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...Grain exports are measured in metric tons, equal to about 2,205 Ibs. A metric ton of soybeans contains about 37 bu., of wheat about 37 bu., of corn about 39 bu...
Grain farmers had bin-bursting harvests in 1979, and that was for the fifth year in a row. Farmers raised a record 7.6 billion bu. of corn. Much of it, 60%, will be used as animal feed; only about 10% will be consumed directly by Americans, usually in bread, breakfast cereal and fructose (a sweetener). The remainder, before Carter's embargo, was destined for export, along with 36% of the 1979 crop of soybeans and 60% of the year's wheat. The embargo is expected to reduce overall exports from the '79 grain crop by 8%. Most export grain travels...
...stop for much U.S. grain after it leaves farm storage bins. At Secor, Ill., four farmers watched the prices fall on a TV screen. "I don't think the shock has hit them," said Manager John Aeschliman. Just before the embargo he bought corn at up to $2.96 a bu.; his first purchase last week was from a scared farmer at $2.12 a bu. At the Pro-Farmer elevator in Cedar Rapids, Iowa, two farmers were willing to sell corn at $2 a bu., compared with $2.25 a bu. before the embargo, but found no takers...
...Johnson was luckier than his neighbors: he contracted to sell his record 1979 harvest of corn and soybeans even before the seed was in the ground, when prices were fairly high. Just a few days after Carter's announcement, Johnson loaded part of his production, about 8,000 bu. of soybeans, aboard a truck bound for the Ralston Purina Co. plant in Bloomington, 20 miles to the south. Says he: "I've covered my expenses. Now I've only got 15,000 bu. of corn that hasn't been marketed?my profit...
Commodities trading is a nerve-racking business even under the best of circumstances, and hundreds of thousands of dollars can be won-and lost-by a 10? swing in the price of, say, soybeans, which were selling last week for as much as $6.58 per bu. But the speculative market performs an essential function: it helps give stability, or at least predictability, to the future price of grain. That enables everyone from Nebraska wheat growers to Boston bakers to make intelligent forecasts. Each one can determine just how much he will have to spend to buy or, conversely, how much...