Word: canadianization
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Dates: during 1960-1969
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Strategic Outposts. Cargill will have a major part of it, is already active in the East-West grain trade. Its Canadian subsidiary has signed up for 20% of Canada's $500 million wheat sale to Russia, and the U.S. parent is awaiting an export license to send $6,500,000 worth to Hungary. In the U.S. transaction with Russia, Cargill will dicker privately and separately with the Soviets, as will such other big dealers as Continental Grain Co., Bunge Corp. and Louis Dreyfus Corp. Cargill will then draw part of the wheat from its grain elevators (total capacity...
...badgered by the Russians in the North Pacific. Irish corvettes have scattered Dutchmen and Belgians from Ireland's herring grounds, and Canada last year ordered a Russian fleet out of the Bay of Fundy. Even the conference table can become chilly; last week in Tokyo, Japanese, U.S. and Canadian delegates labored through the fifth week of a conference stalemated by a U.S.Canadian refusal to let Japanese fishermen fish for trout, halibut and salmon east of the 175th longitude...
...this year. Facing the prospect of a 10% to 20% drop in grain production, Moscow has clamped a news blackout on the subject. And apart from a routine one-line announcement of a new trade agreement, there was not one word about the huge $500 million pur chase of Canadian wheat and flour that the Kremlin hopes will make up much of the deficit...
...Objections. The Kremlin's spending spree on wheat, which promised to give an exhilarating boost to the lagging Canadian economy, would have its impact elsewhere as well. Word came from Australia that it would sell Russia another $100 million worth. Moscow was dickering with West Germany for 250,000 tons of flour. Even U.S. wheat growers, stuck with a huge surplus, hoped to get in on the bonanza; the State Department in Washington apparently had no objections...
Last week's record-breaking sale of Canadian wheat to the Russians (see THE WORLD) stimulated more than the Canadian economy; it rang like a mating call for those iron-stomached speculators who go after big profits, and risk even bigger losses, by trading in commodity futures. The speculators rushed in to buy wheat futures, gambling that the Soviet crop failure would mean a larger market for U.S. wheat. They sent prices up as much as 13½? on the Chicago Board of Trade, and the lucky ones were able to make a 130% profit on their investment...