Word: grained
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...kind. As the last cuttings of wheat are taken from the plains, the projected bumper harvest of 75 million metric tons (2.8 billion bu.) will smash last year's all-time high. The corn crop, 202 million metric tons, will also set a new record. Total American grain production will hit 322.5 million metric tons, more than 50% greater than the Soviet Union's third poor harvest in a row. But the bounty is bittersweet: farm income has fallen almost 40% since 1979. All that newly harvested grain has sent prices plunging, while farmers' costs, especially interest...
...federal subsidy and price-stabilization programs. Since wheat prices this year have already fallen 21? below the "target price" of $3.81 per bu., farmers can expect some $350 million in "deficiency payments"-literally, Government handouts-to make up the difference. In addition, more than 1 billion bu. of grain are expected to end up in farmer-owned reserves by the end of the year under a program that will lend farmers close to $2.9 billion to keep it off the market. The Agriculture Department is also expected to buy 10% of this year's dairy production, at a cost...
...department leaves for Moscow in a week. Already 60% of U.S. wheat and one-third of all farm produce ($45 billion worth) are sold overseas, propping up domestic prices to some extent and thus reducing the need for direct subsidies. The Soviets will require 40 million tons of imported grain this year. After being rebuffed by President Carter's embargo last year, Moscow has been cautious in making American purchases. They have contracted for only 6.5 million tons since Reagan lifted the embargo...
Sugar and tobacco interests fared better. After three years of doing fine without Government subsidy, sugar will now be supported at 180 per Ib. for no good reason other than the clout that sugar interests wield. But the Senate did cut back on the increase in grain target prices recommended by the agriculture committee and farm lobbyists. The committee bill would provide subsidies when wheat prices fall below $4.10 per bu. The full Senate lowered that target...
...prolonged unrest last year, and the subsequent birth of Solidarity, it was conceivable that the new increases would trigger protests. In fact there were none-perhaps because the public realized that bread prices had been unrealistically low. At 120 a loaf, bread had actually been cheaper than the grain used to make it. As a result, whenever they could do so, farmers bought bread by the truckload and fed it to their pigs and chickens. So most people accepted the new prices (28? for an ordinary loaf) with barely a shrug...