As the harvest of the new wheat crop began in Texas and Oklahoma last week, Department of Agriculture officials started to worry. Where will the U.S. put the wheat?
Already in storage is a huge carryover of 575 million bushels of wheat and 800 million bushels of corn. With the winter wheat crop estimated at 750 million bushels and the corn at 3.1 billion bushels, some officials predicted a repetition of the 1949 glut, when stacks of wheat had to be left out on open fields. To try to make room, agriculture officials are storing wheat in 75 mothballed ships on...
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