Word: wheats
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Contracts for July delivery of wheat, which sold in February for as much as $5.85 a bushel, are now down to about $4.10. Corn has dropped from $3.50 a bushel to $2.55; and soybeans have fallen from $9.03 to $5.35. A dive in demand for red meat at supermarkets, reflecting consumer resistance to high prices, has hit the cattle market. Steers last week sold for $41.50 per 100 Ibs. v. more than $50 in late January...
...inflation are readily identifiable and seem less than permanent. Much of the global surge in food prices over the past two years has been the result of plain bad luck. A series of disastrous crop failures in 1972, caused by phenomenally foul weather round the world, aggravated shortages of wheat, corn, soybeans and other animal feeds. Bumper crops now in prospect in the U.S., the Soviet Union and Australia should at least slow the blistering rise in food prices after midyear...
...consumer. The run on commodities, however, has hurt everybody. Investors seeking tangible value have speculated wildly in wheat, sugar, potatoes, copper and lumber, helping to set off a mad spiral in the prices of these and other basic raw materials. A Reuters index of 17 commodity prices has zoomed from 509 in the fall of 1971 to 1,422 in March (see chart page...
...became intense starting in 1972, when, in a rare and fateful development, almost all the world's major nations entered a boom at the same time. Global competition for raw materials grew to an unprecedented pitch: last year every nation appeared to be trying to buy up all the wheat, corn, copper, soybeans and rice available anywhere, at whatever price frantic bidding might produce. That scramble continues for many commodities; the U.S. Government estimates that in fiscal 1974, which ends in June, American farm exports will total $20 billion, v. $8 billion only two years ago. Prices consequently rise, both...
COMMODITIES. Last year the hottest items were soybeans and wheat; this year the fastest action is in sugar and metals. On the Chicago Board of Trade, Dealer Larry Blum says, "silver was going up in a day as much as it ordinarily does in a year." The biggest silver speculator is Dallas Centimillionaire Nelson Bunker Hunt, who has used his petro-wealth to buy millions of dollars worth of future contracts for silver. Unlike most commodities gamblers, Hunt has accepted delivery on some of the metal, which he apparently intends to hoard until the price goes higher...