Word: wheats
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These purchases are cutting away so drastically at U.S. supplies that some experts fear that the nation will be hard-pressed to meet its own demands later this year. The Government's best estimate is that less than 200 million bu. of wheat will be left in hand by the end of the marketing year in July, the slenderest reserve since the end of World War II. A strong winter wheat crop, which begins trickling onto the market in late May, would ease the pinch. To boost supplies in the meantime. President Nixon last week lifted import quotas that...
Skimpy Diets. The unrelenting demand for farm goods has also sparked a new round of increases in commodity prices, which in 1973 leaped upward more by far than in any recent year (see chart). Late last week on the Chicago Board of Trade, wheat was selling for $6.16 per bu., up $1.75 from a year ago. and corn was going for $2.86 per bu., v. $1.22. The New York economic forecasting firm of Townsend-Greenspan has estimated that wholesale farm prices in January rose 7½%, the biggest such increase since last August...
...spending by consumers and businessmen continued strong. Many industries could not keep pace with demand because plants making such basic materials as steel, cement and paper were strained to capacity. Shortages developed that pushed up prices even more. The problem was compounded by scarcities of such raw materials as wheat, lumber and cotton, for which the booming economies of Europe and Japan were also competing...
...richer diets in the U.S. and abroad; worldwide shortages of grain and livestock feed; and the dollar devaluation, which offered a bargain to foreigners buying American goods with greenbacks that were suddenly cheap. As a result of all these pressures, during the year ending last August the price of wheat went up 186%, of corn 163% and of broilers...
Food prices will still be troublesome during early 1974, despite record 1973 crops and prospects for an even bigger output this year. One reason: foreign demand for U.S. farm goods remains extremely high because supplies of wheat and other items are still tight worldwide. The 1973 inflation in wheat, corn and soybeans showed how much havoc heavy export demand can wreak on U.S. prices. In addition, all the ups and downs of controls last year caused cattlemen and hog raisers to limit production sharply. That means that meat prices will stay high or even rise in the months immediately ahead...