Word: exportation
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Dates: during 1970-1979
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...buck up the supply and bring down the price of feed, the Administration clamped a temporary embargo on exports of soybeans and cottonseed. This week the Administration will announce a stiff program of export controls on these feeds, and perhaps corn as well. President Nixon acted after the Commerce Department reported that export commitments for June, July and August were so great that the nation was in danger of running out of the pea-shaped, yellow or green, protein-loaded soybeans before the next harvest begins in September...
...export controls will aggravate the nation's trade deficit, which jumped to $158 million in May. They will make the U.S. dollar less convertible-and thus less valuable-in the world because it cannot be exchanged for certain commodities. Worse, the historically unprecedented embargo against friendly nations infuriated European and Japanese customers, who charge that the U.S. has reneged on its long-term export contracts. The Japanese were particularly irked because U.S. officials have prodded them relentlessly to Buy American. Japan needs soybeans-they are used for soy sauce, bean curd and other foods-and buys almost...
...Tsuguto Kitano has bought Manhattan's Murray Hotel, renamed it after himself, and will open for business next month. Kikkoman Shoya Co. opened a $9,000,000 soy sauce plant last week in Walworth, Wis. Japan's widely diversified Mitsui has revised its former policy of seeking export markets in the U.S. and is now shopping for new American properties...
...ease the crisis, many Asians are looking to the U.S. 1973 crop-perhaps in vain. Spring flooding in the Mississippi Valley ravaged the rice fields. Planting was late, and yields may be low. The Nixon Administration has announced that exports of grains, including rice, may be curbed to keep domestic prices in line. If the U.S. will not export rice, Southeast Asians will have to look to their own resources, tighten their collective belts, and hope that better weather later this year will revive the "green revolution" that was to solve their chronic food shortage...
Gyrating Grain. The threat of export controls caused prices on the nation's commodities markets, where speculators have recently bid up prices to heights undreamed of only a year ago, to gyrate widely. On Thursday, prices for major grains and soybeans were "down the limit"-they dropped as far as trading rules permitted in a single day. The panic seemed to substantiate Nixon's assessment of grain speculation as a root cause of food inflation...