Word: crop
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Dates: during 1940-1949
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Second Guess. Good corn weather in July, said the Department of Agriculture, had caused it to increase its estimate of the corn crop to 2,770,930,000 bu., up 158 million bu. in two weeks, but still about 500 million bu. below last year's record harvest. But for those who hoped that a better corn crop meant lower meat prices the Department had words of caution: the corn was high in moisture content and low in feed value...
...Flax. The nation was enormously rich, enormously productive. Employment was at a record 60 million level. U.S. farmers paid off their mortgages, rolled in money and contemplated more fine crops, more high profits. In Dutton, Mont., a farmer outbid professional buyers for $93,000 in municipal bonds. In California's Imperial Valley, a flax farmer bragged of a profit of $84,000 on his last crop...
...Council of Economic Advisers, which sent its midyear report to Congress this week, thought so too. The change from fear of recession to fear of inflation "has been unduly stimulated by such events as the corn crop scare," it said, "and an exaggerated interpretation of the effects of the coal mine wage adjustment. Some persons have scoffed at the idea that businessmen could or would follow a stabilizing course. Yet the reaction among progressive business leaders [in the last six months] was such as to make new possibilities of orderly price corrections in a free economy through the voluntary action...
Chain Reaction. But reports of corn were far from good. Cold weather and floods had taken a heavy toll, leaving an estimated yield of only 2.6 billion bu. The crop was still almost up to the 1936-45 average, but it was down 21% from last year. Good weather, said the report optimistically, might brighten the corn picture considerably. But corn users, not willing to take that chance, started to buy heavily...
...many places as much as half the wheat crop was being dumped on the ground for lack of storage bins and boxcars. Thus, when the Department of Agriculture, in a rush to fill its foreign commitments, raised its buying price on wheat by 13½? a bushel, wheat markets too went soaring...