Agriculture: Expansions Highlighted Developments
A broad-based expansion in livestock production and another bumper grain harvest highlighted agricultural developments in 1976. Meat production rose 9 percent from the year-earlier level to establish a new record high. Although soybean production fell sharply and weather problems raised concern about the outcome for other crops, increased acreage boosted the 1976 grain harvest 3.5 percent above the year-earlier record. The increased output contributed to a substantial moderation in retail food price pressures. Moreover, farm earnings edged somewhat above the 1975 level, although earnings during the latter part of the year proved unfavorable for many farmers.