January 29, 1984

A Steadying of Food Prices Because agriculture is the nation's biggest industry, the prices that farmers get for their crops and livestock influence not only the cost of food but, directly or indirectly, just about everything else as well. So everyone but food producers should be pleased when the monthly index of average prices received by farmers and ranchers is released by the Government on Tuesday. It is expected to show that there was no change for January. Last month's index stood at 140 (1977 - 100), and on a December-to-December basis, the farm price index showed a 10 percent drop despite last summer's severe drought. ''We believe the index will show prices of grain, soybeans and other field crops down and those for livestock up for January,'' says John A. Schnittker, a leading agribusiness consultant based in Washington. ''But by the fall, the more than ample feed supplies should encourage livestock raisers to expand production, and we can look forward to less expensive meat next winter.''

Syracuse, undefeated in eight Big East games, today had to overcome one of the toughest defenses it has faced this season. St. John's, playing for the first time in weeks with its 7-foot center, Bill Wennington, pressed and muscled the Orangemen in an impressive performance before losing in overtime, 78-74. The defensive pressure forced five Syracuse turnovers and held the Orangemen under their 81.8 scoring average. The Redmen outrebounded them, 42-33.

S TEAMBOAT ROAD, a name that instantly evokes an image of the Old South, is a historic street, but it is not in Charleston or Savannah. It is in Great Neck, and its patchwork past is apparent to anyone strolling eastward along it from bustling Middle Neck Road to the spot where it ends at the entrance to the United States Merchant Marine Academy in Kings Point. Along the way, the stroller passes indoor tennis courts, mom-and-pop delicatessens, taxi company offices, small industrial plants and commercial buildings, a firehouse, a municipal park and playground, a trendy restaurant and a garden supply establishment. There are many residential stretches, side streets with clusters of modern split-levels, once-grand three-story houses, run- down bungalows.

SALT LAKE CITY A SK any National Basketball Association player who has ever been traded, and he will confirm that between the moment he learns he has been traded and the moment he discovers to which team, there is always a silence between the player and the one breaking the news. Adrian Dantley's life has been filled with such moments. In his first two seasons as a professional, he played for three teams: Buffalo, Indiana and Los Angeles. His third season, 1978-79, he was the Lakers' second-leading scorer and rebounder, behind Kareem Abdul-Jabbar. Yet he was traded again. And this time, his most nightmarish vision during that long, silent moment came true: He was traded to the woeful Utah Jazz.

The Victorian-style home on the corner of Cliff and North Bridge Streets in Somerville, N.J., sits on a rise of land where legend says murderers were once hanged. It has long been known to Somerset County residents as the ''house on Hangman Hill.''