Word: metrically
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...farm income. But so far this year exports of corn, for example, are down about onefourth. The Soviet Union, stung by the 1980 U.S. grain embargo (which one economic consulting firm estimates cost American agribusiness $22 billion), has spread out its purchases among more suppliers. Of the 43 million metric tons of grain it is expected to import from the West this year, the Soviet Union has so far bought only 13.8 million tons from the U.S. Contends Agriculture Secretary John Block: "We are still paying a big price for the 1980 embargo...
Because of the Polish crisis, the Soviet Union's cash balance in Western banks dropped at least $5 billion last year, to a level of $3.6 billion. The Soviets were forced to sell an estimated 200 metric tons of gold, more than twice the 90 tons sold in 1980, to raise an estimated $2.6 billion in Western currencies. The sale of ingots is one of the main reasons that the price of gold, which reached a record $850 an ounce in January 1980, is now around...
...current grain pact, which allows Moscow to buy up to 23 million metric tons a year, expires in September. If it is not renewed, the Soviets might suffer severe food shortages next winter. But soon they would undoubtedly line up alternate grain suppliers as they did during the last embargo. That might have a lasting negative impact on U.S. farm exports. Says John Dunbar, Dean of Agriculture at Kansas State University: "Argentina, Brazil, Canada and Australia would all like long-term deals with Moscow. If we are perceived as an unreliable supplier, a lot of our former business with...
...action in world financial markets last week, however, left Western financial analysts more puzzled than enlightened about the Soviets' future action. Moscow continued its recent major gold sales, even though they were forcing down the price. In the past three weeks the Soviets have sold an estimated 100 metric tons of gold for more than $1 billion. Rumors that the Soviets are seeking $350 million in loans circulated last week in European banking circles. The money would seemingly be used to help the Poles...
...Italy, The Netherlands, Belgium, Austria and Switzerland are also expected to buy large amounts of gas from the pipeline. Contracts worth about $1 billion for the construction of compressor stations have been awarded to West German and French firms. Still to be negotiated are the contracts for 3.25 million metric tons of steel pipe worth more than $2 billion...