Word: pricing
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Dates: during 1960-1969
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...Germans are talking about revaluing by 8% to 10% if the franc is dropped by the same amount. Any major increase in value of European money would tend to help the U.S. balance of trade-which posted a $215 million surplus in March-by increasing the price of imports. Without revaluation, it will be a long, uneasy summer in the foreign exchange markets...
Overabundance is common in the developed nations that can afford to subsidize farming. It is a costly bounty that threatens to stimulate further protectionism and provoke trade-damaging price wars behind the barricades of new border taxes, import quotas and additional grain subsidies. The cruel irony is that while almost half of the world's people are malnourished, there is sufficient food to feed them today...
Problem Mountain. The problems of plenty are manifold in the Common Market countries. A policy combining protection and unrealistic price supports without production quotas has yielded a surfeit of foodstuffs. Excess sugar stocks have swollen to 1,000,000 tons and are expected to grow by more than 300,000 tons annually. In Italy, landowners have been forced to destroy crops of fruit and vegetables, and officials at the Ministry of Agriculture are fretting over what to do with 150,000 tons of ripening surplus oranges, more than 10% of the annual harvest...
...Price-cutting has started as the five major wheat exporters-France, the U.S., Canada, Australia and Argentina -unload stockpiles below the price minimums set by the International Grains Agreement in 1967. France opened negotiations with Red China on a deal to unload soft wheat. Not wanting to be left holding a surplus, the U.S. followed by underselling grain to Germany and Britain. Canadian farmers, prevented by the strait-laced Canadian Wheat Board from breaking the Grains Agreement, could only fume as prices fell. The board finally relented after it became apparent that a free-for-all was shaping...
...Russians, saddled with their own surplus, seem disinclined to accept the final 150 million bushels of wheat that they had ordered in 1966 as part of one of the largest grain sales ever concluded. Last month, the five major wheat producers met in Washington to shore up the sagging price floors, but the meeting adjourned without agreement...