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