In Chicago and Manhattan produce markets last week, the wholesale price of butter was down 10¢ from last year (to around 67¢ a lb.) and still melting. For the first time since April 1951, the Agriculture Department was buying up surplus butter in an effort to stabilize the market. In the last six weeks, said Agriculture, it had bought up 1,200,000 lbs. for $818,000. Butter dealers freely predicted that the department might have to buy up 20 to 40 million lbs. in the next couple of months.
Chief reason for the butter glut was...
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