AGRICULTURE: The Golden Glut

In the great U.S. wheat belt, from the panhandle of Texas to the border of Manitoba, the harvest was moving relentlessly northward. Last week the combines roared out of Nebraska and into the golden, knee-high fields of South Dakota. Although some areas were hurt by drought, the yield was generally good. But every bushel that came tumbling out of a combine's spout added to a critical farm problem. U.S. wheat bins are bursting with the greatest glut in history. When all this year's crop is in, the total supply is expected to be 1.7 billion bushels, more than 50% above...

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