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Show FARManaHOME 1949 WHEAT LOANS The U. S. Dept. of Agriculture will support the price of 1949 crop wheat for farmers in Utah through farm storage and warehouse storage stor-age loans, and purchase agreements, agree-ments, Alma J. Christensen, Chairman Chair-man of the Millard county committee comm-ittee reported today, i The actual support price will be computed on the basis of 90 of the wheat parity price as of the beginning of the marketing year, July 1, as required by current legis lation. Eligible wheat shall be wheat produced pro-duced in 1949, grading U. S. No. 3 or better, or granding U. S. No. 4 or No. 5 solely on the factor of test weight, Mr. Christensen said In general the 1949 wheat support sup-port program wil follow the pattern pat-tern of the 1947 and 1948 programs but will be available to farmers from time of harvest through Jan. 31, 1950. This makes the new pro- gram available for an additional month, as compared with 1947 and 1948 programs. Loans will mature ; April 30, 1950, or earlier on de mand, and holders of purchase ! agreements must declare within a ' 30 day period ending April 30, 1950, or on such earlier date as may be determined, their intention intent-ion to sel to the Commodity Credit Corporation. Designed to provide adequate supplies sup-plies to consumers and establisn a floor price for producers, the 1949 program will make fund avail able immediately to producers who place wheat held in storage under loan and enable them to market Ut; wheat at a later date. Producers Pro-ducers who are not in need of immediate im-mediate cash may sign purchase agreements and thereby be asured o selling their wheat at the price support lf.vel at a later date, Mr. Cnristensen explained. Wheat price support programs have been oprated by the Dept. of Agriculture for the past 11 years and have covered, through loans and purchase agreements, a total of mere than 2 bilion bushels of wheat. The first wheat loans were made in 1938 and quantities placed ur.der loan have varied from a high of more than 408 bushels in 1942 to a low of about 22 million bushels in 1946. In 1948 approximately 251 million bushels of wheat were plac ed under loan and about 113 million mil-lion bushels were covered by purchase pur-chase agreements in the United States.. |