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Economy / Surplus Wheat Crop #49187

ABC Evening News for Thursday, Jun 23, 1977
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(Studio) OMB director Bert Lance has cautious words with regard to economy and inflation rate, based on May figs.; refuses prediction of inflation rate later in year
REPORTER: Barbara Walters

(Studio) Consumer prices important to economy Consumers want low prices; farmers don't want them high, but have to make profit and with surplus, as in wheat crop, it's difficult.
REPORTER: Harry Reasoner

(Amarillo, Texas) Effect of surplus wheat crop on farmers in Texas cited. [Raymond WINTER - notes cost of raising wheat compared to price per bushel.] Winter farms shown near Amarillo; Melvin Wagner and others made money in USSR wheat sale in 1973, but many expanded after that and Wagner believes it was mistake. [WAGNER - notes uselessness of farming entire acreage for loss, instead of part for profit.] Record number of farms are for sale here. [Eddie HOLMAN - hopes cntry., like China (PR), will buy surplus. Is told USSR doesn't need it, but China is potential buyer.] If farmer fed cattle on wheat in winter, he could profit some, according to Gene Southhall. [SOUTHHALL - says if farmers buy cheaper prods., they'll make it.]
REPORTER: Charles Murphy

Reporter(s):
Murphy, Charles;
Reasoner, Harry;
Walters, Barbara
Duration:
00:02:30

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