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...weeks after President Kennedy gave U.S. traders the go-ahead on grain sales to Communist countries, the Commerce Department authorized the export of 2,600,000 bushels of corn to Hungary. The first sales, involving Minneapolis' Cargill Inc. and Manhattan's Continental Grain Co., amounted to $4,306,860-just a few kernels compared with the $250 million feast that is anticipated when the Communists start buying wheat...
...officials are confident that some thing can be worked out. For one thing, foreign shipping rates have been rising since the Communists began preempting cargo space for Western wheat. For another, the 400-odd U.S. merchant vessels capable of carrying grain may be nearly all booked up anyway when the Russia-bound wheat is ready to move. In any case, said Agriculture Secretary Orville Freeman after a session with the Russians, the situation "looks very promising...
Strategic Outposts. Cargill will have a major part of it, is already active in the East-West grain trade. Its Canadian subsidiary has signed up for 20% of Canada's $500 million wheat sale to Russia, and the U.S. parent is awaiting an export license to send $6,500,000 worth to Hungary. In the U.S. transaction with Russia, Cargill will dicker privately and separately with the Soviets, as will such other big dealers as Continental Grain Co., Bunge Corp. and Louis Dreyfus Corp. Cargill will then draw part of the wheat from its grain elevators (total capacity...
Cargill has been prospering from thin margins on great volume ever since it was started a century ago by Will Cargill, son of a ship's master from Scotland's Orkney Islands. He set up a small grain storage shed near a rail terminal in Iowa, expanded with the railroads and the river barges; today, Cargill's 110 outposts are placed at almost every strategic transportation point in the midcontinent. The family business has been passed down through Cargill's descendants, who built huge grain elevators and expanded into everything from fish-meal processing in Peru...
Turning to Gold. Five Cargill heirs hold top jobs in the company today, but the current president is the first up-from-the-ranks outsider, Erwin E. Kelm, 51. With a sharp eye for the grain that can turn to gold, Kelm enthusiastically favors selling wheat to the Reds. "Trade tends to beget trade," he says, "and this might well help the relationship between the countries...