Word: corn
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Dates: during 1940-1949
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Speculators, cried President Truman angrily, were to blame for much of the increase in food costs. But it was the Government's buying-in-a-bunch rather than spreading it out that helped make speculation a sure thing. So the U.S. had its first $2.95 a bushel cash corn in its history; its first $3 cash wheat in 27 years. When the Government temporarily stepped out of the market toward year's end, with most of the grain it needed by mid-1948 already bought, the price of May wheat futures dropped...
...average: 100) from 141.5 to 162 in a year. No one disputed that the Government had to buy grain for relief abroad. But did it have to buy it the way it did? In five months, it gobbled up some 400 million bushels of grain, despite the short corn crop which put pressure under all grain prices. In one two-week period, the Government bought more grain than had been exported in an entire year...
Weight of a Bomb. Beneath its ruffled and fretful surface, however, the U.S. nation was stronger than it had ever been before in peacetime. Aside from its wheat crop, its not-too-good corn crop, and its $231 billion of produced wealth, it had a technology unsurpassed in history. In the atomic bomb-uneasily held-it held title, hopefully exclusive title, to the decisive military weapon. The U.S. had scaled down its once great military establishment, but it had merged its armed services, which promised better military preparation. How long it would take Russian technology to redress the power balance...
...appropriation for research. Most of this will be spent in developing agricultural products that might create new industries. The Institute's work on sorghum as a source for dextrose and starches has already paid that kind of a dividend. Its new processes will help Corn Products Refining Co. refine some 6,000,000 bushels of sorghum a year in a projected $16,000,000 plant at Corpus Christi...
...flood? In the twelve months ended June 30, said Mehl, the dollar value of regulated commodity transactions rose to $33 billion, more than double the previous twelve-month period. Most of the trading was speculative, said Mehl. By the end of June, for example, 90.4% of Chicago corn futures accounts were speculative. Price changes, said Mehl, had been aggravated by many "weakly financed" traders. "Shorts are quickly forced to cover," while "longs are washed out by temporary reactions...