Word: bushell
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...temporarily out of the market as a buyer of cash wheat. In a few minutes, this bit of gossip was exaggerated into a "report" that the Government would stop buying for 60 days. Although the Government denied the rumor a few a hours later, December wheat dropped 8? a bushel from its peak...
Argentina's farmers won an important, if limited, victory. For months they had complained because the Perón government paid them just $1.35 a bushel for their wheat and sold it abroad for as much as $5.75 (TIME, Sept. 29), keeping the difference to pay for the "fiveyear plan." Last month, when they threshed their wheat, they held back as much as they could. Last week, with the crop trickling slowly to the docks, the dollar-minded Argentine government weakened, agreed to pay farmers 24? more a bushel, plus a further 24? a bushel if they would deliver...
Spring even appeared to soften the heart of Argentine economic czar Miguel Miranda. Last week Miranda closed a deal with a U.S. Army mission for the sale of 28,110 tons of Argentine corn at the reasonable price of $104 a ton ($2.66 a bushel). He also announced that Argentina, if it could get oil and other transportation necessities, would be happy to sell all grains at the "world price." No one knew exactly what the "world price" was, but the U.S. hoped it would be less than the exorbitant $5.90 a bushel Argentina has been getting from hungry Europe...
Onetime agriculture missionary to Russia (in 1929) and Great Britain (in 1941) by Government invitation, white-haired, dapper Tom Campbell owns huge wheat acreage in Montana. On a visit to the White House, Campbell told President Truman that he was withholding all of his current crop-some 610,000 bushels-because he wanted to get as much as he could for it. One way to get farmers to sell, he said, was for the Government to peg the price of wheat at about $3.50 a bushel, some 50? above the current price. The President said he didn't blame...
...Wheat at $3 a bushel had sprouted a rash of "wheatleggers." Organized like racketeers, they case a remote granary, on a quiet night back their trucks up close, bore a hole, and fill up. A single haul may be worth as much as $1,300. Said Jake Sims, director of Oklahoma's Bureau of Criminal Investigation: "They've got a better racket than the bank robber. It's not only safer-there's more money...