Ratchford was raised in Gastonia, North Carolina.
He received a bachelor's and master's in agricultural economics from North Carolina State University (then called college) in 1942 and 1947 respectively.
He also received a doctorate in economics from Duke University in 1951.
[1] Ratchford helped build North Carolina's extension program.
[1] He took a sabbatical working for the extension service at Kansas State University but returned to Missouri in 1977 to work again in the extension service and teach agricultural economics.