Word: grained
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Inflation has, of course, been seriously aggravated by a host of outside or "exogenous" factors that lie beyond the power of economists to control. They cannot be held accountable for poor grain harvests, such as occurred in 1972, for the harsh winters of 1977 and 1978, or for the weather of last year that cut into harvests in the citrus belt. Government economists also argue that price gouging by foreign oil producers is exogenous. True, but only partly so. Not only did inflation in the industrial countries encourage the 13-nation OPEC cartel to quintuple its prices...
DIED. Frank Peavey Heffelfinger, 81, former chairman of Peavey Co., a century-old Minneapolis grain firm; in Minneapolis. He spent his career in the family business but took time out to serve as regional director of the War Production Board under Franklin Roosevelt and as finance chairman of Dwight Eisenhower's Republican National Committee...
...high above grainfields of the Soviet Union have been sending back disturbing reports: floods followed by drought have badly damaged the crops. Last week, in a secret meeting in London, Soviet agricultural officials conceded to their American counterparts that the U.S.S.R. is headed toward one of its most disappointing grain harvests ever-about 185 million metric tons, way down from last year's 237 million metric tons. The Soviets asked to enlarge significantly their purchases of American wheat and corn, so that they will rival in magnitude the record Russian buying...
...same time, Bergland warned that under the 1977 farm law the federal support price will drop by 330, to $3.07 per bu., next year. That decrease will be more than offset by market forces. Because of the Soviet purchases, U.S. farmers stand to sell more grain than ever at prices somewhat higher than the present $4.22 per bu. for wheat and $2.77 for corn...
Department of Agriculture economists contended that the Soviet sales would not lead to a repeat of the 1972 episode, when the Soviets secretly bought nearly 20 million metric tons of U.S. grain and sent domestic food prices through the roof. Under a bilateral grain treaty, the Soviets cannot buy more than 8 million metric tons unless the U.S. has extra supplies. Since stockpiles are ample and a near record harvest is in view, the department's chief economist estimated that the huge Soviet purchases would add only .2% to the cost of living index...