Word: wheated
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...stand for it," said the Longshoremen's Thomas Gleason, referring to the Soviet purchase of 19 million tons of U.S. grain three summers ago. "Nobody is going to be ripped off," Butz assured the seamen. Said Don Woodward, president of the National Association of Wheat Growers: "It's the criticism of these sales to the Russians that'll bring on higher food prices, not the sales. All those complaints amount to an open invitation to jack up prices...
Whatever price increases may be attributed to the Soviet deal, they will not come from any grain shortage in the U.S. On the contrary, if much of the American farm surplus were not exported, it would have to be stockpiled, probably at Government expense. The wheat harvest, for example, is coming in at a record level, and the Agriculture Department estimates that less than half of it will be required for domestic consumption. Thus out of an expected crop of some 2.2 billion bushels, only 800 million is needed at home. But as Secretary Butz repeatedly demonstrates by dramatically peeling...
...sale was foreseen, U.S. food prices had been rising at a rate that, if sustained throughout the year, would be a highly inflationary 22.8%. Most grain market experts expected this trend to be reversed when this year's harvests are completed, since record crops for both corn and wheat were forecast...
Then three things happened: 1) the Russians began making deals with private American grain exporters, signing contracts for the purchase of 228 million bu. of feed grains (mostly corn), 154 million bu. of wheat and 46 million bu. of barley; 2) one of the driest months of July in 30 years afflicted the corn crop in Iowa, which normally produces one-fifth of the U.S. total, thus casting doubt on the previous forecasts; 3) the Agriculture Department's shaky estimates of Soviet grain production were revised downward from 210 million to 185 million tons because of continued droughts...
...million already ordered. That would exceed the amount it bought in 1972. Remembering the 1972 price hikes, market operators anticipated similar results this fall. Partly because of speculators seeking quick profits, the price of grain for later delivery began climbing. In the past month the price of Kansas City wheat jumped from $2.20 to $4.05 per bu. Corn sold in Chicago rose 42? per bu., to $3.17. "The whole psychology for increased farm prices is already here," insists Charles Kershaw, a prominent Southern California cattle feeder who expects meat prices to rise later as feed grains for cattle and hogs...