Authority.-Commodity Credit Corporation Charter Act, as amended (15 U. S. C. 714-7140), particularly section 714c thereof; titles I and IV of the Agricultural Act of 1949, as amended (7 U. S. C. 1441, 1421-1431); and titles I, II, and III of the Agricultural Act of 1956 (7 U. S. C. 1813, 1860, and 1442d).

Basis of estimate

Acreage allotments will be in effect on the 1958 crop corn. Participation in the soil bank acreage-reserve program for the 1958 crop year is estimated to cover 3.5 million acres compared with 5.3 million acres in the 1957 crop year and 5.5 million acres in the 1956 crop year. Assuming (1) a harvested acreage of 73.5 million acres which is 1.2 million acres more than that harvested in the 1957 crop, and (2) a yield per acre of 46.1 bushels (the same as is currently indicated for the 1957 crop), a production of 3.4 million bushels is estimated for the 1958 crop-about 55 million bushels more than is currently indicated for the 1957 crop.

Should price support extended on the 1958 crop equal 11.9 percent of the production-the average percentage of the production of the 1954 through 1956 crops actually placed under support-it is estimated that price support will be obtained on 408.2 million bushels during the fiscal year 1959 compared with 395 million bushels estimated for the fiscal year 1958 and actual price support extended in the fiscal year 1957 on 481.7 million bushels.

Acquisitions of prior year crops during the fiscal year 1959 are estimated at 364 million bushels compared with 464.7 million bushels anticipated during fiscal year 1958 and actual acquisitions during the fiscal year 1957 of 381 million bushels. Sales activity during fiscal year 1959 is estimated to total 306 million bushels compared with 338 million bushels anticipated for fiscal year 1958 and actual sales during fiscal year 1957 of 218 million bushels.

Cornmeal.-Price support stocks of corn are exchanged for cornmeal and subsequently donated under the authority of Section 416 of the Agricultural Act of 1949. It is estimated that 410.9 million pounds valued at $27.4 million will be donated during the fiscal year 1959 compared with 417.9 million pounds valued at $27.9 million anticipated during fiscal year 1958 and actual donations during fiscal year 1957 of 316.8 million pounds valued at $21.3 million.

Summary of latest operations

COTTON

Objective. To support the price of 1957-crop upland cotton at not more than 90 percent of parity nor less than 75 percent of parity, and extra long staple cotton at 75 percent of parity as required by law.

Eligibility.-Eligible commodity is upland cotton produced in the United States in 1957 and extra long staple cotton produced from 1957 plantings in designated areas, of specified grade and staple length, in bales of at least 350 pounds not compressed to high density. Cotton produced on federally owned land in violation of restrictive leases, or on newly irrigated, drained, or reclaimed land within any Federal project authorized after May 28, 1956, shall not be eligible.

Eligible participants are producers of 1957-crop cotton with legal right to pledge it as security for a loan, and acceptable cotton cooperative marketing associations. Producers must comply with applicable regulations prescribed by the Secretary with respect to acreage allotments and marketing quotas.

Operations. Nonrecourse warehouse and farm storage loans are available from about July 1, 1957, through April 30, 1958, on upland cotton in all cottonproducing States, and from August 1, 1957, through April 30, 1958, on (1) American-Egyptian cotton produced in designated areas of Arizona, California, Texas, and New Mexico; (2) Sealand and Sea Island cotton produced in designated areas of Georgia and Florida; and (3) Sea Island cotton in Puerto Rico. Loans mature July 31, 1958, or earlier on demand.

The average level of support for Middling %-inch upland cotton, gross weight, is 28.81 cents per pound, which reflects 78 percent of parity as of August 1, 1957, the beginning of the marketing year. The average support price for extra long staple cotton is 59.70 cents per pound, with an average of 59.75 for AmericanEgyptian and 54.75 cents for Sealand and Sea Island. Premiums and discounts, with appropriate location differentials will apply, except that no location differentials will be established for Sealand and Sea Island cotton.

Loans are made on warehouse-stored cotton covered by producer's note and loan agreements, on farm-stored cotton by notes secured by cotton chattel

mortgages, and on cotton covered by bills of lading in areas where there is a shortage of storage space and where arrangements can be made for handling the cotton. Loans may be obtained by producers from approved lending agencies, or direct from the Corporation and by cooperative associations direct from the Corporation. All cotton must be classed by a Board of Cotton Examiners of the United States Department of Agriculture. The classification fee is 25 cents a bale, except that no charge will be made if samples are submitted under the Smith-Doxey program.

Cotton not redeemed by maturity date will be handled in accordance with loan agreements under which CCC has the right to sell, purchase, or pool the cotton upon maturity and nonpayment of the loans.

