Word: embargoing
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Dates: during 1980-1989
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...fifth year in a row. Farmers raised a record 7.6 billion bu. of corn. Much of it, 60%, will be used as animal feed; only about 10% will be consumed directly by Americans, usually in bread, breakfast cereal and fructose (a sweetener). The remainder, before Carter's embargo, was destined for export, along with 36% of the 1979 crop of soybeans and 60% of the year's wheat. The embargo is expected to reduce overall exports from the '79 grain crop by 8%. Most export grain travels by barge or railroad car to ships in New Orleans and the Texas...
...absence of any solid information on the embargo's effect on them, farmers did what they normally do in times of uncertainty: assumed the worst. So did many farm economists. Most experts predicted that the embargo's long-term effect on U.S. grain prices will be bad for the grain farmer. However, this may eventually mean somewhat lower food prices for the general public. It would also be a benefit to those U.S. farmers who buy grain for their livestock. Says Sung Won Son, senior vice-president and chief economist for Northwestern National Bank in Minneapolis: "Having the grain overhang...
...them gathered glumly at local grain elevators, the first stop for much U.S. grain after it leaves farm storage bins. At Secor, Ill., four farmers watched the prices fall on a TV screen. "I don't think the shock has hit them," said Manager John Aeschliman. Just before the embargo he bought corn at up to $2.96 a bu.; his first purchase last week was from a scared farmer at $2.12 a bu. At the Pro-Farmer elevator in Cedar Rapids, Iowa, two farmers were willing to sell corn at $2 a bu., compared with $2.25 a bu. before...
Bergland's tough talk caused Duane Linden to rise in protest, his voice quivering with emotion and anger. Said he: "We were told that we would have a free market. I was told that we would not have an embargo. I'm an enemy of the Soviet Union just as much as the President is. But you are damn unfair to make me take such a loss on the crop." The crowd applauded. After the the meeting, Linden told neighbors: "If I don't get more for my crops, I'm finished...
...grain sales volume drops substantially because of the embargo, elevator operators will be hurt along with the farmers. Richard Goldberg, who owns an elevator and feed firm in Fargo, N. Dak., figures his profits will drop 50% this year. Said he: "It took us years to get a foot in the door of Soviet grain sales. U.S. agriculture is getting kicked in the shins be cause it was doing a good...