Word: gluts
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Dates: during 1950-1959
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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...
...policies led me to overproduction of some crops." Brannan had the happy experience of operating largely in the years of almost insatiable markets. World War II, European reconstruction and the Korean war brought abnormal demand. But in a few commodities, the philosophy of expanding production at guaranteed high prices glutted even the hungry postwar markets -and with some disastrous results. The classic example was the great 1948-50 potato glut; millions of bushels, bought by the Government to support prices, had to be dyed blue and kept off the market. Net loss to the U.S. through the potato program...
Even where metals were in short supply e.g., aluminum, producers made no attempt to raise prices. Their great (127%) expansion, launched since Korea, made them fearful of a glut if their prices got out of line. Though U.S. Steel and other big producers said there would be no general increase, some steel prices, such as stainless steel, went up. Mindful, however, of the public outcry stirred up by their unannounced price rise of five years ago (TIME, March 15, 1948), the steelmakers showed no signs of raising the basic price of steel ingots, a bellwether for the whole price level...
Supply & Demand. The fall in retail and wholesale meat prices under the "glut" of cattle on the market caught the headlines. Actually, retail prices were just catching up with the wholesale drop that started four months ago. In fact, meatmen thought that the glut was due chiefly to the fact that retail prices had not reflected the wholesale drop quickly enough, thus meat piled up that would have been consumed in the ordinary working of supply & demand. Normally, a 10% drop in the retail price of meat boosts consumption about the same amount. So far, retail prices have fallen only...