The U.S. has $2.6 billion tied up in its wheat-support program, and the storage costs amount to $150,000,000 a year. But last week, as the harvesting of the new winter wheat crop got under way in the Southwestern states, it looked as if the U.S. would face a wheat shortage of a kind; it might not have all the high-quality wheat that U.S. bakers need. Of the U.S.'s billion-bushel stockpile of wheat, farmers and bakers estimate that only 10% to 25% is usable in its present form by the breadmaking industry—the single biggest wheat user. The rest would have...
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