Word: priced
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Dates: during 1960-1969
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Almost half of the world's population is undernourished, and there is hunger even in the affluent U.S. Still, such a global surplus of wheat has piled up this year that producing nations are locked in a price war as they fight to get rid of their oversupply. The U.S., which allowed prices to sag last winter, has now reduced its wheat export prices three times within the past two months to counter cuts by Canada, Australia and France. The major wheat exporting nations are meeting this week in London, but despite their efforts, no agreement...
...Storage. The emergence of new exporting nations makes the price of wheat more sensitive than ever to the harsh pressures of supply and demand. In 1961, when the world wheat glut reached a record 1 billion bushels, the surplus consisted exclusively of U.S. and Canadian produce stored at North American facilities. Today, surpluses are also piled high in Australia, Hungary, Bulgaria, the Soviet Union and Common Market countries. Most of the new exporters lack both the storage capacity and the inclination to retain their surpluses in order to stabilize world prices. As a result, the 1968 International Grains Arrangement, which...
...pact placed a price floor of $1.73 a bushel on wheat traded internationally, as against the U.S. domestic support price of $1.25 a bushel. As the negotiators ought to have foreseen, the high world price encouraged overproduction, some of it abetted by large Government subsidies. Price cutting broke out late last year. The U.S. in mid-July cut its export wheat prices by 120 a bushel, to $1.55. At that point, the price war began in earnest...
Washington fears that the U.S. will soon be forced to make further price cuts in order to hang on to its traditional 40% share of the shrinking world market for wheat. If so, the chief losers will be U.S. taxpayers because more farmers will elect to unload their crop at the domestic subsidized price and the Government will have to pay the cost of storage until the wheat can be sold. The problem is likely to prove persistent. U.S. farm experts figure that the world supply of wheat has grown so large that even a serious drought...
...Friedman and other "monetarist" economists warn that the Federal Reserve Board may already have tightened credit enough to raise a threat of "severe economic contraction." A.F.L.-C.I.O. President George Meany and Economist John Kenneth Galbraith insist that the restraints are ineffective and that only some form of wage and price control can slow price increases...