Word: bu
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Dates: during 1970-1979
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Many farmers feel cheated because they let go of their wheat crop at about $1.35 a bu. in the early summer of 1972, before the Soviet purchases and heavy buying by other nations helped push the price received by farmers to more than $2 a bu. Congressmen are miffed that grain companies and ship operators collected needless federal subsidies. Shippers are recovering from a nationwide transportation tie-up that resulted from grain dealers' scrambling for freight cars to transport grain, much of it to the Soviets. Consumers have particularly good reason for anger: the deal contributed to a grain...
...Washington in June 1972, to seek financing for what was then a $750 million sale, they left the impression that they would want mostly such livestock feeds as corn and soybeans, of which the U.S. then had plenty. As it turned out, the Russians bought about 433 million bu. of wheat, 246 million bu. of corn and 37 million bu. of soybeans...
...Butz failed to move quickly to stop Government export subsidies to the grain companies. If the domestic wheat price exceeded a target level of about $1.63 a bu.. including transportation from the farm to Gulf ports, an exporter could claim a subsidy for the difference. When the Soviets started ordering last summer, the subsidy was about 6? a bu. Incredibly, Butz's office let the payments continue for nearly two months after the first sales, until the subsidy swelled to 47?. If the handouts had been halted, the export price of wheat would have shot...
...they may have saved as much as $100 million by buying at the low, subsidized U.S. price. But no one else made much of a killing. Continental Grain officials testified last week that the company earned "less than normal profits" on the deal. Cargill actually lost about 1? a bu. on the approximately 73 million bu. that it sold to the Soviets-in part because of snags in the export-subsidy program. For example, the subsidies did not always cover the extra expenses caused by transportation...
Samples: for soybeans delivered next November, the target price is $4 per bu., down from $6.43 the day that Nixon spoke; for wheat at Kansas City in July, $2 per bu., down from $2.78. Thus, the Administration plans a market intervention of enormous proportions...