Word: cornelis
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...before the crop is raised and sold. Beginning with parity-inflated market prices, the new formula would let prices slip by easy stages until, says Benson, the law of supply and demand begins to take over and surpluses begin to sell. Props are to move toward market levels for corn, cotton, rice and feed grains (oats, rye, barley and grain sorghums). Wheat, tobacco and peanuts, as well as milk, still have separate programs, a more-or-less deliberate tactic that helps Benson keep the once powerful farm bloc divided...
Main difficulty is that the new bill also relaxes or abolishes acreage controls, raises the prospect that farmers across the country could suddenly decide to put every available acre in, say, corn and sell to the Government at the announced price ($1.10 per bu. minimum). This danger is increased by the termination this year of the Soil Bank's expensive "acreage reserve" section, under which farmers were paid for keeping acres out of corn and other cash crops. Benson himself knows that the $6 billion annual cost of the farm program, big enough to bother Hubert Humphrey...
...hours; 19 drowned in resulting flash floods in the Nishnabotna River valley. Indiana's floods are the worst in 45 years, and the state's wheat crop this harvest may be only half the 38 million bu. estimated earlier. In North Dakota's Red River Valley, corn that stood 30 in. tall a year ago is 19 in. because of rain, chill and lack of sunshine...
...area failed to prosper. Producers of livestock and livestock products took in $9.1 billion in the first half of this year for what actually was a smaller quantity of meat, poultry and dairy products than they sent to market in January-June 1957. Even the surplus-ridden wheat, cotton, corn and other crop producers managed to boost sales by 10% to $4.7 billion. In some states the increase in farmers' cash receipts was nearly 100%. Texas farmers, from January through May, took in $704 million v. $489 million in 1957. Nebraska cash receipts jumped from $339 million...
FOOD MERGER is in works between fast-growing Corn Products Refining Co. and Best Foods, Inc. to create grocery processor second only to General Foods Corp. (annual sales: $1 billion). Corn Products (Mazola salad oil, Karo syrups) grossed $495 million last year, while Best Foods (Nucoa margarine, Hellmann's mayonnaise) grossed $114 million...