Word: soybeans
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...catch is that the rest of the world has enjoyed two good harvests in a row. Normally, the U.S. exports some 35% of its grain. Now, however, grain and soybean shipments abroad (an anticipated 89 million metric tons in 1977) are expected to drop by 10% to 15% next year. Says Don Howe, president of the National Association of Wheat Growers: "Even if there was a total crop failure in America, we could still feed the entire country and maintain our commitments abroad for at least a year...
Dawson's plight is common to the Southeastern U.S. From central Florida to Atlanta to eastern Mississippi, the drought has already doomed such staples as hay and corn, normally harvested this month. The soybean, cotton and peanut crops are all endangered. Parts of the region are suffering their worst water shortage in nearly a quarter of a century. With most of the Far West and large stretches of the Midwest also in the throes of a prolonged dry spell (see map), the acting director of the Department of Agriculture's crop weather reporting service, Lyle Benny, cites...
...much of the Southeast, though, the damage has already been done. With 130 of Georgia's 159 counties declared disaster areas. 40% of the soybean crop in the state has been destroyed, costing farmers nearly $60 million. Damage to Georgia's corn crop has reached $162 million, and hay and pastureland losses total another $102 million. In Alabama, officials say three-quarters of the corn crop is gone, and certain counties in the Florida panhandle report the destruction of 95% of their corn and hay. The drought has proved a boon for bugs: without rain, insecticides fail...
Violent Swings. The implications of the indictments go beyond soybean trading. They represent the first results of a 15-month investigation into U.S. commodity trading by the Department of Justice, the Internal Revenue Service, U.S. postal inspectors and the federal Commodities Futures Trading Commission. Skinner warned that more indictments involving other commodity markets can be expected...
...soybean charges also point up one of the problems of the commodities exchanges: the same broker may both represent customers and trade for his own account. Though this duality is thought to dampen violent swings in price-brokers may have to buy or sell when no one else will-it opens opportunities for abuse. Says Skinner: "Whenever you have a situation where a broker can trade for himself as well as be arbiter for both sides, you are going to have problems...