While consumers reeled from violent run-ups in food prices last year, and at one point even organized a nationwide meat boycott, farmers happily harvested record profits. In 1974, the roles are being reversed: consumers can at last sight some relief from food inflation, and the farmers are talking about—and in some cases organizing—boycotts to keep their incomes from sliding.
Wholesale prices received by farmers for some key products have dropped sharply since last winter (see chart); between February and May, wheat fell from $5.52 a bushel to $3.52, and corn from $2.76 to $2.45. Food processors and retailers have by...
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