| Show BUSINESS and nd the STOCK MARKET by BABSON'S REPORTS lilt W CROP PROSPECTS AT MIDSUMMER Although dry weather has seriously disrupted planting and growing timetables timetables time time- tables across the South crop prospects as a whole are generally good Total land seeded to crops is up about 1 million million mil mil- lion acres from 1969 despite a nine percent percent per per- cent decline in acreage planted to food grains While weather vagaries make for dIffering differing dIf dIf- fering situations in specific localities prospects for all crops for the nation as a whole are rated about the same as a year ago A record outturn of corn cornIs cornIs cornis is probable topping the previous high of 1967 by about 60 million bushels With food grain output slated to trail 1969 by approximately seven per cent while feed grain production increases four per cent and with reasonably well balanced total r supplies of livestock and poultry supply supply demand demand ratios augur well for farm income as a whole Wheat Situation Our Babson survey of the wheat outlook outlook out out- look suggests that the official estimate of a total outturn of 1349 million bushels bushels bushels bush bush- els may prove to be a little on the low side However we agree that it will be substantially below record 1576 million bushels Signs point to a record yield of 31 bushels per acre for all wheat Noteworthy Noteworthy Note Note- worthy too is the fact that output of durum wheat used principally in inthe inthe inthe the making of ma macaroni and alimentary pastes is slated at only 50 million bushels or about half the record production production production pro pro- of last year The wet spring which delayed plantings of this wheat variety in the Red River Valley and cut out some intended acreage points to higher macaroni prices this fall and winter Corn Com And Soybeans Chances are are good for the biggest corn crop ever but were we're still a long way from the harvest and the possibility of damaging early autumn frost cant can't be crop projected looks a mite high to us in any event the outturn may not prove so large versus demand as some now fear Bulk of the factors suggest that actual soybean plantings have been smaller than USDA's estimate of million acres making it doubtful the outturn will reach the 11 million bushels forecast fore fore- cast This means that demand in the upcoming season will outpace the harvest harvest har hare vest possibly by a fairly wide margin margin mar mar- gin if foreign crop prospects dont don't Improve Im prove Cotton Outlook The million acres of cotton reported reported re reo ported In cultivation top 1969 plantings by two per cent Though small by standards standards stan stan- dards of the early are appreciably above the 69 1965 average of 10 7 million acres Crop conditions are rated good in most important growing growing grow grow- ing areas but progress has been slow in some places because of heat and insufficient moisture There is more than normal Interest In the size and quality of the 1970 1170 cotton cotton cotton cot cot- ton outturn because of currently small market offerings of the white staple and expectation that the carryover into the season just begun will be the smallest in many years Livestock And Poultry Cattle numbers In the U U. S S. S appear to be In basically good balance with requirements Cattle on feed are only slightly above year year ago ago levels but we expect August September August September to show a good increase over June June July July On the whole hog slaughter has been lagging year year earlier earlier totals this past spring and early summer In recent weeks the the trend has been up and output out put should be well sustained in the period ahead Even so there theren therell 11 be no plethora |
