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Grain Sale / Food Prices #38688

ABC Evening News for Friday, Aug 01, 1975
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(Studio) Congress told food prices to rise if more grain sold before crop assured.
REPORTER: Harry Reasoner

(Midwest) Record crops predicted may fall short due to lack of rain.
REPORTER: Roger Peterson

(DC) [Ex-Undersecretary Agriculture John SCHNITTKER - predicts higher prices if USSR continues to buy and United States crops lack rain.] [Senator Henry JACKSON - asks what would happen if as much grain sold as in 1972.] [SCHNITTKER - says would have double digit food price inflation, especially if crop lost.] Schnittker says sales should be limited until final crop figures in. ] GAO report says 1972 sale brought $700 million but cost Americans $1 billion in higher prices.
REPORTER: Roger Peterson

Peterson, Roger;
Reasoner, Harry

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