Farm-output costs: an up forecast
A dramatic increases in Agriculture Department cost-of-production estimates will have an effect on administration actions and political promises in coming months, according to Farm Journal magazine.
In a report prepared by the department for the Senate Agriculture Committee, 1980 production costs for an average farmland renter are projected at $5 a bushel for wheat, $3.05 for corn, and $6.97 for soybeans. These estimates are over $1 a bushel higher than estimates for 1979 costs of producing wheat, 80 cents higher for corn, and almost $1.50 higher for soybeans. President Carter has already vowed to review the level of federal support for farm policies and income. Farmers can expect some action to boost farm prices before election.