Parity Is Here
U.S. farm prices last week reached Utopia, the legendary level called "parity." The Department of Agriculture said that prices received by farmers were 131% of the 1909-14 level, up 36% in the past year; that prices paid by farmers (for equipment, clothes, etc.) also were 131% of the base years, 7% over a year ago. Thus the relationship between farm income and farm outgo is the same as in the fat pre-war years. Except for a brief spell in 1937, this magic balance had not been achieved since 1928.
But Utopia is always somewhere else. The farmers want...
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