Word: corns
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Dates: during 1960-1969
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...bigger farms with far greater capital investment. Since 1940, average investment per farm in the U.S. has increased eightfold, from $6,000 to $48,000. As a result of the combined workings of science and investment, it takes only 15 man-hours of labor to produce 100 bushels of corn in the U.S. today, as against 135 man-hours half a century...
Created during the Great Depression, the support-control system is much the same as it was in the New Deal days, only bigger and more complicated. In its current operations, the Agriculture Department uses a device called "crop loans" to support prices of wheat, cotton, rice, tobacco, peanuts, corn, oats, rye, barley, and a few other storable crops. Within certain restrictions, a farmer has a right to place all or part of his crop in certified storage and get a Commodity Credit Corp. loan on it at the support price. Later the farmer may repay the loan, reclaim his crop...
...disposal efforts, the CCC still has so much produce that the handling and storage costs alone amount to roughly a billion dollars a year. The CCC's inventories (not counting the farm products stored under current crop loans (include 972 million bu. of wheat, 712 million bu. of corn, 4.7 million bales of cotton, 484 million Ibs. of dried milk...
Supply management got a critical test last year in Freeman's new program for corn, barley and other "feed grains" (so called because they are mainly grown for livestock feed). Freeman raised feed grain support prices. But in order to qualify for crop loans, farmers had to cut their feed grain acreage by at least 20%. Farmers who did so received "diversion payments" equal to 50% of the value of the crops they would normally have grown on the diverted acres. A similar feed grain program, with lower diversion payments, is in operation again this year...
Freeman claims that his 1962 feed grain program was a "dramatic success." He points to sharp drops in the CCC's inventories of corn and other feed grains. That claim is sharply disputed by President Charles Shuman of the National Farm Bureau Federation, biggest of U.S. farmer organizations. Freeman's 1962 feed grain venture, says Shuman, cost about $768 million in diversion payments, with additional expenditures for higher price supports and extra administrative expenses. For its money, argues Shuman, the Agriculture Department got too little: the farmers participating in the program increased their per-acre yields so effectively...