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...Government will send him a check for the difference. Farmers from now on can plant their property fence-to-fence if they wish. Even with planting restrictions, this year's harvest will be one of the most bounteous ever. Official estimates put the wheat crop at 1.7 billion bu. and soybeans at 1.5 billion bu., both records...
Many economists are urging export controls on wheat and other grains to head off domestic shortages and bring prices down. But Administration officials believe, with some reason, that controls might actually make things worse. They suspect, for example, that some of the 1.2 billion bu. of U.S. wheat reportedly bought by foreigners this crop year is not yet firmly committed to export. Instead, it is being held by foreign speculators who will sell it wherever they can get the highest price-which could...
...Washington in June 1972, to seek financing for what was then a $750 million sale, they left the impression that they would want mostly such livestock feeds as corn and soybeans, of which the U.S. then had plenty. As it turned out, the Russians bought about 433 million bu. of wheat, 246 million bu. of corn and 37 million bu. of soybeans...
...Butz failed to move quickly to stop Government export subsidies to the grain companies. If the domestic wheat price exceeded a target level of about $1.63 a bu.. including transportation from the farm to Gulf ports, an exporter could claim a subsidy for the difference. When the Soviets started ordering last summer, the subsidy was about 6? a bu. Incredibly, Butz's office let the payments continue for nearly two months after the first sales, until the subsidy swelled to 47?. If the handouts had been halted, the export price of wheat would have shot...
...they may have saved as much as $100 million by buying at the low, subsidized U.S. price. But no one else made much of a killing. Continental Grain officials testified last week that the company earned "less than normal profits" on the deal. Cargill actually lost about 1? a bu. on the approximately 73 million bu. that it sold to the Soviets-in part because of snags in the export-subsidy program. For example, the subsidies did not always cover the extra expenses caused by transportation...