Word: bu
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Dates: during 1970-1979
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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...
...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 become more expensive. Butz reacted...
Scenes From American Life, a comedy about upper-class life in Buffalo, has been getting rave reviews. It's continuing in repertory with Ah, Wilderness at the BU Summer Repertory Theatre. Ticket prices are steep--$4 to $7.50--but there is such a thing as a "student pass." Call 353-3392. --Natalle Wexler
...hardly reminiscent of 1972, when skillful Soviet buyers, working in deep secrecy, managed to acquire 19 million tons of grain at a bargain price that was officially subsidized by the U.S. Government. Largely as a result, wheat prices shot from less than $2 to more than $6 per bu., and in the following months other domestic food prices soared. Memories of that disaster caused 33 members of Congress last week to sign a letter calling on the U.S. Government to take over negotiation of all grain sales to the U.S.S.R. But the Soviets have little chance of repeating...
...wheat crop this year is forecast at a record 2.2 billion bu., leaving ample supplies for export sales without serious impact on home prices. Agriculture Secretary Earl Butz predicts that sales of grain to the Soviet Union will have only a minimum effect on American prices even if they reach 10 million tons, which he believes they will. One possible effect: meat prices will be kept from falling, because a general tightening of grain markets will hold feed costs high...