NBC Evening News for Thursday, Jul 19, 1973
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(Studio) Senate subcommittee opens investigation with regard to United States wheat sale to Russia. Senator Henry Jackson heads probe. Jackson says Agriculture Department knew about proposed sale but kept information from farmers. Large dealers buying wheat from farmers made big profit on Russian wheat sale. Agriculture Department denies knowing of deal in advance.
REPORTER: John Chancellor
(No location given) Senate committee blames Russian wheat sale for spiraling food prices. Jackson believes consumer hurt. Retail food costs-after Russian wheat sale jump. %'s shown for increase Wholesale food prices jumped even more dramatically after wheat sale. %'s shown. Once Phase IV lifts freeze on all food items, food costs to soar. Jackson says exports not bad but United States should be considered first for food needs. [JACKSON - states big food rise directly related to Russian grain sale and mismanagement. Phase IV won't work unless export and reserve plans for food worked out.]
REPORTER: Robert Goralski
(Chicago, Illinois) Midwest farmers now harvesting bumper wheat crop. Export and domestic demands lead to important questions. Some of crop to go to Russia and China. To prevent last year's mistake with Russian wheat sale, Senator investigating committee makes suggestions. Stronger disclosure laws recommended. Huge grain companies secretive about size of grain deals last yr., causing higher food prices, once word leaked out. 2nd recommendation to be for export controls. Senate committee doesn't want United States to commit itself to selling more grain than it can spare. Finally, committee to recommend stronger regulations for commodity mkts. Mkt. speculations contributed to high food prices, according to Senator investigating committee All action taken by Jackson committee 's to ward off repeal of last year's mistake. Outlook for food prices this year is up.
REPORTER: Rebecca Bell