Word: ccc
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When he grew more wheat or collected more eggs than the public would buy at his price, the Government's Commodity Credit Corp. bailed him out. That was all right during the war, when CCC, with $4,750,000,000 to draw on, could sell whatever it bought. Even as late as June 1948, CCC had laid out a mere $294 million. But in the 16 months since, CCC purchases-to keep the farmer's income up-had increased fantastically. Last week CCC President Ralph S. Trigg announced that CCC had tied up more than $3 billion...
Some Potatoes. In theory the $2.3 billion already laid out will be recouped when CCC sells its holdings, but in actual practice the taxpayer has been hit with some fantastic losses. Because of a potato surplus in 1947, the Department of Agriculture last year restricted the acreage. But farmers simply planted rows closer together and presented CCC with a bumper crop of 446 million bushels. Net loss to date: $203 million. In the coming potato season Congress may get tougher and tell farmers, not how many acres they can plant, but how many bushels they can grow...
...such solution is in sight for eggs. To maintain the market for shell eggs, CCC offered to buy dried eggs at $1.27 a Ib. This was such a handsome price that CCC had to buy nearly 30 million Ibs. of dried eggs. Secretary of Agriculture Charles F. Brannan is afraid the total cost may run to $200 million. Despite the enormous surplus, wholesale prices this month were the highest in a quarter century. Mourned Brannan: "The prospects for the year ahead are still more discouraging...
...manufacturers, big users of linseed oil (crushed from flaxseed), were being gouged by Argentine suppliers at the end of World War II. So the department encouraged domestic production by pegging the price of flaxseed at $6 a bushel. The encouraged farmers raised so much flaxseed that the market collapsed. CCC loss to date on flaxseed and linseed oil: $73 million...
...Beef? Beef prices have never been supported, but as the biggest cattle shipments in a year poured into Kansas City last week, and beef prices began to drop, CCC officials shuddered at one cowman's threat: "If they are going to support wheat and hogs, then by God they had better do something for beef...