| OCR Text |
Show Cache Farmers Store 170,455 Bushels of Wheat Using the loan provisions of the AAA farm program, 184 farmers of Cache county have stored 170465 bushels of wheat, Alphonzo Christensen Chris-tensen chairman of the county A AA committee, said Monday. Mr. Christensen said that the October 18 report of the Commodity Commo-dity Credit Corporation showed a total of 755,632 bushels of wheat in storage under loan in the state. Of this amount 566,764 bushels were stored on the farm and 188,-868 188,-868 bushels in warehouse storage. These loans totaling $372,616.12 were made to 425 farmers. A report of loans for the United States showed 217,802,705 bushels of wheat in storage. hTe loans totaled to-taled $156,045,315.97. Loans on the 1939 crop on the same date last year totaled 135,534,302 bushels valued at $95,171,536.76. The loan rate in Utah has av- eraged between 48 and 50 cents per bushel and the average rate for Cache county is 49 cents. In addition, in the case of farm I stored wheat, a 7-cent storage fee will be earned by farmers if they turn their wheat to the corporation corpora-tion to liquidate their loans. There is nothing to prevent these farmers from selling this wheat and paying off their loans any time they want to. But it is expected ex-pected they will hold their wheat until they can either get more than they can by turning it to the corporation or the expiration of their loan period, which is next spring. The loan has given them achance to hold their wheat instead in-stead of dumping it on the market mar-ket at harvest time as many of them had- to do in the past, Mr. Christensen said. In spite of- wheat supplies of ' more than a billion bushels, wheat prices have been advancing. The i wheat under loan which has reduced re-duced the supply of "free wheat" on the market has been credited by traders for these advances, he pointed out. |
