Word: metrics
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Dates: during 1970-1979
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...countries increase food production. Thus even outright food aid, like the 270.5 million metric tons given away since 1955 by the U.S., may have some negative impact if it allows governments to avoid the politically unpopular policies needed to boost agricultural output...
Inflation Hedge. Under the new grain pact, the Soviets pledged to buy at least 6 million metric tons of U.S. wheat and corn in each of the next five crop years starting in October 1976-whether they need it or not (any surplus presumably would be stored against future Soviet food shortages). They will be permitted to buy as much as 2 million tons more in any year, unless U.S. grain supplies fall below 225 million tons. That has not happened in 15 years; current supplies are 263 million tons. But if the Soviets want to buy more than...
...matter of food supplies, there is no disguising Moscow's need for U.S. aid. With this year's grain crop projected at 170 million metric tons-a full 20 million below Russia's needs-Moscow desperately wants to return to the U.S. market, where it has already purchased 10 million tons this year. But until mid-October, at least, all U.S. sales and shipments of grain to the Soviets have been frozen by Ford in response to arguments that massive grain purchases drive up U.S. food prices (TIME, Sept...
...free U.S. market by negotiating with private grain exporters: the Soviets had no obligation to say how much they wanted to buy, and Washington, though informed of the deals, might or might not choose to impose any limits. Soviet demands have bounded erratically from as little as 1.8 million metric tons last year to 10.2 million tons so far this year. The Soviets would like to buy still another 11 million metric tons because of poor harvests in Russian wheatfields. The resulting shock waves have been felt throughout the U.S. economy and have contributed materially and psychologically to inflation...
...case, the Administration will probably allow the Russians to buy at least an additional 5 million tons of grain this year. That likelihood increased last week when the Department of Agriculture forecast record U.S. harvests of 240 million metric tons for all grains -wheat, corn, oats, barley and rye. That would be 2% less than was forecast in August, but 42 million tons above last year's crop. So, the U.S. should be able to feed itself and export heavily, too -though at how great a cost in added inflation is still unclear...