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...slowly than inflation since 1979. But last week the Government disclosed that the combination of bad weather and a controversial farm-subsidy program may augur steeper increases ahead. Based on an Aug. 1 survey, the Department of Agriculture estimated that the 1983 corn crop will be only 5.24 billion bu. That output would be 38% below last year's record level and would represent the smallest harvest since...
...surpluses by giving surplus grain to farmers who idle their land. The program, which some critics label a windfall, brought about a planned 27% drop in the corn acreage planted this year. In July the Government estimated that the reduction would trim the 1983 corn harvest to 6.2 billion bu...
...drought and torrid temperatures quickly threw that forecast off kilter by at least 1 billion bu. The harsh weather arrived just as the corn was entering its crucial tasseling stage and kernels were starting to form. Now cornstalks are dying weeks ahead of schedule, as much of the farm belt's normally rich, brown soil is becoming increasingly yellow and cracked. Says Larry Quandt, who raises corn and soybeans in southern Illinois: "If the drought lasts any longer, it's going to be an extremely rough year...
Some economists are already predicting that this year's crop may be even smaller than the 4.7 billion bu. harvested 1974. Nevertheless, many farmers stand to gain from the shortfall. Corn now sells for some $3.50 per bu., up more than $1 from last year. In part because of such prices, the Government currently forecasts that overall U.S. farm income could reach some $27 billion this year, compared with $22.1 billion...
DIED. Luis Buñuel, 83, Spanish film maker considered one of the cinema's greatest artists; of bile duct disease; in Mexico City. Son of wealthy, religious parents, Buñuel and his friend Salvador Dali transfigured their fantasies in 1929 into one of the first surrealist films, Un Chien Andalou (An Andalusian Dog), a work of bizarre images including a man slashing a woman's eyeball with a razor. In 1930, L'Age d'Or (The Golden Age), with its brutal attacks on Roman Catholicism and bourgeois morality, established the ideological foundation for most...