Word: wheated
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...them. Even though a month of above-normal rainfall slowed the start of the harvest in the grain belt, the U.S. Department of Agriculture forecasts record crops of 5.8 billion bu. of corn (up 4% from last year), 1.6 billion bu. of soybeans (up 24%), 1.7 billion bu. of wheat (up 12%). The department predicts increased harvests of many vegetables and fruits, though in some cases not enough to meet insatiable demand...
Present Wealth. Farmers are reaping some of the highest prices in U.S. history. For example, durum wheat-used in noodles and spaghetti-has sold as high as $9 per bu., almost five times as much as a year earlier. The Department of Agriculture estimates that farmers' overall net income this year will total $25 billion, up more than $5 billion from 1972, which was a year of record prosperity. Exclaims Junaida Dibbet of Sioux Center, Iowa: "I'll tell you how good a year this is! We've been farming for 30 years, and we finally remodeled...
...Bergstrom's Lake Chevrolet, the Western State Bank has a record $8,000,000 in deposits, and the local John Deere dealer cannot keep up with new orders. Perhaps the busiest man in town is Accountant Curtis Brekke, who does the federal tax returns of about 1,000 wheat farmers. This year his clients are obsessed with finding ways to spread out their ample earnings for tax purposes. "For all the years they never had the big money, they didn't pay much income tax, and they think it should stay that way," he says. "The thought...
Swelling demand put the deepest dent in canned goods. Also, less produce than anticipated was grown this year as many farmers put in bigger plantings of extraordinarily profitable wheat and soybeans. A Teamsters strike against California canners last summer left mountains of tomatoes and other perishables rotting at loading stations...
Bread prices will be squeezed even higher by the continuing pressure of U.S. and foreign demand on the American wheat crop. Wheat prices to bakers have doubled in a year, to about $12 a hundredweight, and there is no indication of any decline soon. Says John McCarthy, an executive of American Bakeries Co.: "We're now talking about an 8% to 9% price increase across the board." Raisin bread will all but disappear this year; heavy rains ruined the raisin grape crop as it was drying, driving up the price more than 50% to $700 per ton. At that...