For months the Department of Agriculture had sent up a dire warning: this summer the U.S. would harvest the second biggest wheat crop in history but would have no place to store it. Taking its own warning to heart, the Government last week began floating twelve Liberty ships out of the Hudson River "mothball fleet" to provide "emergency" storage.

But the emergency had been adjusted elsewhere. As farmers out in the wheat belt already knew, the long-heralded "glut" of wheat simply had not materialized. The harvest was all but over in Texas, Oklahoma and the big Kansas "breadbasket," and it...

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