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Show BTAH FAE&ERS HAVE LflEiEE RESEAT im SIGNAGE Utah farmers have 727,905.4 bushel of whoiit in storage under tlio loan program of the Commodity Com-modity Credit Corporation, Marvin M. Hutch, member of the state AAA committee, said Saturday. Loans have boon made to 399 wheat growers in the state for a total of $359,032.88. Of the 399 loans which have been reported at the state AAA office, 3G1 are on farm stored wheat and 138 on warehouse storage. Wheat under loan in farm storage totaled 542,-347.1 542,-347.1 bushels and in warehouse storage 185,558.3 bushels. Mr. Hatch said that on the basis of the October 8 report, there are 209,120,432 bushels of wheat in storage under loan in the United States. The average loan rate in the United States received by farmers was 74Vi cents and a total of $149,709,261.97 had been advanced by lending agencies on the 1940 wheat. The loan rate in Utah has averaged av-eraged between 48 and 50 cents per bushel. In addition, in the case of farm storage, a 7-cent storage fee will be earned by farmers if they turn their wheat to the corporation to liquidate the loan. These farmers can sell this wheat any time they can get a price satisfactory to them.. The loan has given them a chance to hold their wheat, instead of dump- ing it on the market at harvest time as many of them had to do' in the past, Mr. Hatch pointed out. In spite of wheat supplies ofj more than a billion bushels, wheat j prices have . been advancing. The j wheat under loan which has re-, duoed the supply of "Free Wheat" on the market has been credited by traders for these advances. The biggest loan in Utah was made to John Adams of Promontory. Promon-tory. Mr. Adams has 23,327 bushels of wheat under loan. This wheat is all in one bin. Next in size is the loan to Mrs. Arvilla Hendricks ' of Blue Creek. This loan is on 16,000 bushels. Both loans are on farm stored wheat. Loans are still being made on 1940 wheat and reports have not come in from some counties. A complete report on the 1940 wheat loan program is expected to show considerably more wheat in storage stor-age than the present report shows, Mr. Hatch said. |