Word: grained
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Economic sanctions have rarely been successful. There are too many middlemen for supplies to be effectively shut off ?they can simply be routed through friendly countries. There is no global shortage of grain for those who can afford to buy. The Soviets do not really need wheat. They already produce more than they consume; they contracted to buy U.S. wheat only because it is a cheaper way of supplying some western and northern Soviet cities than transporting grain from central Asia. Of far more importance to the Soviet economy is U.S. corn, all of which is fed to livestock...
...most people, the argot of commodities trading is about as exciting and intelligible as the fine print in a Eurobond offering. Not, however, to the traders and speculators who wheel and deal on the floors of the commodity exchanges of the Midwest, where most of the nation's grain trading takes place. For the high rollers in the mysterious world of wheat and corn futures, soybean stop orders and daily limit moves, commodities are the stuff of fast fortunes...
...days last week, of course, no one made or lost anything in grain futures trading. By temporarily halting the activity altogether to prevent a panicky overreaction to the cutoff of grain exports to the Soviets, the Administration simply told everyone to calm down and wait before trying to buy or sell in the unsettled market...
...dollars can be won-and lost-by a 10? swing in the price of, say, soybeans, which were selling last week for as much as $6.58 per bu. But the speculative market performs an essential function: it helps give stability, or at least predictability, to the future price of grain. That enables everyone from Nebraska wheat growers to Boston bakers to make intelligent forecasts. Each one can determine just how much he will have to spend to buy or, conversely, how much he can count on receiving for selling, grain as much as 14 months into the future. The futures...
...calculates that $2.75 per bu. for his crop would be a fair price, so he guarantees that he will get it by "hedging," or agreeing in advance to sell a contract for 50,000 bu. at that price in the futures market. This protects him against a drop in grain prices...