Word: beetly
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...tooth seems to be one of the first things developed by the world's new nations. Because the desire for sweets goes hand in hand with rising expectations, the worldwide sugar industry is undergoing its greatest expansion in history. Practically every sugar nation is planting new cane and beet sugar, increasing its present yields and putting up new plants that turn out not only sugar but such valuable byproducts as paper, plastics, hardboard and tiles. Result: world sugar production this year will climb to more than 65.7 million tons, an alltime record...
...Cuba have hurt the already skimpy 1964 harvest; the much-touted Russian cane-cutting machines have so far proved a failure; "volunteer" labor battalions sent into the fields to do the job by hand hardly know a machete from a mongoose. Moreover, Eastern Europe has suffered two low sugar-beet harvests in a row, and may be pressing Cuba for its payments...
Because of sugar's peculiar marketing arrangements, the reaction in the marketplace to the prospects of a shortage was more violent than the facts warranted. Most of the big sugar-using nations grow enough beet or cane sugar to supply a great part of their own needs, and they contract in advance to import the extra sugar they need. The result is that only about 10% of the world's requirements are sought for on the open market. The bidding by so many for this small amount started the price rise; and when the U.S. last month declared...
Agriculture Department experts do not expect the world shortage to last long. The European beet crop planted this spring is doing much better than anticipated, and the high prices have set sugar growers the world over to laying plans to increase their production...
...past four years, the world's supply of sugar has outrun demand so consistently that sugar-beet and sugarcane growers cut back on their plantings in 1962. But Europe's winter storms damaged beet crops there, and the yield of Cuba's inefficiently handled cane crop seems certain to be some 15% less than last year. As a result, speculators gambling on the likelihood of sugar shortages later this year have been pushing up the price of sugar futures. Last week these prices reached their highest levels in 40 years. Raw sugar futures were up as much...