Word: wheats
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TIME Soundings found that Americans generally want to stop selling wheat to the Soviet Union (57% agree that sales should be stopped v. 14% opposed), trim foreign aid even to friendly nations (38% v. 17%), loosen up credit (44% v. 24%), bring back wage and price controls (35% v. 26%) and cut defense spending (35% v. 28%). On at least one point, the public seems to agree with Ford. By 34% to 27%, those polled were willing to give some tax incentives to business-even though many blame big business for inflation-if the incentives would improve the economy...
Hard Words. The Shah, whose government will spend $1 billion this year to subsidize imports of meat, wheat, sugar and soybeans, insists that rising oil prices are no different than rising commodity prices. He seeks to tie the two together in an economic index that would help to limit further increases. The U.S. position is that oil is artificially priced, which the Shah himself admits, while agricultural increases are a response to free market conditions. President Ford, and Kissinger in his latest United Nations speech, abruptly cautioned the oil-producing nations not to price their product at disastrously high levels...
...informally controlling grain exports, the Administration hopes to forestall such embarrassments as the "holding in abeyance" on Oct. 5 of $500 million worth of corn and wheat contracted for by the Soviet Union. Having too hastily assumed, on the basis of talks between Ambassador Anatoly Dobrynin and Agriculture Secretary Earl Butz in late September, that the Russians were interested only in "modest" purchases of a million tons or so, the White House was startled to learn early this month that between 5 million and 10 million tons of grain might soon be heading to the U.S.S.R. Ford promptly called...
...Ford was clearly not eager to have the inflationary specter of a large grain export dangling before the public-and the Democrats. The Republicans and the nation are still smarting from the "great grain robbery" of 1972, when the Soviets secretly bought up some 25% of America's wheat crop plus much corn...
Sizable grain exports would seem unwise in the light of this year's crop drop. Wheat growers are expected to produce a record of 1.8 billion bushels,-up 4% from last year, but they are the cheerful exception. Floods, drought and early fall frost have sharply reduced crops. The Agriculture Department, which raised the hopes of foreign buyers by grossly overestimating the size of the crop earlier this year, released its latest forecasts last week. The corn harvest may come to 4.7 billion bushels, down 16% from last year; and soybeans to 1.3 billion bushels, down...