Inside Report (7)
Reagan pleased farmers by ending the Soviet grain embargo; but all prices haven't leaped, as some hoped. The price of wheat on the Chicago exchange just after the embargo was imposed was $4.25 bushel. The price today: $4.09 to $4.54. Corn prices stood at $2.74 then; now the going rate is $3.53 to $3.66.
What does this mean to the consumer?
At the supermarket, the cost of, say, bread is affected not so much by increased wheat prices as by higher fuel and wage costs, which make milling baking, packaging, and delivery more expensive.
The immediate result of large new Soviet corn purchases should be to reduce the prices of meat to the consumer. White the cost of feeding cattle, hogs, and poultry would be forced up, many farmers would have to sell off stock fir st to afford the yellow stuff.m