Image provided by: Morrow County Museum; Heppner, OR
About Heppner gazette-times. (Heppner, Or.) 1925-current | View Entire Issue (July 31, 1980)
Farmland ActMtjrtSte! estate market 1 ta$jS3Gr decline this ymt, uxme&Xii U.S. Dept. of Acrfc223 farm real estate uaMSSSl primarily due to the combsnf effecU of high Interest rata and tight credit during the first half of the year, along with the recession and the decline In net farm Income. During the survey year ending Feb. 1, 1981, the price of farmland is likely to increase between 5 and 10 percent-well below the 13-percent average rate of Increase over the last 10 years. For the first quarter of 1980, the Federal Reserve Banks of Chicago and Kansas City reported a slow-to-negative growth in farmland values. Farmland prices Increased an average of IS percent during the year ending Feb. 1, 1980, slightly above the 14-percent general Inflation rate (Increase in the Consumer Price Index) for the same period. The size of the average farm increased from 449 to 452 acres in the 48 contiguous states, and the value of the average farm increased from $251,000 to $290,000. Just S years ago the average farm size was 426 acres and the value was only $114,000. The average acre of farm land is now worth $641. The state averages reflect land quality and the intensity of use, ranging from $112 an acre in New Mexico to $2,400 an acre in New Jersey. The total value of farm real estate was $668 billion on February 1, up "J4 billion from a year earlier. Building values accounted for $111 billion or 17 percent of the total value. During the survey year ending Feb. 1, 1980, the average price of farmland Increased most in Louisiana, up 29 percent, and Maryland, up 25 percent. Alabama, Arkansas, Mississippi, Mis souri, and California also showed gains of 20 percent or more. Farmland prices in- 0 3 PUBLIC NOTICES Residents of l,exinglon are hereby advised Hint a pultlio hearing will he held Tucsdav, August 5. lH0 at 8 p m at city nil concerning a proposed ordinance changing 'he lime of election of the mayor and rhtrifving other election pro cedures as M Allyn. Recorder Published: July 24. 31. IWWI Ion McDonald Correction Hue to an error by of the following vehicles were I 1 PIT) Chevrolet 4x4. ' , Ion H;illcd . . Kook Willie tCill Sjilc Price us is l71r I'lTf. Chevrolet 44 , ton. V .l. V Hook Value $:.4 r, Suit- Price us is SI HIS lebush Shoppe price rises rreH by less than 10 percent in 13 other states. The slowest rates of Increase were generally found in the North east Appalachian regions, The total number of farms fell 1 percent during the survey year, compared with a 1. 8-percent decrease during the previous year. Farm enlargment continued to account for 63 percent of all farmland purchases. The number of farm transfers was unchanged from the previous year's level at 85,600, while the rate of farm transfers in creased slightly to 40 tracts per 1,000 farm. The tight credit situation in some areas of the country In the first half of the year and the decrease in net farm income are expected to reduce the rate of farm transfers In 1980. A record-high 91 percent of all farm transfers during the survey year were credit financed. Sellers and Federal land banks supplies 72 percent of the credit, up from 67 percent. Life insurance com panies dropped their market share by providing only 7 percent of the credit, compar ed with 10 percent last year and IS percent the year before. Transfers of farmlan expec ted to remain in agricultural use S years after the date of purchase remained around levels of recent years, accounting for 82 percent of all purchases, 89 percent of the total acres, and 88 percent of the total value transferred. Expected use as a rural residence continued to be the Deon Sampson chosen member of Angus Assoc. Ms. Deon Kristy Sampson, Irrigon. Oregon, is a new junior member of the Ameri can Angus Association, re - ports Dr CK. Allen, ex ecu- ' live vice prt-sident of the national organization with headquarters in St. Joseph. Missouri. Junior members of the association are eligible lo register cattle in the Ameri can Angus Association and take part in Association spon sored shows and other nation al and regional events. The American Angus As sociation is the largest beef registry association in the world, with some 12.000 active junior members and some 26.000 active life members. 676-9921 Inc. The (laelle-Times the prices incorrectly staled. 33 MAIN HEPPNER W A1 JS to slow most common form of compe tition, accounting for 8 percent of the purchases. For most uses, the average price per acre for tracts under 100 acres was at least twice as high as teh overall average price. Cash rents generally up ward, but In most of the states surveyed, the rate of increase failed to match the rate of Inflation. In most states the ratio of gross cash rents to land prices continued to drop. BE by factory representative SATURDAY, AUGUST 2 - 1 1 cm to 5 PO TARGET RANGE WILL BE AVAILABLE FOR YOU TO TRY YOUR SKILLS WITH THE BOWS. FOIfLED IPOOOTS O&SIECl SHWE AQm mm BPSimrs Mil 11 Ml CAOi S0.EEUE CMX-SE-P0.DGQS CAE3ILE SOUBPCEH 1 I Commodity prices improve U.S. farm commodity prices have strengthened in recent weeks, primarily in response to a slowing of the increase in animal product output and continued strong demand for crops in the face of uncertain ties about the impact of recent dry weather on 1980 produc tion. Cash receipts are expect ed to Increase from first-half levels, although higher pro duction costs will continue to hold net farm income below LH fi I 1 1 M UUhl, year-earlier levels, according to a U.S. Dept. of Agriculture summary. Record second-quarter meal supplies coupled with declines in real consumer income pushed down Live stock and meat prices, Pro ducers are trimming output In the second half, and prices are expected to average well above the depressed levels of the first half. Fewer cattle on V?d. reduced egg sets for both PKG.6$249 No. 3380 s! Eachs5" Each$6" s Eachs!" :...Each$!09 Compound S" 3? $J49 s229 The lleppner broilers and layers, and mar ket hog numbers more in line with year-ago levels suggest higher prices in the second half. U.S. farm exports for the first 8 months of fiscal 1980 stood at a record $28 billion 33 percent higher than a year ago. Per-acre production costs in 1980-excluding land-are pro jected to climb 24 percent from 1979 for corn. 21 percent Gazette-Time, Heppner, Oregon, for soybeans,- 23 percent for wheat, and 18 percent for cotton. These projections re flect the" current outlook for input price changes. Retail food prices are ex pected to rise sharply in the second half, led by increases for beef, pork, and poultry. Higher marketing costs are expected to contribute signifi cantly to the third-quarter rise: however, they will not be the leading source of food price increases as they were in the first half. Falling retail prices of beef. pork, and I visa 30 INCH 50-60 30 INCH 6070 31 INCH 50-60 Reg. 31.77 Dozen L-1 DOZEN I - i No. 1910 I Thursday, July 31, 1980-NINE poultry moderated the overall rate of increase in food prices earlier this year. Prices for all of 1330 are still expected to average 7 to 11 percent above 1979. This year, consumers are expected to spend $21 billion or about 9 percent more in food stores and eating places than in 1979. More than 95 percent of this increase will be caused by a larger marketing bill, reflecting higher costs for labor, packaging, transporta tion, and energy. I i i
