Word: grained
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Since the Depression, the U.S. Government has protected farmers from disastrous drops in grain prices. Until the early 1970s the Agriculture Department bought farmers' surpluses and stored them temporarily in huge and expensive granaries. The department also paid farmers millions to take some of their land out of production?perhaps the biggest and most expensive support program the U.S. ever had. This all changed when Agriculture Secretary Earl Butz took advantage of the worldwide grain shortage to sell the Government's storage facilities and urged farmers to plant from "fence post to fence post." At the same time, Congress rewrote...
...absence of any solid information on the embargo's effect on them, farmers did what they normally do in times of uncertainty: assumed the worst. So did many farm economists. Most experts predicted that the embargo's long-term effect on U.S. grain prices will be bad for the grain farmer. However, this may eventually mean somewhat lower food prices for the general public. It would also be a benefit to those U.S. farmers who buy grain for their livestock. Says Sung Won Son, senior vice-president and chief economist for Northwestern National Bank in Minneapolis: "Having the grain overhang...
That prospect?though it may not actually come true?filled many farmers with indignation. Some of them gathered glumly at local grain elevators, the first stop for much U.S. grain after it leaves farm storage bins. At Secor, Ill., four farmers watched the prices fall on a TV screen. "I don't think the shock has hit them," said Manager John Aeschliman. Just before the embargo he bought corn at up to $2.96 a bu.; his first purchase last week was from a scared farmer at $2.12 a bu. At the Pro-Farmer elevator in Cedar Rapids, Iowa, two farmers...
...grain sales volume drops substantially because of the embargo, elevator operators will be hurt along with the farmers. Richard Goldberg, who owns an elevator and feed firm in Fargo, N. Dak., figures his profits will drop 50% this year. Said he: "It took us years to get a foot in the door of Soviet grain sales. U.S. agriculture is getting kicked in the shins be cause it was doing a good...
...large companies that handle the grain on the next step in its journey abroad ? the railroads, the exporters and the shippers ? all will suffer too. Said Rod Turnbull, spokesman for the Kansas City board of trade: "There is grain on barges, in train cars, in elevators and on farms that is contracted for overseas delivery. We will have a terrific problem straightening it all out." Said John Lambert, a barge operator in St. Paul: "We're concerned, particularly about our debt service. You can tie a barge to the shore, but you can't shut off bankers...