Authority.-Commodity Credit Corporation Charter Act, as amended (15 U. S. C. 714-7140), particularly section 714c thereof; titles I and IV of the Agricultural Act of 1949, as amended (7 U. S. C. 1441, 1421-1431) and titles I and II of the Agricultural Act of 1956 (7 U. S. C. 1813, 1860).

Basis of estimate

Upland.-Acreage allotments and marketing quotas will be in effect on the 1958-crop Upland cotton. Participation in the soil bank acreage reserve program for the 1958 crop year is estimated to cover 3 million acres, the same as for the 1957 crop year, compared with 1,121,000 acres for the 1956 crop year. Assuming (1) that 13,600,000 acres of the allotted 17,555,000 acres will be harvested, and (2) a yield per acre of 417 pounds (the same as the actual yield of the 1955 crop) a production of 11,700,000 running bales is estimated for the 1958 crop-867,000 bales more than is currently indicated for the 1957 crop. Should loans on the 1958 crop equal 34.5 percent of the production-the average percentage of the production of the 1954 through 1956 crops actually placed under support-it is estimated that loans will be made on 4.0 million bales of Upland cotton during the fiscal year 1959 compared with 4.5 million bales anticipated during the fiscal year 1958 and actual loans made during the fiscal year 1957 on 4.8 million bales.

areas.

While the December estimate of cotton production from the 1957 crop was 10.8 million running bales, a reduction of 2.3 million bales from the 1956 crop, it does not necessarily follow that a similar reduction would be reflected in the estimated volume of cotton to be placed under loan during the fiscal year 1958. Cool, rainy weather beginning in September and continuing through November over most of the cotton belt delayed maturity of the already late crop. Unfavorable weather held maturity of bolls at a virtual "standstill" in many Boll rot and field losses of open cotton were heavy. In Texas, Oklahoma, and Northern areas of the central belt, the slow maturing crop was overtaken by earlier than average frosts and freezes. Because of these climatic conditions there will be a higher percentage of low quality cotton produced from the 1957 crop compared with the 1956 crop. It is expected therefore, that sales for unrestricted use from CCC inventories of higher quality cotton will supplant marketings which would normally have come from the 1957 crop and more cotton of lower quality from the 1957 crop will be placed under loan. Acquisitions of prior year loan collateral are estimated at 3.5 million during the fiscal year 1959 compared with 3.7 million bales anticipated for the fiscal year 1958 and actual acquisitions during the fiscal year 1957 of 6.0 million bales. Sales are expected to total 5.1 million bales in fiscal year 1959 compared with 6.5 million bales anticipated for the fiscal year 1958 and actual sales during fiscal year 1957 of 7.8 million bales.

Extra long staple.-Acreage allotments and marketing quotas will be in effect on the 1958-crop extra long staple cotton. Assuming (1) that 75,000 acres of the allotted 83,286 acres will be harvested, and (2) a yield per acre of 583 pounds (the same as the actual yield for the 1956 crop), a production of 90,000 running bales is estimated for the 1958 crop-8,700 bales more than is currently indicated for the 1957 crop.

Should loans on the 1958 crop equal 43.4 percent of the production—the average percentage of the production of the 1954 through 1956 crops actually placed under support-it is estimated that loans will be made on 39,000 bales in the fiscal year 1959 compared with 40,000 bales anticipated for the fiscal year 1958 and actual loans made during the fiscal year 1957 on only 939 bales because of the very favorable price situation which prevailed in that year.

· Acquisitions of prior-year loan collateral during the fiscal year 1959 are estimated at 30,000 bales compared with negligible quantities in the fiscal years 1958 and 1957.

Summary of latest operations

PEANUTS

Objective. To support the price of 1957-crop peanuts at not more than 90 percent nor less than 75 percent of parity as required by law.

Eligibility.-Eligible commodity is 1957-crop inspected, farmers' stock, quota peanuts suitable for storage and containing not in excess of the percentages of foreign material, damaged kernels, and moisture as established by the President or Executive Vice President, CCC. Peanuts produced on federally owned land in violation of restrictive leases, or on newly irrigated, drained, or reclaimed land within any Federal project authorized after May 28, 1956, shall not be eligible.

Eligible participants are producers or grower associations of producers, and shelters. Eligible producers must comply with applicable regulations prescribed by the Secretary with respect to peanut acreage allotments and marketing quotas.

