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...mystery how Moscow coped with the grain embargo. Once the Soviets were cut off from all but 8 million of the 27.5 million metric tons of grain they wanted from the U.S., they simply began offering premium prices to other grain-exporting countries. Argentina, which refused to honor the embargo from the beginning, increased its export earnings last year by an estimated 30% through sales to the Soviets. In November, Canada and Spain announced that they were stepping up exports to the Soviet Union. The Canadians originally supported the boycott but then withdrew from it because they claimed that American...
...export 1.53 billion bu. of wheat in the current fiscal year, compared with a record 1.38 billion last year. The average price is expected to climb from $3.82 per bu. to more than $4. Exports of corn and other coarse grains are likely to increase from about 73 million metric tons in fiscal 1980 to 76 million...
...success of the 1980 harvest is especially pleasant because the year began so poorly when the grain embargo temporarily disrupted commodity markets and drove prices down. The Federal Government was forced to buy up some 16.5 million metric tons of grain to stabilize prices...
...automobile fuel from sugar cane. And last month, when the Persian Gulf war halted oil shipments from Iraq, which supplies 50% of Brazil's petroleum imports, the government slapped an emergency ban on all new sugar export contracts. The action is expected to remove at least 500,000 metric tons of the commodity from the world's 1981 supply...
Some grain exporters have picked up part of the trade slack by thinly disguised transshipments. During the twelve months preceding September 1979, for example, only 764,000 metric tons of U.S. wheat were shipped from Duluth, Minn., to Canada. But in the following twelve months, the quantity more than doubled, to 1.8 million tons. Says William Cortez of the Duluth Port Authority: "This is definitely not grain for Canadian consumption. You have to assume that it is being shipped elsewhere...