Word: soybeans
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...Street observers was how two reputable firms could have let Tony DeAngelis, who had declared bankruptcy once before when trouble struck one of his commodity ventures, get so deeply in debt to them. Another puzzle was the mysterious disappearance from New Jersey storage tanks of $15 million worth of soybean oil that Bunge Corp., an Argentine-controlled oil exporter, had taken as collateral for a loan to DeAngelis. There were indications that the scandal might spread beyond its present scope. At week's end a third brokerage house, D. R. Comenzo & Co., was suspended from the New York Produce...
Tony DeAngelis, a onetime butcher, made himself a wealthy man by steering his New Jersey-based Allied Crude Vegetable Oil Refining Corp. in and out of quick trades in the risky commodities futures market. Then DeAngelis thought he saw another chance for a fast fortune in soybean and cotton-seed-oil futures. If the Soviet bloc wheat crop failed, he reasoned, other farm products, including vegetable oils, must have suffered as well; and as soon as the Red nations had signed their wheat purchase contracts in the U.S., they would be back bidding on oils and other U.S. produce. DeAngelis...
...river barges; today, Cargill's 110 outposts are placed at almost every strategic transportation point in the midcontinent. The family business has been passed down through Cargill's descendants, who built huge grain elevators and expanded into everything from fish-meal processing in Peru to soybean processing in Spain...
Once, only professionals risked their money at the perilous pastime of making such esoteric guesses as how many potatoes would bud, the quality of hog bellies, the size of the soybean crop, and the number of cocoa beans on Ghanaian trees. But after tasting quick profits with the glamour stocks of the 1950s, thousands of amateurs-from house wives to retired mailmen-are trying for even quicker profits in the fitful, fickle commodity futures. Sales on the Chicago exchange have risen 80% in three years. Most often the amateurs lose, but the tales of what might have been keep them...
Nearly 80% of General Mills' sales come from flour, consumer foods, and such specialty products as high-protein soybean meal. The rest of its sales come from a strange hodgepodge of activities: chemicals and electronic components divisions which are the remains of a long-abandoned diversification effort that once even had the company producing two-man submarines. Rawlings plans to continue these offshoots but stresses that "our greatest opportunities for profits and growth lie in the convenience food business...