High farm prices result of strategic grain sellout
Huge grain ex ports,
overselling U.S. crops and poor
estimating of crop sizes by the
U.S. Department of
Agriculture (USDA) all are
causes of gyrating farm prices,
according to Jim Kendrick,
who sook" last week at a UNL
IHURS. SEPT. 20
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Agronomy Club meeting.
Kendrick, a UNL
agricultural economist, said,
"Last year the world figured
out there was a shortage (of
protein), and they bought us
dry by
dealers."
some pretty smart
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The U.S.' government sold
our strategic reserves of grain,
he said, later explaining that he
used the word strategic reserve
in place of surplus.
Kendrick explained that the
change in demand caused by
rumors of drought, flood or
shortage without the buffer of
our strategic reserves to soak
up fluctuations in price have
allowed prices to jump.
This summer the price of
corn shot up almost $2 a
bushel before it fell $1 a bushel
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PACKARD
172 ccntet3 in 65 countries
daily ncbraskan
in two weeks of trading in the
December futures market, he
said.
He explained that in the
past a farmer could count on
the price of corn to fluctuate
between about $ 1 -$ 1 .20 a
bushel.
Although his profit margin
was slim, the farmer could still
get a fairly close estimation of
the return he would get on his
investment, he said.
Today it is hard for a
farmer to quess what price he
13TH & P
UNDER THE
DOUGLAS III
of
will get for his corn within 50
cents a bushel, Kendrick said.
Ideally a program should be
adopted that would establish a
price that would remain stable
for a period of time, he sail
Kendrick explained he
thought this can not be done
with price freezes or embargos
but by telling traders not to
oversell the crop.
The major traders oversell
because they are not
coordinated. Each acts as it he
has control of selling the whole
crop. When combined they
have actually committed more
than the U.S. market has to
offer, he said.
The overselling by traders
has been caused by "too damn
much independence in the
U.S.," he said. Later he called
for federal legislation
regulate this type
independence by business '
Kendrick said pi ice",
also determined by i
e s t i m a t i o n s . The U ?
manipulates fa mi prices
show what they want
happen, so re body beh
their fct .;!.. anymore,
said. .
Kendricic sr.id satellites give
information on crop sizes ta
the CIA and even Russia
monitors them but . nobody
bothers to tell the USDA.
I here
(crop Tig'.:'
at the top,
Kcr :
:: -o't '0
be I,
f,:-rinei s.
i -M- v,.
five O,,!:
gone !vH
mai iy m '
i.he tubi;"
yvii.'cnce that they
,) art: !-..ijtj footed
Kr -idf ; . i: said.
. :. .'band thr't tfie
0 "UiOij niiCCS
, ., 'u, !',!!!
'-, . jb o'.dy knows
1 ;; v.: is hv" have
hi; a a 'i tic: said
"uo 'bi'A'M
':s v'".ii aiso.
HURRY 1
''t( 'A THURS.! I
' ' -
I ' ? il mow
.3,n .', Vm HAM
i l
JjJeet thel
i$ensu3!grs..M
Wfpitth tight pants
X
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,ilwV sr ore
door '..X'ft-'
FOR ALL YOUNG LOVERS
A f K W BY OAUtif I II OUCH
A rilAN ANCI
' a Woman
C0IM
2ND HILARIOUSLY
SEXY
WEEK!
(X)
7:30 9:10
motidciy, suptHrt bur 17, 1973
19 S !