Word: corn
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Dates: during 1940-1949
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Harry Truman had strong proof of Europe's need. A report of his Cabinet Food Committee spelled out the story in convincing detail: because of poor crops abroad, because of a sharp drop in U.S. corn production, Europe now faced a food shortage of 4.5 million tons in grain alone. If scarcity of U.S. corn meant that farmers would turn to wheat to feed their hogs and cattle, the gap would increase by another two million tons. The committee counted on other exporting nations to boost their quotas, on hungry Europeans to tighten up on their own food-collection...
...Indian Reservation at Tama, Iowa, Charlie Davenport took a close look at the squaw corn,† noted that its husks were loose and thin, predicted that the U.S. would have a long Indian summer and that real winter would probably not set in until after Christmas...
Next day the market was thrown out of gear with a resounding crash. A flood of selling started when the market opened. By the close, corn and soy beans were down 8?, their daily legal limit; wheat fell 6 to 8¾?. Even wholesale meat prices slipped, along with livestock prices. One thing that had finally frightened the speculator into panicky selling was a decision by the Federal Government to cut purchases of grains for November export by some 50 million bu., 42% below the July-October level. And traders who had expected frost to nip the short corn crop...
...size of the wheat crop were widely known," said Anderson, "the bottom would drop out of the speculative market." The bottom did just that in the next two days. By week's end corn was down 27? a bu. to $2.38, wheat 23? to $2.57. It had been the biggest week's drop since Nov. 16 of last year. Said Anderson: "Long overdue. I hope the drop will continue...
Whether it would was hedged by many "ifs." Much depended on whether the rest of the corn crop could be harvested before the frosts. Much also depended on whether President Truman would follow Clint Anderson's proposal this week to cut the year's grain exports by a whopping 100 million...