Word: corn
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Dates: during 1940-1949
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From the Rio Grande to Cape Horn, governments pondered ways & means of increasing both industrial and agricultural output. Most of Latin America's machines are imported. Argentina excepted, Latin America imports a healthy chunk of its food supply-chief items: wheat, corn and beef. One way out of the deficiency: increase the number of skilled workers by selective immigration...
...Wheat, corn and oats also dropped, along with butter. But old king cotton just kept rolling up. At 35? a pound, cotton futures were up 25% in six weeks to a 23-year peak. Textile men expected some of the increase to be passed on to consumers before long...
...same way, all retailers and many manufacturers were being squeezed by upsurging commodity prices. Corn syrup and starch were up 25%. Raw cotton prices continued to edge up. So did corn, at $2.27, only 9? below the 1927 record price. What would stop the commodity rises, short of OPA, in the face of the enormous demand for food...
Last week the Department of Agriculture, in its July crop report, gave one answer: a bumper crop. If the present good weather holds, the U.S. should have a record corn crop of 3,341,646,000 bushels, 28% better than average; and 1,090,092,000 bushels of wheat. There was even optimistic talk that, with good crops in Canada, France and other countries, the demand for food would ease and grain prices would come down. Meanwhile, the retail prices of everything made of grain, bread, syrups, etc. were bound to go up to match the sky-high wholesale prices...
Furthermore, the unrealistic corn-hog price ratio that had kept so many hogs on the farm, and so much corn going into them in the last year or so, was done for. Cash corn soared from $1.46½ to $2.25 a bu. at Chicago, far too high to make it profitable to feed it to hogs. Instead, it came off the farms (1,000,000 bushels...