Word: bushell
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Dates: during 1960-1969
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Profits can be big; a contract for 5,000 bushels of wheat costs only $500 down, and every rise of a cent a bushel adds $50 to the contract's value. But losses can be horrendous because, as the commodity's price drops, the speculator is called on to put up more margin to cover his investment. Often no one will buy his contract on a sharp price drop, and he is unable to get out. When the sugar price broke last spring, one New York speculator was getting margin calls for $20,000 a day, with...
...supposed to remedy-overproduction and rural poverty. A support price that is high enough to cover the production costs of a small-scale, inefficient farmer provides a glorious opportunity for risk-free profit to the large-scale, efficient farmer with his much lower costs of production per bushel or bale. The support price of corn, for example, is $1.25 a bushel, and the big producer can grow corn for less than 70? a bushel. Clearly, if the Government takes the stuff off his hands at $1.25, the efficient farmer can reap a bumper crop of money from growing corn that...
...designed to cope with the wheat surplus (TIME cover, April 5). If two-thirds of those voting approve the plan, it will become mandatory for the entire 1964 wheat crop. The Agriculture Department will tell each wheat grower how many acres of wheat he can plant and how many bushels he can market under a complex "certificate" plan. And what does the farmer get out of it? A high support price of $2 a bushel on most of his wheat, plus "diversion payments'' on the acreage he takes out of wheat production. If the plan fails...
Congratulations and a bushel of orchids. The text, the pictures and diagrams were marvelous. TIME can really be proud...
...years ago, a flint-chipper named Og, whose wife had unsympathetically thrown his collection of tiger teeth out of the cave, began giving one tiger tooth to anybody who bought two of his flints for ten clams. Soon Og found that he was selling flints by the bushel and running so low on tiger teeth that he had to get more-even if it meant hunting tigers. This was a nuisance and expensive; to cover the cost, he raised the price of his flints to 15 clams a pair. And to his astonishment, nobody seemed to care; they went right...