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...bought in the 1929 wheat crop surplus (TIME, March 10). Since last Autumn it has been buying heavily into the 1930 crop. Fortified with its full appropriation ? $500,000,000 ? from the Treasury, its actual and future wheat holdings are now estimated above 200,000,000 bu. Its operations have kept domestic prices of the 1930 crop from 20¢ to 35¢ per bu. above the world level. Until last week the biggest question was: "Will the Board continue price-pegging when the 1931 wheat crop starts rolling in upon the market about July 1?" The answer: "It will...
Explained Chairman Stone by way of justifying the Board's old policy: "Let's assume we're going to lose $50,000,000 out of the Treasury. . . . [Without our intervention] I believe prices would have gone to 40¢ per bu. There would have been many bank failures . . . a debacle...
...Federal Farm Board announced its own long-awaited plan to sell wheat abroad. This plan resembled the Equalization Fee plan in all respects save one: instead of the farmer's sharing the Government's loss, the Government would suffer alone. The Board had bought 140.- 000,000 bu. of the farmer's surplus wheat. Now it was going to export 35,000,000 bu. of "choice milling quality'' stored along the Atlantic and Pacific sea-boards. Its purpose was "to clear the ports of facilities for taking care of the 1931 crop...
This Farm Board announcement caused a 2½ per bu. break in the Chicago wheat market. Many a grain trader assumed that the Board was starting to unload its huge wheat holdings...
When representatives to a European grain conference at Paris last week (which accomplished nothing) learned of the Farm Board's export plan, they raised an anxious cry: "Dumping!" Quick were they to point out that by putting 35,000,000 bu. on the already depressed European wheat market the U. S. would be doing the very thing about which it had complained most bitterly against Soviet Russia. Resentful of this foreign criticism, Farm Board Chairman Legge retorted: "Sheer bunk and Bolshevik! No comparison! Russian wheat was sold at prices far below world prices but wheat from...