Word: wheated
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...this nation must change now. We are no longer self-sufficient. One-half of our energy will soon be coming from abroad. All of our exports soon will pay only for the raw materials we must import. Our agriculture products now have to be thoughtfully allocated. Take the wheat deal, for which we have been criticized. Our intelligence was faulty. But there was not a thought by anyone that we would not have enough wheat. Our whole orientation-by Congress, by farm experts, by businessmen-has been to sell it when we could. We must rethink where...
...summer of 1972, a team of Russian trade officials operating out of a New York Hilton Hotel suite coolly bought up-at bargain prices-one-quarter of the entire U.S. wheat crop. Their accomplishment is still being paid for in the form of appallingly high food prices by U.S consumers. The deal, moreover, probably helped bring about a long-overdue end to the era of taxpayer-subsidized underproduction on U.S. farms. The story of how the Soviets nearly managed to corner the market of a U.S. staple under the noncollectivized noses of agriculture officials, grain exporters and the President...
Many economists are urging export controls on wheat and other grains to head off domestic shortages and bring prices down. But Administration officials believe, with some reason, that controls might actually make things worse. They suspect, for example, that some of the 1.2 billion bu. of U.S. wheat reportedly bought by foreigners this crop year is not yet firmly committed to export. Instead, it is being held by foreign speculators who will sell it wherever they can get the highest price-which could...
...export controls were clamped on, international prices would rise above those prevailing in the U.S., and the wheat really would move abroad. A few officials are more sympathetic to the idea of calling a world commodity conference to work out international methods of controlling the speculative buying that has helped to rocket prices upward. That seems a good idea, but the Administration is opposed to outright allocation of scarce foods and raw materials between countries, and international panic buying may be unstoppable without that...
...long run, the greatest hope stems from a belated but commendable reversal of Nixonian farm policy. Early this year, the Administration began removing restrictions on production of wheat and other feed grains, and now it has taken them all off. Agriculture Secretary Butz has announced that, at least through the end of next year, farmers are free to plant as much of these crops as they please. That will not prevent further painful inflation during the rest of 1973, but it should help slow food price rises next year...