Word: harvester
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...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 and counted in September. Butz emphasized that "we do want to sell more to the Soviet Union" and said that if current U.S. crop forecasts prove correct, "it will easily be within our capacity to do so." Still, the U.S. could hardly spare the entire amount that the Soviets...
...Lower U.S. crop forecasts. According to early estimates, the harvest of '75 was to be the bin-buster of all time, considerably exceeding even the record 1973 crop. Owing to a corn-damaging drought in Iowa and some flooding in Minnesota, Department of Agriculture experts last week revised their predictions slightly downward. The wheat harvest is now expected to be 2% less, at 2.14 billion bu.; and corn will come in 3% lower at 5.85 billion...
Whatever price increases may be attributed to the Soviet deal, they will not come from any grain shortage in the U.S. On the contrary, if much of the American farm surplus were not exported, it would have to be stockpiled, probably at Government expense. The wheat harvest, for example, is coming in at a record level, and the Agriculture Department estimates that less than half of it will be required for domestic consumption. Thus out of an expected crop of some 2.2 billion bushels, only 800 million is needed at home. But as Secretary Butz repeatedly demonstrates by dramatically peeling...
...grain dealers to enter into no more contracts with the Soviet traders until the U.S. corn and wheat crops could be more precisely forecast. The greatest uncertainty had been over corn. The loss from Iowa's drought was estimated to be as much as 5% of the national harvest, yet corn was still expected to approach 6 billion bu., about a 25% rise over last year's crop. After looking at the figures, Butz was expected to signal a resumption of negotiations with the Russians this week...
...ghetto riots is less of a worry than a newer danger: bankruptcy. At the annual U.S. Conference of Mayors in Boston last week, San Francisco's Joseph Alioto warned some 350 anxious municipal chiefs, "The seeds of New York are in every American city." To prevent a bitter harvest, the mayors called for yet more federal aid to augment increasingly burdensome local taxes. They urged Congress to pass President Ford's proposal to share $39.8 billion in federal revenues with states and cities over the next six years. They also endorsed two Democratic antirecession measures. One would give...