Show Favorable Farming This year is shaping be more favorable for farmers than Following the in corn last year which depressed that and other feed-grain crop prospects generally are now rated in better balance with projected CROPS OF all types seeded for 1972 harvest totaled million down 3 percent of 9 million acres from last After-planting losses have varied from nominal in parts of the Midwest and Southwest to substantial in Atlantic Coast states hit by Hurricane In total acreage actually harvested will not be too far below the official of the Department of Cutback estimates of 6 percent and 11 percent in food-grain and feed-grain output respectively-compared with year-ago totals-seem well on the way to being assuming close-to-normal weather and growing conditions from here CROP development is running late in many areas because of slow starts occasioned by or over-wet spring or other weather Such late development increases the danger of frost especially for corn and The Crop Reporting Board of the Agriculture Department looks for an 11 percent drop in corn output from all-time which is pretty much in line with reports from private sources reaching the Research Department of Babson's Indications are that yields-though slated to lag record levels-should hold comfortably above IF corn gets the weather and survives any late-season production could be a bit bigger than the nearly 5 billion bushels In any large carryovers assure that supplies of corn and other feed-grains will average near year-ago Nor is there any doubt as to the adequacy of total wheat supplies for the same even if U. S. output should dip below the billion bushels now Carryover wheat stocks July 1 amounted to million up some 20 percent from a year WHEAT STOCKS of the major and Argentina-were 6 percent below a year ago but are for expected The number of cattle on feed has but suspicion grows that official estimates err on the high Babson's Reports feels that will top 1971 levels in the months just ahead but still not keep pace with heavy By next winter and early the supply-demand balance could be very tight if cattle census-takers have in fact AS FOR there should be more weakness than strength on balance over near but the averages should still hold above the levels of a year No relief from the tightness prevailing in hog supplies is likely before spring of and there is doubt how much relief will be seen The smaller corn crop this year means higher Teed prices next winter and making growers hesitant to undertake big expansion of There will be some easing I in hog prices this but it will not carry too far and will not be Quotes will i be headed upward again before year's FIRST HALF of 1972 surpassed our expectations for farmers in terms of net income and average farm Now there is a good chance this general trend will-with some of course-carry through the rest of the the overall near-term economic outlook for farmers appears but just how favorable is a ANTICIPATED decline in 1972 crop will be offset by higher income from livestock will be This does not add up to a but should make for a 10 percent boost in realized net |