Word: corns
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Peanuts and Corn. Basically, the Government tries to restrict production by paying farmers to reduce the amount of land that they cultivate. It also seeks to prop up the market for crops like wheat, corn, rice and peanuts by guaranteeing a minimum price. Farmers can collect money for taking land out of production, then increase the yield on the acreage they do use, and collect at least the support price on all that they raise. A study last year by former Budget Director, Charles Schultze, estimated that consumers pay an extra $4.5 billion a year for food because of price...
...this political year, the Administration will spend a record $4.3 billion or more for farm subsidies, up from $3.3 billion last year. Just to get corn production down, the Government will hand out a record $1.9 billion for feed grains this year. Moreover, price supports for corn raise the costs of feed for ranchers, who in turn produce less livestock and thus cause the price of meat to rise. In 1970, Congress limited each farm to a subsidy of $55,000 per crop. Some big farmers divided their large holdings into smaller units, each eligible for a separate subsidy...
...over low prices, has gloated over their recent levels. Farmers have benefited substantially in recent months from deliberate Government policies. Butz has budgeted a record $4 billion for 1972 agriculture programs, including $1.9 billion for feed-grain subsidies. Such payments not only jack up the price of, say, feed corn, but also of meat. Reason: when feed grains are expensive, farmers raise less livestock...
Lord knows how a Harvard Square audience will react. If it gives King Kong a chance, it may become like the pre-teen who sat behind me muttering "Jeez, Jeezus, Jeezus" through the whole movie: embarrassed to be caught up in such corn, but drawn into the world of fantasy nevertheless...
...that idea originate in Chicago rather than in Manhattan? Perhaps because "futures" trading is an uncommon technique among stock market specialists, whereas it is the major business of the Board of Trade. An enormous business too: last year futures contracts for $88.4 billion worth of wheat, corn, soybeans and other commodities were bought and sold on the board's cavernous trading floor...