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(Studio) Soybean prices may rise sharply. Govt. sues family of late H.L. Hunt on grounds of cornering soybean market
REPORTER: Walter Cronkite
(NYC) Importance of soybeans in world food market noted. There's beginning to be shortage and government is concerned with regard to soybeans owned by 7 members of Texas's Hunt family. [Commodity Futures Trading Commission chairperson William BAGLEY - cites potential for distortion of prices.] Possible effect of Hunt family holdings on commodity market and on prices noted. Family now holds more soybeans than law presently allows, but Nelson Bunker Hunt tells reporter Eric Engberg these should be taken as separate holdings, not collective, so family won't be over limit. [HUNT - says family singled out because of notoriety and because they're conservative and CFTC is liberal.] Court hearing, with regard to whether Hunts will be ordered to sell to be held Monday
REPORTER: Ray Brady
- Brady, Ray;
- Cronkite, Walter
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