Word: wheat
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Dates: during 1930-1939
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Italians want their macaroni made out of durum?a hard-kerneled wheat. There is not enough durum in all Manitoba to feed even the macaroni-eating Italians in the U. S., and not enough wheat of any kind growing in Italy to fill her normal wheat and flour consumption of 300,000,000 bu. Into U. S. mouths normally go more than 600,000,000 bu. of wheat but this year U. S. farmers can raise only a scant 484,000,000 bu. Germans, who eat nearly 200,000,000 bu., have not had enough water to raise...
...grain experts could predict with perfect confidence that no one will starve for wheat. Piled high in grain elevators in the U. S., Canada and elsewhere are huge carry-overs from last year. From a curse these carryovers have now become a blessing. The U. S. has 265,000,000 bu. to cover her 140,000,000 bu. shortage for this year. By July 1935 the U. S. carry-over will be reduced to around 120,000,000 bu.?a normal carryover for the first time in seven years. Canada's surplus from last year...
...Wheat prices in Chicago began to advance around May 1 when wheat was 78¢ and traders were beginning to see the effects of drought. Last week futures were selling at 97¢ to $1.05, spot at $1.12. Liverpool traders were more complacent: early reports on the Canadian crop had been favorable and Argentina, ignoring her export quota fixed at the London Wheat Conference last August, had plenty of wheat for sale. The Liverpool price at the end of May was around 72¢. Not until mid-June, when drought news from Canada became alarming, did Liverpool traders begin to push the price...
Statistically the biggest unknown factor last week was Russia, world's largest wheat-grower. Careless harvesting methods cost Russia nearly a quarter of her last year's crop. This year spring heat waves ripened the southern fields early, forcing peasants to harvest by night under the glare of electric lamps. Best estimates were that the total crop would be 700,000,000 bu., 30% less than last year. Several million bushels have already been imported from Argentina and Australia to Vladivostok to feed Russian troops concentrated in East Siberia...
Thus there was little chance that the Soviet would send wheat into the world markets. But neither is the Soviet counted on as an importer for the simple reason that when Russia does not produce enough wheat for the Russians, the Russians go hungry...