Word: cornes
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Unmitigated corn...
From coast to coast, the summer sun is ripening record harvests of wheat, corn, oranges, apples, but, as any American housewife knows only too well, the price for those harvests is inexorably climbing. Overall, the price of food rose 1.2% during July, the government announced last week, pushing the Wholesale Price Index up at a stunning rate (see ECONOMY & BUSINESS). Beans, lettuce and other fresh vegetables were up 12% in some areas, while the overall increase in farm products, including hogs and poultry, was 6.6%. The reasons for these increases were intricate, but many Americans focused their anxiety and anger...
...this Soviet sale was foreseen, U.S. food prices had been rising at a rate that, if sustained throughout the year, would be a highly inflationary 22.8%. Most grain market experts expected this trend to be reversed when this year's harvests are completed, since record crops for both corn and wheat were forecast...
Further inflationary surprises may be on the way, though. Most worrisome are the possible price implications of renewed Soviet hunger for U.S. crops. Big purchases of corn, wheat and barley an nounced last week brought the total amount of U.S. grain the Soviets have contracted to buy to 9.8 million metric tons. That is still within the 10 million tons that Agriculture Secretary Earl Butz figures the U.S. can sell with only a minimal impact on domestic prices. But continuing drought in the U.S.S.R. is raising worries that the Soviets might later seek to buy huge additional quantities; at midweek...
...commodities markets traders were disappointed by the size of the Cook and Cargill deals. Wheat, corn, soybean and oat futures fell. The question mark, says Crop Analyst Conrad Leslie, "is at what price level the Russians will make further commitments." Meaning: the shrewd Soviet buyers may be waiting for prices to come down a bit further before placing further orders...