Word: wheats
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...planned a two-day side trip to the Middle West this week to visit his heartland supporters. In Des Moines, he was to attend the Iowa State Fair (setting for the book and two movies called State Fair), where farmers were celebrating impending record harvests of corn and wheat. After touring 4-H exhibits, cattle barns and hog pens. Ford was to outline his farm policy to fairgoers in the main grandstand. His speech was to be wedged in among the regular acts, including country musicians, hog callers and the Joie Chitwood Thrill Show...
...early estimates, the harvest of '75 was to be the bin-buster of all time, considerably exceeding even the record 1973 crop. Owing to a corn-damaging drought in Iowa and some flooding in Minnesota, Department of Agriculture experts last week revised their predictions slightly downward. The wheat harvest is now expected to be 2% less, at 2.14 billion bu.; and corn will come in 3% lower at 5.85 billion...
...Soviet harvest. With its customary secrecy, the Soviet Union refuses to supply accurate information about future grain needs. Last month, however, a U.S. Department of Agriculture team was allowed to examine virtually all major Soviet agricultural areas. The findings: because of sparse snowfalls that ruined much of the winter wheat and a drought that decimated the summer plantings, the Soviet grain harvest will fall roughly 25 to 30 million tons below the 215 million-ton goal. The CIA, using different sources, reportedly puts the shortfall at a stunning 50 million tons -far more grain than the Soviet Union can hope...
...Rising grain prices. In response to the lower U.S. crop forecasts and early Soviet buys, grain and meat prices on the nation's futures markets are continuing to climb. Quotations for wheat and corn last week rose 5%; hog futures, a prime indicator of the anticipated price of corn, hit a record $1.05 per Ib. Agriculture Department experts think American farmers are holding some crops in storage waiting for still higher quotes, and these experts hope that release of the food will push prices down later this year. Meanwhile, though, retail food prices in June rose at an annual...
Some of the biggest profits gains came in the machinery industry-up 25% from the first quarter, largely as a result of heavier demand for coal-mining and farm equipment. Food processing enjoyed a 33% rise, mainly because lower costs for sugar, wheat and shortening fattened profit margins. Another pleasant surprise: General Motors reported net income up more than 400% above the first quarter, and 8.8% ahead of a year ago, on the strength of a long-awaited pickup in its car sales. American Motors also showed a healthy increase: net income rose to $10.1 million, v. a $47.8 million...