Word: corns
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Dates: during 1980-1989
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Player of the Year: Fusco Rookie: Joe Nieuwendyk, Corn...
...heavily subsidized farmers of the Midwest, where prices on such crops as wheat, corn and soybeans have been particularly depressed, seem to be suffering the most. The rural South has also been hard hit. California, with its wide diversity of crops (more than 200 in all) and clement weather, is faring better, but even there growers are worried. Because the large Eastern markets are close, mid-Atlantic farmers have avoided the export crunch that has badly hurt the heartland...
...million lbs. of cheese that the Government has bought and is holding in storage--more than 3 lbs. for every man, woman and child in the country. Other unsold mountains, including goods stockpiled by farmers with Government help: 1 billion bu. of wheat, 650 million bu. of corn. And as a crowning irony, the act has left many farmers, after 52 years of Government protection, little better off than their forebears were during the Great Depression that gave birth to the farm price-support system...
...repaying it during the '80s, has crimped their ability to buy American-grown food. The remarkable strength of the U.S. dollar against foreign currencies is perhaps the biggest cause of all; it forces overseas buyers to pay out more francs, pounds or yen to buy American wheat, corn or soybeans. The muscle-bound dollar is primarily an ironic consequence of gargantuan U.S. budget deficits, which keep American interest rates high and entice foreign investors to convert their currencies into dollars, bidding up the greenback's price, in order to pour money into American investments...
...longer. But farmers would still face a decline in land values that Administration experts think has some way to go. Says one Agriculture Department economist: "If you go out to Iowa and have to pay $3,500 an acre for land, there is no way you can raise enough corn or beans on that land to make it pay for itself, assuming 12% interest. You just cannot do it. But if that land comes down to $1,800 or $2,000 an acre, it might make sense for you to buy it." Which does not answer the question of what...