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...name of the new speculation game is soybeans. More precisely, it is soybean futures. One representative contract shot up from $3.20 per bushel last summer to a record $7 early in March and closed last week at $6.18. That outstripped even the performance of feed corn, lumber studs, and other commodities-including metals-that have also been putting on a pyrotechnic show. The fireworks have tempted investors, who not long ago considered soybeans to be little more than a health food...

Author: /time Magazine | Title: COMMODITIES: The Wild Present of Futures | 4/2/1973 | See Source »

...bushels of wheat or five tons of sugar dumped on his doorstep. In fact, only 2% of all futures trades result in actual deliveries to a bakery, metal-processing plant or other users of the goods. The rest are purely paper transactions; if the holder of a soybean future, for example, theoretically bought the beans at $5 a bushel, and the price has risen to $6, he can cancel the contract by having the paper seller of the beans pay him his profit in cash. At the Mercantile Exchange, the Chicago Board of Trade (CBT)-where more than half...

Author: /time Magazine | Title: COMMODITIES: The Wild Present of Futures | 4/2/1973 | See Source »

Commodity prices frequently fluctuate in reaction to arcane events. For example, one reason for the leap in soybeans is that schools of Peruvian anchovies for a while mysteriously disappeared from the Pacific. As hardly anyone but a commodity trader would guess, that removed from the market anchovy fish meal-the only product that competes effectively against soybean meal for animal-feed protein. Last winter, a Manhattan investor bought some orange-juice futures on the calculation that "all I need to make a profit is two hours of frost in Florida." It did not happen, and he lost...

Author: /time Magazine | Title: COMMODITIES: The Wild Present of Futures | 4/2/1973 | See Source »

...days in solitary confinement. He was immediately issued personal supplies-a cup, toothpaste, tooth brush, shirts, trousers, blankets, a teapot. The food was opulent enough by P.O.W. standards-sweet milk and half a loaf of bread in the morning, thick potato or cabbage soup for lunch, along with soybean cakes, or fish cakes, and sometimes a ration of pork. Later in the day a third meal was served...

Author: /time Magazine | Title: P.O.W.S: A Celebration of Men Redeemed | 2/19/1973 | See Source »

DWAYNE O. ANDREAS, 54, Miami Beach, chairman of First Interoceanic Corp., chairman of the executive committee of Archer-Daniels-Midland Co. (flour and soybean products). Gifts: Humphrey, $75,000; Nixon, $25,000. His money earmarked for the Nixon campaign was later found by the FBI in the bank account of one of the original Watergate Five...

Author: /time Magazine | Title: The Nation: Who's Who Among the Big Givers | 10/23/1972 | See Source »

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