Word: bushelful
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Through the wheat markets of the world last week ran a two-word scare: price war. To move more of its towering wheat stocks into export, the U.S. raised its subsidy to exporters, thus permitted them to cut export prices 10? a bushel (to about $1.75). Canada promptly followed suit, and Trade Minister. C. D. Howe warned that more price cuts would be made if necessary. Wheat trading slowed to a halt in England and other European markets. Argentina's Minister of Economic Affairs Alfredo Gomez Morales charged the U.S. with "dumping." Said Sir John Teasdale, chairman...
...forced wheat below 2 shillings [then 50?] a bushel...
Actually, the price cutting was started, not by the U.S., but by Canada, which made a preliminary cut of 7? a bushel in February, quickly matched by the U.S. But what concerned the wheat trade last week was not who started the bargain sales, but how they might...
...result of too much wheat. Five years ago, 46 nations formed the International Wheat Agreement, and such big producing nations as Canada, the U.S. and Australia agreed to allot a certain amount of their wheat for export in a stipulated price range (not to exceed $1.80 a bushel). When inflation, the Korean war and poor foreign crops put wheat in tight supply, the International Wheat Agreement worked fine, at least for the importing nations, which got what they needed at bargain prices. But recently, with wheat in surplus, I.W.A. has not worked so well. Such nations as France and India...
...been hardest hit by the slump in wheat exports. For the seven-year period ending in 1952, the U.S. was the world's leading wheat exporter, with an average 417 million bushels a year-46% of the total trade. Last year shipments fell by almost one-third to 317 million bushels, and this year they are estimated at no more than 215 million, or only 30% of the total (Canada's share: 40%). To enable its exporters to compete in world markets (instead of just unloading on the government) the U.S. has had to boost its subsidy...