AGRICULTURE: The High Cost of Farmers

Wheat prices rose 3¢ to 5¢ a bushel last week to the highest level since May 1940; corn rose ⅜¢ to 1¢ to new peaks since August 1938; and cotton rose 67 to 74 points ($3.35 to $3.70 a bale) to four-year highs. The double-headed reason: The House passed the Fulmer Bill making crop loans of 75% of parity prices* mandatory, and the Senate Agricultural Committee unanimously approved 85% loans. The existing law gives the Secretary of Agriculture discretion between 52% and 75% of parity, and present loans were made on the basis of what was 52% of parity...

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