Word: soybeans
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Dates: during 1980-1989
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...picks up speed, and the cab's chimney spouts black smoke that swirls around the head of Steve Harris, who is kneeling on the house's gray-green roof and raising low-hanging telephone wires. The town is left behind, and the landscape shifts to fields of cotton and soybean. As he approaches the Ross R. Barnett Reservoir, Malone pulls a lever on the floor, cranking a cable that raises the house an extra foot so it just barely clears the side railings. "I've been doing this for 20 years, so I know what will go and where...
Although FBI agents masquerading as brokers spotted some wrongdoing in the pits where U.S. Treasury bonds and Swiss francs are traded, the bulk of the charges are directed at the Board of Trade's soybean pit and the Merc's Japanese yen pit. The yen traders have long been viewed with suspicion by other brokers, while the old clique of soybean traders had a reputation for playing by their own, traditional rules and resisting interference, even from their exchange officials. The Government has accused no fewer than 19 of the 50 soybean brokers and 21 of the 70 yen traders...
...usual condition in commodities pits. Last week, however, the soy-bean trading floor of the Chicago Board of Trade erupted in pandemonium as the C.B.O.T. issued an emergency order, its first in a decade, that July futures contracts in excess of 1 million bu. be liquidated. In one day soybean-futures prices plunged 5%, to $6.86 per bu. Traders speculated that a single buyer was trying to corner the market or drive up prices. The suspected culprit: Ferruzzi Finanziaria, Italy's second largest privately held company and the third largest U.S. soybean processor since it bought Indiana-based Central Soya...
Ferruzzi says its purchases -- a reported 30 million bu. of soybeans in the past 18 months -- were a legal effort to ensure adequate supplies for its customers. Many traders believe Ferruzzi's two largest U.S. rivals, Archer Daniels Midland of Decatur, Ill., and Cargill of Minneapolis, felt the pinch from rising prices and complained to the c.b.o.t. Said one trader: "Older, established firms ganged up on the new, foreign kid on the block." With prices taking a near panic dive, Ferruzzi has already lost an estimated $10 million. Harder hit may be U.S. soybean farmers, who last week...
...Almost simultaneously, say some Congressmen and agribusiness executives, the Administration quietly shelved a Soviet request to buy U.S. soybean oil for the first time. The Soviets offered to purchase 200,000 tons, worth $120 million, using subsidies extended to other buyers of U.S. surplus soybean oil. Says one agribusiness executive: "What Gorbachev wants to do is fill up his stores and put something on the shelves fast. A housewife who can't find cooking oil is in a hell of a fix." This expert insists that the White House has nixed the sale, and adds, "Gorbachev is going to view...