Operations.-Nonrecourse loans are available to eligible producers from about August 1, 1957, through January 31, 1958, maturing May 31, 1958, or earlier on demand. The average level of support is $221.40 per ton (11.07 cents per pound.), which reflects 81.4 percent of parity as of August 1, 1957, the beginning of the marketing year. Loans may be obtained from approved lending agencies or direct from the Corporation through the Agricultural Stabilization and Conservation County Committees. Loans are on a note-and-chattel mortgage basis for farm-stored peanuts and note-and-loan agreement basis for warehousestored peanuts. CCC may also purchase No. 2 shelled peanuts from commercial shellers from October 1, 1957, to not later than August 31, 1958.

Purchase agreements are offered to producers through January 31, 1958. Producers desiring to sell peanuts to the Corporation under a purchase agreement will have a 30-day period ending on May 31, 1958, during which to declare their intention to sell. The producer will not be obligated to sell any specified quantity; however, the amount specified in the purchase agreement will be the maximum quantity that may be delivered.

Authority. Commodity Credit Corporation Charter Act, as amended (15 U. S. C. 714-7140), particularly section 714c thereof; titles I and IV of the Agricultural Act of 1949, as amended (7 U. S. C. 1441, 1421–1431); and titles I and II of the Agricultural Act of 1956 (7 U. S. C. 1813, 1860).

Basis of estimate

Acreage allotments and marketing quotas will be in effect on the 1958-crop peanuts. Assuming (1) that 1,465,000 acres of the allotted 1,610,000 acres will be picked and threshed, and (2) a yield per acre of 1,157 pounds (which is the same as the actual yield of the 1956 crop), a production of 1,695 million pounds is estimated for the 1958 crop-191 million pounds more than is currently indicated for the 1957 crop.

Should price support extended on the 1958 crop equal 14.4 percent of the production-the average percentage of the production of the 1954 through 1956 crops actually placed under support-it is estimated that price support will be extended on 244 million pounds of farmers' stock peanuts during the fiscal year 1959 compared with 300 million pounds anticipated for the fiscal year 1958 and actual price support extended during the fiscal year 1957 on 366.1 million pounds. Acquisitions from loan collateral of farmers' stock peanuts during the fiscal year 1959 are estimated at 204 million pounds compared with 252.4 million pounds anticipated for the fiscal year 1958 and actual acquisitions during the fiscal year 1957 of 334.8 million pounds. It is anticipated that there will continue to be a No. 2 shelled peanut program for the 1958 crop.

Summary of latest operations

RICE

Objective. To support the price of 1958 crop rice at not more than 90 percent nor less than 75 percent of parity as required by law.

Eligibility.-Eligible commodity is 1958 crop rough rice other than mixed rough rice grading No. 5 or better. Rice produced on federally owned land in violation of restrictive leases, or on newly irrigated, drained, or reclaimed land within any Federal project authorized after May 28, 1956, shall not be eligible. Eligible participants are producers and cooperative marketing associations of producers of 1958 crop rice who are in compliance with regulations governing eligibility for price support.

Operations.-Nonrecourse loans are available from about July 15, 1958, through January 31, 1959, and will mature April 30, 1959 (except that an earlier date may be set in some States), or earlier on demand. The minimum level of support will be $4.33 per hundredweight, 75 percent of November 1957 parity. This price will not be reduced, but will be increased if necessary because of any increase in parity or decrease in the supply percentage as of August 1, 1958, the beginning of the marketing year. Premiums and discounts apply for the various varieties, grades, and milling qualities. Loans may be obtained from approved financial institutions or direct from the Corporation through the agricultural stabilization and conservation county committees. Loans are made on a note and chattel mortgage basis for rice stored on the farm and on a note and loan agreement basis when stored in approved warehouses.

Purchase agreements are offered to producers from about July 15, 1958, through January 31, 1959. Producers desiring to sell rice to the Corporation under a purchase agreement will have a 30-day period ending on April 30, 1959, during which to declare their intention to sell. The producer will not be obligated to sell any specified quantity; however, the amount specified in the purchase agreement will be the maximum quantity that may be delivered.

Authority.-Commodity Credit Corporation Charter Act, as amended (15 U. S. C. 714-7140), particularly section 714c thereof; titles I and IV of the Agricultural Act of 1949 as amended (7 U. S. C. 1441, 1421–1431); and titles I and II of the Agricultural Act of 1956 (7 U. S. C. 1813, 1860).

Basis of estimate

Acreage allotments and marketing quotas will be in effect on the 1958 crop rice. Participation in the soil bank acreage reserve program for the 1958 crop year is estimated to cover 150,000 acres compared with 242,100 acres in the 1957 crop year and 26,200 acres in the 1956 crop year. Assuming (1) that 1,460,000 acres of the allotted 1,653,000 acres will be harvested and (2) a yield per acre of 31.8 hundredweight (the same as is currently indicated for the 1957 crop), a production of 46.4 million hundredweight is estimated for the 1958 crop, 3.5 million hundredweight more than is currently indicated for the 1957 crop.

