Word: wheats
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...other Arab oil states merely to keep going. Egypt's parlous economic situation is certainly a political hazard for Sadat. Seventy-nine people died during two days of food riots last January in Cairo and Alexandria. The violence ended only when Sadat reluctantly rolled back price increases on wheat, oil and other staples...
...sharp-trading stereotypes of the Philadelphia lawyer, the Greek shipowner and the Swiss banker must now be added a new model of shrewdness: the Russian grain buyer. In the celebrated "Great Grain Robbery" of 1972, Soviet agricultural agents bought up whole shiploads of U.S. wheat, managing not only to secure it at bargain prices but also to get the U.S. Government to foot part of the bill through a farm subsidy program. Now, much to Washington's embarrassment, the Russians have struck-and stung-again...
...grain deal of 1972, the Russians bought large quantities of U.S. wheat and corn at a time when American farmers were already fairly scraping their silos to meet heavy domestic and foreign demand. Prices of some grains more than doubled as a result, giving a sharp upward kick to inflation. Even more annoying was the fact that, because U.S. officials were not aware of the big Soviet purchases, the grain was sold under a Government subsidy program, which meant that U.S. taxpayers paid for much of the Russian grain bought in the U.S. To avoid a replay of that fiasco...
...months, Soviet farm experts in Moscow had spoken of average and possibly even record harvests. Agriculture Department inspectors visiting the U.S.S.R. were taken out to collectives to see sturdy stands of corn and wheat-fields that they now know to have been exceptions. Even the CIA was taken in. It has been trying to keep tabs on Soviet agriculture with eye-in-the-sky photo satellites, and its findings have been reasonably accurate in the past. But this time the photo interpretations went awry, because of what the agency calls bad 'ground truth" data-information from the observers escorted...
...Transshipment Rotterdam, Destination U.S.S.R." Not only was the Russian demand for ships an omen that the U.S.S.R. planned to buy more gram than would be necessary with a good harvest, but it lifted world freight rates by 15%,which should also have produced alarm. Finally, U.S. prices of wheat and corn took a slight upward tick from August through October, a rare happening at harvesttime, when prices are almost always depressed. The only explanation: large foreign purchases...