Word: ccc
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Dates: during 1940-1949
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When he grew more wheat or collected more eggs than the public would buy at his price, the Government's Commodity Credit Corp. bailed him out. That was all right during the war, when CCC, with $4,750,000,000 to draw on, could sell whatever it bought. Even as late as June 1948, CCC had laid out a mere $294 million. But in the 16 months since, CCC purchases-to keep the farmer's income up-had increased fantastically. Last week CCC President Ralph S. Trigg announced that CCC had tied up more than $3 billion...
...cottonseed producers were happy. Southern Congressmen had pressured CCC to buy the seed from farmers at a support price of $46.50 a ton, higher than the local open-market price of $45 and under. Producers were, of course, the only ones happy. Processors, who turn the seed into cottonseed cake for cattle feed, com plained that they were unable to compete with the Government's purchases and get the seed they needed. Result: there was a shortage, though possibly temporary, of cottonseed cake and the price jumped from $60 to $68 a ton in six weeks.* This naturally made...
...Processors complained that they could not even buy from CCC's stockpile; the seed had not matured enough in the open air. By the time it does, deterioration from the weather may make it unusable...
...manufacturers, big users of linseed oil (crushed from flaxseed), were being gouged by Argentine suppliers at the end of World War II. So the department encouraged domestic production by pegging the price of flaxseed at $6 a bushel. The encouraged farmers raised so much flaxseed that the market collapsed. CCC loss to date on flaxseed and linseed oil: $73 million...
...Beef? Beef prices have never been supported, but as the biggest cattle shipments in a year poured into Kansas City last week, and beef prices began to drop, CCC officials shuddered at one cowman's threat: "If they are going to support wheat and hogs, then by God they had better do something for beef...