Should price support extended on the 1958 crop equal 48.1 percent of the production the average percentage of the production of the 1954 through 1956 crops actually placed under support-it is estimated that price support will be obtained on 22.3 million hundredweight during the fiscal year 1959 compared with 15 million hundredweight anticipated for the fiscal year 1958 and actual price support extended in the fiscal year 1957 on 23.7 million hundredweight. Acquisitions of rough rice during the fiscal year 1959 are estimated at 15.3 million hundredweight compared with 9.0 million hundredweight anticipated in the fiscal year 1958 and actual acquisitions during the fiscal year 1957 of 17.7 million hundredweight. It is estimated that during the fiscal year 1959, under revised operating procedures, sales of 10.5 million hundredweight of rough rice will be made to millers and no repurchases in the form of milled rice are contemplated. During the fiscal year 1958, sales to millers are estimated at 11.1 million hundredweight with repurchases of 8.4 million hundredweight of milled rice compared with actual sales to millers during the fiscal year 1957 of 19.1 million hundredweight and repurchases of 13.8 million hundredweight of milled rice. Most of the milled rice is disposed of through programs under Public

Objective. To support the price of 1957 crop tobacco as required by law. Eligibility.-Eligible commodity is tobacco of the 1957 crop grown in the United States and in Puerto Rico. Tobacco produced on federally owned land in violation of restrictive leases, or on newly irrigated, drained, or reclaimed land within any Federal project authorized after May 28, 1956, shall not be eligible. Eligible borrowers are growers of eligible tobacco who are in compliance with applicable regulations prescribed by the Secretary with respect to tobacco acreage allotments and marketing quotas. Growers of Pennsylvania seedleaf type 41 tobacco will not receive price support on the 1957 crop since they disapproved marketing quotas.

Operations.-Nonrecourse loans are offered to cooperators at following levels during the periods indicated and mature on demand:

Loans are made through producer associations or other responsible organizations which act for groups of growers in receiving, handling, and selling their tobacco. Costs incurred incidental to placing loan tobacco in storable condition and overhead costs of the cooperatives are advanced by CCC to the associations and become a part of the principal loan outstanding. No commercial insurance is carried on tobacco collateral. In lieu thereof the Corporation assumes the physical loss or damage on the tobacco and charges the loan account with a collateral fee of 12 cents per month per $100 outstanding on the principal amount of the loan on tobacco stored in continental United States and 3 cents per $100 per month on tobacco stored in Puerto Rico.

Under the loan agreements the associations servicing the auction areas bear overhead costs in connection with the loan operation in an amount not less than 12 cents per hundredweight and are authorized to pass this charge on to the grower. The charge in cigar-type areas, where the auction system is not used will be established at a rate proportionate to the relative costs involved in each

area.

Authority.-Commodity Credit Corporation Charter Act, as amended (15 U. S. C. 714-7140), particularly section 714c thereof; and titles I and IV of the Agricultural Act of 1949, as amended (7 U. S. C. 1441, 1421-1431); sec. 2 of the act of July 28, 1945 (7 U. S. C. 1312 note); and titles I and II of the Agricultural Act of 1956 (7 U. S. C. 1813, 1860).

Basis of estimate

Acreage allotments and marketing quotas will be in effect on certain types of 1958-crop tobacco. Participation in the soil-bank acreage reserve program for the 1958 crop year is estimated to cover 80,000 acres-the same as anticipated for the 1957 crop year-compared with 32,000 acres in the 1956 crop year. Assuming (1) that 1,158,000 acres of the allotted 1,245,000 acres will be harvested and (2) a yield per acre of 1,598 pounds (the same as the actual United States yield of the 1956 crop), a production of 1,851 million pounds is estimated for the 1958 crop-143 million pounds more than is currently indicated for the 1957 crop. Should loans made on the 1958 crop equal 15.4 percent of the production-the average percentage of the production of the 1954 through 1956 crops actually placed under support-it is estimated that loans will be obtained on 290 million pounds during the fiscal year 1959 compared with 178.5 million pounds anticipated for the fiscal year 1958 and actual loans made during the fiscal year 1957 on 323.6 million pounds.

Redemptions of loans-primarily of prior years' stocks-are estimated at 373 million pounds during the fiscal year 1959 compared with 401.9 million pounds anticipated for the fiscal year 1958 and actual repayments of 244.3 million pounds in the fiscal year 1957.