How should the world's wheat be distributedand at what price? In Washington last week, after more than a year of dickering, the 36-nation International Wheat Council (notably unrepresented: Russia and Argentina) had an answer. It announced "the first practical international agreement" on wheat distribution.
Under the agreement, the 33 importing nations in the group will buy at least 500,000,000 bushels a year for the next five years from Canada, the U.S. and Australia. Canada will supply 46% of it, the U.S. 37%, Australia the rest. Maximum price will be $2 a bushel. The minimum will be $1.50 the first year, will then...
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