Word: surplus
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...Minnesota, a binge of bin and silo building is in full swing. Reason: by the end of summer, U.S. farmers and the Department of Agriculture will be buried under more excess wheat, corn, rice and other products than ever before in history. Last week the immensity of the surplus became clear in the marketplace, as commodities traders sent the price of corn futures plunging to $1.71 per bu., the lowest level in twelve years...
...Midwest's surplus is so stubbornly large that even this year's severe drought in the South will fail to boost depressed farm prices. The sad result: farmers in those states will face a double bind of low prices and small harvests, which could push many of them over the financial brink. Last week's heat wave, which reached 105 degrees F in parts of the Carolinas, further scorched crops and killed more than 500,000 chickens. "This could put us completely out of business," laments Dairy Farmer Charlie Bouldin, of Chatham County, N.C., who expects less than...
...increased. Earlier this month the USDA announced that during May the U.S. became a net importer of farm products for the first time since 1959, except for occasions when dockworkers were on strike. May's farm deficit was $348.7 million. Although the USDA predicts a $7.5 billion agricultural-trade surplus for the year as a whole, the historic one-month deficit outraged farm-state legislators. Said Senate Majority Leader Robert Dole of Kansas: "Something is radically wrong when the greatest food producer in the world is buying more agricultural commodities than it is selling. This trend simply cannot continue...
Serendipity sometimes succeeds where policy falters. When Japan's trade surplus with the U.S. finally declined slightly to $3.85 billion last month, from $4.03 billion in May, it was not because of the strenuous efforts by the Reagan Administration to reduce the American trade deficit. Nor were Americans buying fewer Japanese cars, cameras or VCRs nor consumers in Japan importing more U.S. goods. It was all because of the Emperor...
...drop in the surplus resulted from Japanese imports during June of $1.33 billion worth of gold, most of it American. The Japanese plan to use the gold to mint special commemorative coins to celebrate the 60th year of Emperor Hirohito's reign. Without those onetime gold sales, America's deficit with Japan would have been about $4.5 billion, a new monthly record...