Word: grained
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...displeasure of U.S. farmers eager to make more big sales, the Soviets in effect will be rationed to a portion of their wants-how large a portion, the Ford Administration must soon make up its mind. Secretary of Agriculture Earl Butz last week renewed a request to all U.S. grain exporters to refrain from negotiating any more sales to Moscow until further notice. (The Administration has no statutory authority to order such a suspension, but grain-export companies obey Washington's wishes.) The notice is not likely to come until after the bulk of the U.S. harvest is reaped...
...Soviet harvest. With its customary secrecy, the Soviet Union refuses to supply accurate information about future grain needs. Last month, however, a U.S. Department of Agriculture team was allowed to examine virtually all major Soviet agricultural areas. The findings: because of sparse snowfalls that ruined much of the winter wheat and a drought that decimated the summer plantings, the Soviet grain harvest will fall roughly 25 to 30 million tons below the 215 million-ton goal. The CIA, using different sources, reportedly puts the shortfall at a stunning 50 million tons -far more grain than the Soviet Union can hope...
...Rising grain prices. In response to the lower U.S. crop forecasts and early Soviet buys, grain and meat prices on the nation's futures markets are continuing to climb. Quotations for wheat and corn last week rose 5%; hog futures, a prime indicator of the anticipated price of corn, hit a record $1.05 per Ib. Agriculture Department experts think American farmers are holding some crops in storage waiting for still higher quotes, and these experts hope that release of the food will push prices down later this year. Meanwhile, though, retail food prices in June rose at an annual...
...deciding how much grain to make available to the U.S.S.R., the Administration must also consider protecting the role of dependable supplier to established and more reliable export buyers. Agriculture sales are the nation's second largest export after machinery. Last week Japan's Agriculture Minister Shintaro Abe signed a three-year pact to buy 14 million tons of U.S. grain and soybeans annually. "We are not like the Russians, who come into the market every three years," declared the Japanese minister. "We buy regularly, and we feel this should be given due consideration by the U.S." India...
...cannot expect to hold domestic food prices within bounds and remain a dependable grain supplier to much of the world if it opens its granaries to periodic and disruptive incursions by Soviet traders. Secretary Butz hopes the Soviets will begin to behave like ordinary customers who will announce their grain requirements in advance. But if Moscow remains reluctant to play by the rules, the U.S. will be forced, just as Butz has now done, to make special ones. There is increasing sentiment in Congress that those rules should include the establishment of a licensing agency along the lines...