Word: wheats
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...significantly responsible for the current financial woes of the government-owned system. Reason: climbing prices for fuel oil and petroleum-based fertilizers have aggravated the worst inflation in the nation's modern history, 27% last year. In response to spiraling prices (the cost of a kilogram of wheat increased from 10? to 13? last month alone), railway workers are demanding a 75% wage boost; their pay now ranges from about $35 a month for unskilled laborers to $160 for engineers, roughly the prevailing scale for Indian industrial workers...
...brought hope of agricultural self-sufficiency to India and other countries of Asia, has already lost much of its promise. The increase in oil prices has nearly trebled the cost of nitrogen fertilizers and of fuel for irrigation pumps upon which the crops of high-yield rice and wheat rely. Hundreds of thousands of Asia's small farmers who once enthusiastically sowed their fields with the Green Revolution's hybrid strains are now reverting to more traditional methods of cultivation. The harvests are smaller but much less dependent on fertilizers, pesticides and irrigation...
...visit to Moscow in an optimistic mood; the Russians apparently promised him a bountiful supply of arms. TIME Correspondent William Stewart reported from Syria that Soviet ships were already unloading at Latakia, and tank carriers were hauling new T-62s south toward the front through peaceful fields of ripening wheat. Israeli military leaders believe that their U.S. weapons are superior to Soviet equipment, but if America decides to arm the Arabs too, they argue, Jerusalem's leverage will be lost...
...event, forecasting the commodities market is risky because it is so sensitive to outside influences-wars, droughts, abrupt political changes. One major imponderable is whether India will make massive wheat purchases in the U.S. and elsewhere. If it does, some prices could shoot back...
...other hand, there are reasons for optimism. World grain production for the 1974-75 crop year is expected to total nearly a billion tons-31 million tons more than the year before. For the first time in two years there is enough wheat to come close to meeting demand in the months ahead. Australia alone has just harvested 440 million bushels, more than double last year's crop. Adequate supplies of livestock feed also seem likely. Brazil's record soybean harvest is now being sold round the world and, after a disappearance of a year and a half...