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COMMODITY CREDIT CORPORATION

PRICE-SUPPORT INVENTORIES BY COMMODITIES. BY QUARTERS. MARCH 1952 TO DATE

MJSDM JSDMJSDM JSDMJS DMJS DM JSDM JSDM JSDMJS DMJSDM JSDM JSD 1952 1953 1954 1955 1956 1957 1958 1959 1960

1961 1962 1963 1964

NOTE: INVENTORY VALUES WERE ADJUSTED TO ACQUISITION COST BY REMOVAL OF INVENTORY CARRYING CHARGES IN ACCORDANCE WITH ACCOUNTING POLICY CHANGE OF JULY 1, 1961

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Price support, inventories by commodities, by quarters, March 1952 to date-Revised

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Mr. GODFREY. You will notice the buildup of corn stocks during these years, and then the sudden reversal here and a reduction in corn stocks during that time. You will notice, also, that there was a buildup of cotton stocks back here; then it came down materially because of the cessation of the cotton A and B program in 1959 and 1960, which operated those 2 years. Then the gradual buildup here. But, all in all, the projection is that our total investment in inventories will be down by June 30, 1964, to about $4.5 billion.

UNITED STATES AND WORLD PRICES

Mr. WHITTEN. Mr. Godfrey, I wonder if those charts lend themselves to being included in the record. Further, I wonder if you can supply the U.S. offering price in world trade as compared with the world price.

The reason I ask that, it has been my own observation that for some months now we have lacked a whole lot in being competitive in the world trade. As you know, and, as we have spent so many years

proving on this subcommittee, you cannot sell without being competitive.

Could we have that information supplied?

Mr. GODFREY. Yes, sir; we can furnish that.

Mr. WHITTEN. By commodity, where it is a substantial commodity. (The information requested follows:)

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NOTE.-In the foregoing table it is assumed, for price comparison purposes, that U.S. No. 2 Red Winter wheat is similar to Argentina Upriver and Australia f.a.q. while French 77/78 kilograms is of somewhat lower quality. No. 2 Hard Winter is similar to No. 2 Manitoba Northern.

Cost, insurance, and freight prices, Antwerp/Rotterdam market

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Cost, insurance, and freight prices, Antwerp/Rotterdam market-Continued

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