USDA Announces Largest Wheat Purchase Ever (USIA Washington File)

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USDA Announces Largest Wheat Purchase Ever (USIA Washington File)

Humm. I wonder?

Is this now about Kosovo assistance, or Y2K assistance (agreement signed in December). Or both.

And what about the U.S. and surplus wheat?

Diane

30 March 1999

TEXT: USDA ANNOUNCES LARGEST WHEAT PURCHASE EVER

(Much of the wheat is targeted for Russia, others) (370)

http://www.usia.gov/current/news/latest/99033001.clt.html?/products/washfile/newsitem.shtml

Washington -- U.S. Agriculture Secretary Dan Glickman says the U.S. Department of Agriculture's (USDA) Commodity Credit Corporation has bought more than 1 million metric tons of hard red winter wheat -- destined for Russia, Bangladesh, Indonesia, Jordan and Nicaragua.

Glickman said March 26 that the wheat -- valued at $135.5 million -- is the largest ever purchased in a single day by the Commodity Credit Corporation (CCC).

"This purchase will provide much needed relief to American farmers and help our friends in need around the world," said Glickman. "Instead of sitting in grain bins, this wheat will be used to feed needy people around the world."

Following is the text of the USDA announcement:

(begin text)

[U.S. DEPARTMENT OF AGRICULTURE
Washington, D.C.
March 26, 1999]

GLICKMAN ANNOUNCES LARGEST WHEAT PURCHASE EVER BY CCC

Washington -- Agriculture Secretary Dan Glickman announced that USDA's Commodity Credit Corporation (CCC) purchased more than 1 million metric tons of hard red winter wheat valued at approximately $133.5 million today. This represents the largest purchase of wheat on a single day by CCC.

"This purchase will provide much needed relief to American farmers and help our friends in need around the world," said Glickman. "Instead of sitting in grain bins, this wheat will be used to feed needy people around the world."

The wheat purchased today will be donated to needy countries under section 416(b) of the Agricultural Act of 1949. Much of the wheat purchased by CCC is destined for Russia under the terms of a government-to-government food assistance agreement signed by representatives of both countries on December 23, 1998. Other countries, such as Bangladesh, Indonesia, Jordan, and Nicaragua, will also receive wheat donations.

Last year President Clinton announced that CCC would purchase 80 million bushels, or about 2.5 million metric tons of surplus wheat. Purchases of an additional 2.5 million metric tons of surplus wheat were later authorized, bringing the total to 5.0 million metric tons. CCC has now purchased nearly 3.8 million metric tons of that total. Purchases to date are valued at nearly $470 million.

(end text)

-- Diane J. Squire (sacredspaces@yahoo.com), March 31, 1999

Answers

That's a good-sized bucket for every man, woman, and child in the U.S...enough to last a month, maybe two...and I don't see the price of bread skyrocketing, I don't see panic in the supermarket. It IS possible for everybody to prepare, it is possible for Maine to stock up 3 months worth, this country is overflowing with grain.

-- Shimrod (shimrod@lycosmail.com), March 31, 1999.

"This country is overflowing with grain."

How true! Yet the farmers can't make a decent living because commodity prices are so low. The prices of everything in the grocery stores should be going down. Unfortunately the only thing going down is the number of farmers.

-- justmy (justmy@2cents.worth), March 31, 1999.


Saw a bit on CNN this a.m. re farm prices being depressed for the second year in a row. CNN said something about Clinton looking for ways to ease the farmers' burden without going back to price supports. Well, if the stupid bugger would just encourage people to stock up a bit for Y2K, demand would increase and farmers would have better prices, wouldn't they?

-- Old Git (anon@spamproblems.com), April 01, 1999.

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