Word: grained
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Every day farmers and others use commodities hedging, and far more complex investment techniques as well. So do the nation's large grain trading companies and food corporations like General Mills and ITT Continental Baking Co. Countless more ordinary investors are in the market hoping to make quick and stunning profits. If they are wrong, speculators must be prepared to lose big. Anyone who bet last autumn that January wheat prices would be headed up, and bought the maximum permissible number of 600 wheat futures contracts, could have lost $600,000 in a single day last week. Conversely, anybody...
...estimated $375 million in constructing facilities. They are looking forward to tourist crowds of up to 300,000, plus, more important, world television audiences in the hundreds of millions. To deprive them of this might have more impact than any move the U.S. has yet made, including the grain embargo...
Just as good earth and climate around Epernay, France, provide nature's ideal spot for nurturing champagne grapes, the Midwest's long growing season, heavy spring or summer rains and rich, two-foot-deep topsoil are perfect for grain cultivation. Kansas and Oklahoma are wheat country. Just north in the hardy soil of Illinois and Iowa lie the great corn belt and vast fields of soybeans. Farther north, in the Dakotas and Minnesota, grow wheat, soybeans, sugar beets. Here is the richest farm land east of Eden, where the biblical seven years of bountiful harvests are usually followed...
Pesticides and herbicides were produced by researchers in companies, universities and the Government to conquer the plagues of locusts and other insects that regularly beset grain crops. Bug-and disease-resistant seeds were developed. As a result, U.S. corn country has not suffered a severe blight since 1970. During the past decade petrochemical fertilizers again increased harvests...
...1960s American farm products were sold mainly to Britain and The Netherlands or given away to India, Egypt and other developing nations as foreign aid. Through the '50s, and well into the '60s, the U.S. simply did not know what to do with its surplus grain and stored it at a cost of billions. But in the past decade the surplus production began being exported to the Soviet Union, China and newly rich Japan. Americans take justified pride in high technology exports like computers or jet planes, but the largest U.S. sales abroad by far are agricultural products...