Word: soybeanization
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Most notably for consumers, the cost of food is going up. The Government reported last week that prices paid to farmers for grain crops rose 3.7% in June alone, after increasing 6.1% during the first five months of the year. Since January, soybean futures prices have risen from $4.70 per bu. to more than $10, and traders are talking about "beans in the teens" by year's end, which would break the record high of $12.90 reached during a shortage in 1973. As a result, the Department of Agriculture now estimates that food prices will rise between...
...could be lost. The sale of stockpiled crops from previous years will mitigate the effects of the drought, but rising corn prices are already putting pressure on cereal makers. General Mills last month boosted the retail prices of its breakfast brands 5%. Kraft is charging 8% more for its soybean oil-based margarine...
...amount to only 250 million bu. That is less than half of last year's level. Result: consumers are likely to pay higher prices for pasta, much of which is made from the northern durum wheat. Should the drought persist through the summer, the same will hold true for soybean- based foods, which range from trendy tofu to salad dressing...
...hardscrabble town of Marianna, Ark. (pop. 6,200), near the Mississippi River, has no movie theater but plenty of boarded-up storefronts. Summer work for teenagers can mean wrenching labor in the rice and soybean fields. Young black men know that if they want something better, they have to go elsewhere...
...Mondale. This Democratic solidarity is due partly to the high proportion of black voters: 40% within Macon's city limits. More important, Macon's Democratic leaders have helped forge a coalition of blacks and blue- collar whites who vote together against the local aristocrats who own the cotton and soybean farms and run the banks and brokerages...