National Affairs: Dead Cinch

The Department of Agriculture had good news for Europe. To the surprise of some grain experts, the department reported last week that the U.S. had a record 795 million bushels of wheat on hand as of January 1. Thus, said the department, it was "a dead cinch" that the U.S. could meet its goal of exporting at least 450 million bushels during the crop year ending July 1. With 260 million bushels already shipped, the U.S. had only 190 million bushels to go.

This would still leave the U.S. with plenty of wheat for its...

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