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US-Soviet Wheat Deal (Part 1) #225011

CBS Evening News for Wednesday, Sep 27, 1972
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(Studio) 5 government investigations probe US-Soviet wheat deal. Charges of conflict of interest stem from windfall profits reaped by 6 large grain exporters, and suppression of information
REPORTER: Walter Cronkite

(USSR ) Russian wheat crop fails. (Texas) Sovs. come to United States for grain. American wheat farmers have good year but are unaware of Soviet crop failure, and sell early and cheap.
REPORTER: Walter Cronkite (Narrates)

(Hutchinson, Kansas) Texas, OK, Kansas farmers sow next yr's. crop. They lost money on this yr's. harvest by selling before prices went up due to deal. [S.W. wheat farmers feel swindled.] Higher prices will mean lower support pmts., and farmers who sold early will lose again.
REPORTER: Bill Plante

(Minot, North Dakota) Farmers like Milo Borstat still harvesting wheat. Learned of wheat deal in time to hold wheat, and cash in on skyrocketing prices.
REPORTER: Walter Cronkite (Narrates)

(Studio) Congress investigators estimate early-crop farmers will lose $68-100 million in federal subsidies. Govt. officials knew about Soviet wheat trouble during May summit in Moscow. Department of Agriculture never publicized Soviet agriculture problem. Agriculture Secretary Butz withheld department report on it. The "Southwestern Miller", grain trade journal, reported on July 18 that 100 million bu. would be sold, when in fact 419 million bu. being sold. Big exporters had vital knowledge of correct amount
REPORTER: Walter Cronkite

(DC) [National Farmers Union, Weldon BARTON - notes cozy relationship between grain exporters and Agriculture Department]

(Studio) Clarence Palmby, assistant secretary agriculture for international affairs, leaves Agriculture Department on June 7 to become Vice President Continental Grain Company Carol Brunthaver, who came to Agriculture Department in 1969 from Cook Company, replaces Palmby as assistant secretary Clifford Pulvermacher, general manager Agriculture Department export mktg. service, leaves June 30 to become Washington, DC representative for a grain company. George Shanklin, Washington, DC representative for Bungee Corp., joins export mktg. service. House agriculture subcommittee investigation hears Palmby testimony.
REPORTER: Walter Cronkite

(NYC) Palmby's testimony detailed. He receives grain company job offer, rents posh New York apt., goes to Moscow as assistant secretary agriculture for initial grain deal negotiations, meets with Soviet trade official in DC, accepts job offer, resigns Agriculture Department, meets with Russian negotiators; Continental Grain Corporation makes large wheat sale to USSR . [PALMBY - says he is not guilty of any impropriety.]
REPORTER: Joel Blocker

(Studio) 2nd part of series will deal with results to taxpayers and consumers.
REPORTER: Walter Cronkite

Reporter(s):
Blocker, Joel;
Cronkite, Walter;
Plante, Bill
Duration:
00:11:20

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