Word: grained
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...American farmers, more has become less. Record harvests of corn and wheat in 1981 and 1982 have created a glut of grain. The unsold carryover of last year's corn surplus alone is an estimated 3.4 billion bu. Even as supply ballooned, however, markets shrank. In 1982, a strong dollar and world recession caused a major decline in farm exports for the first time in 13 years. Farm debt has burgeoned, from $140.8 billion in 1979 to about $215 billion at the start of 1983, while net income fell from $32.4 billion in 1979 to $19.5 billion...
...effect, less may become more for farmers. Last December the Administration proposed a novel corrective: a self-imposed grain drain called payment in kind (PIK) that rewards farmers in Government-owned grain for idling large tracts of productive land. The program, hastily cobbled together to prop up the flagging farm economy, has prompted a response that was, said Agriculture Secretary John Block, "beyond my wildest expectations." Figures announced last week show that farmers will remove 82.3 million acres of wheat, corn, sorghum, cotton, barley, oats and rice land from production in 1983. This amounts to roughly one-third...
...program is an attempt to reduce surpluses, drive up depressed grain prices, cut Government costs both for price supports and for grain storage, and slash farmer production expenses. To qualify for price supports and cash subsidies, farmers were already required by the Government to take 20% of their land out of production. Under PIK, farmers must idle an additional 10% to 30% of their acreage and can bid to idle all of it. In exchange, they receive crops from Government storage and are free to sell them on the open market or use them as livestock feed. The crops will...
...contacts--hardly reality since the downfall of detente--create such leverage. But even granting its existence, certain factors indicate that the economic weapon may not be so lethal. The USSR, despite its staggering economy, does possess an impressive stock of raw materials. Ant the dismal failure of the U.S. grain embargo demonstrates the need for cooperation among the Western allies if economic corrections are to have only success. Future prospects for such cohesion are not great...
...troubles. He has revitalized the private sector by returning more than 300 industrial enterprises to private ownership. Ershad has jailed seven former Cabinet ministers on charges of corruption. He has reduced the price of such staples as rice, sugar and wheat, and he hopes to raise food-grain output 25% by 1986, mostly by Introducing higher-yield crops...