Word: ccc
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...Government is committed to supporting this high price for at least two years after the war. Thus the U.S. is trying to put the farmer back into the world market by granting an export subsidy which in the long run goes to him. But the international result of CCC's present policy may be reprisals by other nations angling for markets for their surpluses either in the form of new or higher subsidies of their own, or by higher duties on U.S. manufactured exports. In turn, the U.S. may have to put higher tariffs on textiles made abroad with...
...both countries the sugar issue was mixed with political dynamite. The Cuban delegation appointed by Batista had been firmly instructed by the politically potent sugar interests to accept nothing less than 3.25? a Ib. But the CCC, with the powerful U.S. sugar lobby leering over its shoulder, could not offer the Cubans a higher price unless they gave domestic U.S. sugar-growers a price increase. Further, the action might set a precedent: Brazil would want more for its coffee, and other nations, chafing under U.S. ceiling prices on their products, might balk at contracting ahead...
...sugar were down to 680,706 tons v. 1.2 million a year ago. Grocers in the Midwest were hanging out "no sugar" signs. Soon European buyers may re-enter the market, flood Havana with huge orders in competition with the U.S., and bid sugar prices far higher than the CCC offer...
When the Jones announcement was flashed to the commodity exchanges, promptly the textile mills sharply curtailed selling cotton goods for future deliveries. They remembered an almost forgotten joker, a 1938 law which prohibits the CCC from selling more than 300,000 bales of cotton a month in the domestic market. While that law remains on the books, the cotton mills cannot hope to get much more than one-third of their monthly cotton needs from the CCC...
There was another joker. If the mills offer to pay the farmers full parity prices for their cotton, there is no assurance the farmers will sell. The farmers can take out CCC loans up to 95% of parity and hold their cotton off the market. Thus they will take the very good gamble that the parity price a year from now may be moved up even higher, or that the mills will be so desperate for cotton that they will bid prices skyhigh...