Word: glut
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...spells financial disaster for some cattlemen, although there are many who have shored up their financial position out of the huge profits of recent years. Eventually, consumers all over the U.S. will feel the effects. Although beef prices are down at the butcher shops now because of the market glut, premature marketing and sale of foundation herds are likely to lead to serious beef shortages and high prices in the months ahead...
...could have provided last week's additional $5.5 billion in the same way, but most of the credit would have gone to big-city banks. By lowering the reserves instead, credit was also liberated in the country banks, where farmers, harried by drought in some regions and glut in others (see below), were having a hard time getting badly needed loans...
BIGGEST worry of Detroit automakers is not whether they will sell their huge new car output, 47% higher than last year; it is the used-car glut. Prices are dropping, and finance companies are refusing loans on all but the cleanest, late-model trade-ins. Dealers who refuse to take their losses in order to move used cars now will probably be stuck with full lots and larger losses later...
Already in storage is a huge carryover of 575 million bushels of wheat and 800 million bushels of corn. With the winter wheat crop estimated at 750 million bushels and the corn at 3.1 billion bushels, some officials predicted a repetition of the 1949 glut, when stacks of wheat had to be left out on open fields. To try to make room, agriculture officials are storing wheat in 75 mothballed ships on the Hudson River and in 50 more on the James River at Norfolk...
...agreement could still go into effect without Britain, and there was a good chance that it would. Wheat prices are again falling, after the biggest bread-grain crop in world history last year. The U.S. is also facing a glut at home. Last week the Agriculture Department upped its forecast for the winter wheat crop 17%. It looked as though 1953-5 crop, though no record, would be big enough to force Benson to impose acreage allotments and marketing quotas...