Word: soybeanization
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...Chicago Board of Trade, the star performer for weeks has been the versatile soybean, the eighth most valuable U.S. farm crop. Since the first of the year, Europe's freeze, which ruined the olive-oil crop, has sent the oily soy soaring nearly $1 a bushel to the season's high of $3.42 per bushel. While other farm commodities did poorly, the soy did nip-ups for happy speculators: exports from Oct. 1 to March 31 rose nearly 1,000%, compared with the same period a year ago, while domestic producers crushed the beans at a record rate...
...preserved. As their 163 voting delegates, Farm Bureau members had sent mostly stable, successful farmers in their late 40s or beyond, who have plowed and planted through the depths of depression and the peaks of prosperity. Their keynoter was Farm Bureau President Charles Baker Shuman, a corn, cattle and soybean farmer from Sullivan, Ill. Shuman complained that farmers have been caught in "a serious cost-price squeeze," but went on to praise U.S. Secretary of Agriculture Ezra Taft Benson as "a very conscientious man who is doing as good as any man in his job can do under the circumstances...
...intonations of synthetic joy at the sight of inflated balloon-figures, lavish floats loaded with pretty girls baring all their teeth, and determinedly jolly Santa Clauses. Just about every news show on the air scored a mass Thanksgiving Day scoop by showing some 200 banqueting vegetarians in Manhattan eating soybean roast instead of turkey and trimmings...
Last week Secretary of Agriculture Ezra Taft Benson's men were hard at work on the third alternative. So far, Benson & Co. have had only middling success in selling surplus farm products. The overflow of agricultural oils (soybean and cottonseed) has been reduced from 1½ billion to 55 million lbs. since 1953, and overall dairy surpluses have fallen by a full 54% as a result of increased U.S. consumption and a giveaway program. But last week Iowa farmers were asked to reseal on their own farms some 50 million bushels of corn, deliverable this month to the Government...
...After the new crop forecasts were announced last week, soybean futures fell about 6?, corn 3?, wheat went down 3? and cotton dropped 32 points...