Word: gluttingly
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...onto a new corn program that abolished all production controls on corn in return for a modest reduction in the support price. Benson hoped that the lower support price would lead to a smaller crop; instead, farmers increased their corn acreage by a whacking 15%, harvested the biggest, most glutting corn crop in U.S. history. And by last week's new estimates showed a slight increase in 1960 corn acreage rather than the decrease that Benson had fervently hoped for. Barring something about as probable as a midsummer frost in the Midwest, the U.S. faces another corn glut this...
...producers throughout the Arab world heard of the Japanese strike with some dismay. New oil discoveries have already helped saturate the market, threaten to drive petroleum prices down. In spite of the glut, the search for new fields gallops along in the Mideast and North
...fields close to Europe, plus new finds such as those of the Japanese, have caused some rulers of the older oil-rich countries to wonder just how much more of a squeeze they can put on the oil producers. With the world glut, and the new fields, they are beginning to realize that it is not enough just to have oil; they must also sell it, a job that gets harder with each new discovery...
...staunchly Republican, 1,400,000-member American Farm Bureau Federation unanimously adopted a pro-Benson wheat plan that calls for lowering the support price from the present $1.77 a bushel under acreage controls to about $1.30 with no controls-a "lowering" that could well bring on the greatest wheat glut of all. In Washington, Chairman Morton, though privately gloomy about Benson's decision to stay on, did a public turnabout from Black Sunday, urged fellow Republicans to "sell" Benson in the farm belt, not sell him out. When Benson heard that news, an austere but unmistakable smile of victory...
...found on a seven-week trip through farm country in Iowa, Minnesota, Kansas, North Dakota and Wisconsin. Lubell's basic finding: the Midwest's farmers, who once had firm opinions about federal price-support programs, are now as baffled by the massive, $7 billion-a-year farm-glut scandal as the experts, the Eisenhower Administration and Congress (TIME, March 2). "Not a single farmer," Lubell reported last week for United Feature Syndicate, "could offer even a crackpot solution to the surplus problem." And a "sizable majority of farmers confessed they thought there might be no solution...