Foreign Trade: Big Deal

Having survived a wintry blast from Congress that nearly killed it, the great wheat deal between the U.S. and Russia finally yielded its first cash crop last week. In the biggest one-shot commercial grain transaction ever made by a U.S. firm, Manhattan's Continental Grain Co. agreed to deliver a whopping 1,000,000 metric tons of wheat to Black Sea and Siberian ports by early spring for $78.5 million, including shipping costs. Presumably, to compensate Continental for the difference between the heavily subsidized U.S. price for the wheat ($90 million) and the lower world market price that the Russians paid ($65...

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