (Dec. 31, 1966) |
| Purdue Identification Number | UA14-13-econ196612 |
| Date of Original | 1966 |
| 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-econ196612.tif |
Description
| Title | Economic and Marketing Information for Indiana Farmers (Dec. 31, 1966) |
| Purdue Identification Number | UA14-13-econ196612 |
| Transcript | Economic and Marketing Information FOR INDIANA FARMERS Prepared by the Agricultural Staff of Purdue University, Lafayette, Indiana December 31, 1966 Feed Grain Supplies Lower—Prices Higher by W. S. Farris, Agricultural Economics Feed grain supplies are down about 7 percent from last year while utilization continues at near record levels. The current higher level of prices is expected to continue well into 1967. Total feed grain production in 1966 is estimated at 159 million tons, slightly below last year's record crop. Corn makes up 115 million tons, and oats, barley and sorghum grains 13.5, 9.5 and 21 million tons respectively. The production of each is down slightly from last year except sorghum grains, which set a new record about 10 percent above the 1965 crop. The total supply of feed grains for 1966-67 is estimated at 202 million tons. This includes a carryover of 43 million tons. Government stocks of about 25 million tons were the smallest since 1954. The use of feed grains will continue at record levels. We will use nearly 175 million tons of feed grains during the 1966-67 feeding year (October to September). This is about the same as the 1965-66 utilization and 14 percent higher than the 1964-65 season (Table 1). Next fall we will see the feed grain carryover reduced to about 25 to 30 million tons. This amounts to about 7 weeks' supply at our present rate of use. A high level of domestic and foreign demand coupled with lower production and dwindling reserve stocks has caused the higher price levels for feed grains which we are now experiencing. Exports of feed grains amounted to 29 million tons last year. We used 131 million tons for livestock feed and the I remainder, 15 million tons, went for seed, food and industrial use. This level of use is expected to continue 176 million for the 1966-67 feeding and will keep prices strong until wc season, but this increase will be offset get an estimate of the production pic- to some extent by a slightly reduced ture for next year. rate of feeding. Hog and poultry nuin- Corn is the main ingredient in the ljt'rs and feed requirements may be 6 feed grain market picture. Supplies of lo 8 percent higher during 1966-67, but corn are down as a result of increased feed requirements for cattle may use and the rate of utilization appears change only slightly, to be going even higher than was re- Corn prices in mid-November aver- cently expected. Prices are about 25 aged $1.26 per bushel for the U. S., cents a bushel higher than levels of 28 cents higher than the November, previous years and this strength will 1965 level. Prices are expected to move probably remain in the market well upward enough to more than cover into 1967. storage costs to late winter and early Corn production this year is esti- spring—at least 15 cents per bushel mated at 4.13 billion bushels, only ;»»(l higher in corn deficit areas, slightly below last year's crop. A carry- Longer-range prospects for feed over of 866 million bushels put the grains indicate continued strong domes- total supply of corn at just under 5 tic and export demand, but increased billion bushels. production of corn and sorghum grains The corn balance sheet for the 1965 will push prices down to the vicinity and 1966 feeding seasons is given in of support levels. The trend in corn prices beyond Grain consuming animal units are next spring will be influenced greatly expected to be up from 169 million to by the prospects for the 1967 crop. A Table 1. Corn balance sheet—1965 and 1966 feeding seasons. Year Item 1965-66 1966-67 Supply: million bushels Carry-over—beginning of feeding year Oct. 1 1,170 866 Production (Sept. 1, Est.) 4,171 4,130 Imports , 1 1 Total Supply 5,342 4,997 Utilization: Livestock feed 3,439 3,449 Food and industrial uses 339 340 Seed 11 11 Exports 687 700 Total Utilization 4,476 4,500 Carry-over—end of feeding year Sept. 30 866 497 Support Price $1.05 $1.00 Average Price for Marketing Year $1.15 $1.35-1.45 |
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