Word: wheated
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Assist from the Soviets. For a time it seemed that the gamble would pay off. The market soared, thanks to De Angelis' big buying and an assist from-of all people-the Communists. Russia was clamoring to buy U.S. wheat, and when reports hit Wall Street that the Soviets' sunflower crop had also failed, rumors flared that the Russians would soon be shopping for U.S. vegetable oil. In six weeks during the autumn of 1963, soybean oil climbed from 9.20 per Ib. to 10.30. But on Nov. 15 the market cracked-and so did Tino...
...that day, the U.S. Senate broke off debate on the Russian wheat deal, and prospects looked dim. In the next 48 hours, soybean oil tumbled to 7.60. The commodities exchanges began pressuring Ira Haupt-by far the biggest broker for De Angelis-to put up another $14.1 million in margin to cover Tino's vast contracts. The Haupt brokers frantically called Tino for the money. But Tino could not make...
...country's beef and wheat economy is in chaos, $600 million in foreign debts fall due this year with no way to pay, and the country's 3,000,000 followers of exiled Dictator Juan Perón have just won enough congressional seats to threaten government legislation. Argentina's violently anti-Perón military is again growing restless. "The position of the armed forces," commented a war ministry colonel, "is hardening...
...their raw commodities for sophisticated capitalist technology, but recently they have been forced by crop failures to import fewer Western machines and more Western food. For both Russia and Communist China the biggest import from the West is grain. China now takes more than 50% of Australia's wheat exports and 10% of Canada's; last week it agreed to buy about another $100 million worth of grain from Canada. Most of the U.S.'s $340 million worth of exports to the East last year was in the form of grain for Poland and Russia. While this...
...Italy. "Our people went to America because they wanted to eat." With her worldly goods wrapped in a kerchief, a barefoot mother rests with her squalling baby as if on a pilgrimage. Another panel above the doors bears the letters ITALIA and a wishbone-shaped motif of intertwined wheat stalks and vines. Like the bunches of onions hanging in Manzù's kitchen near Rome, it is a fruitful symbol of the emigrant's search, as the sculptor says, for "the two principal things-drinking and eating...