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September 1975

Grain Exports and Inflation

by Clifton B. Luttrell

Private grain exporters have notified the United States Department of Agriculture (USDA) of their intentions to sell more than 10 million tons of grain to the Russians in the current marketing year. The sales include 177 million bushels of corn, 154 million bushels of wheat, and 50.5 million bushels of barley. They constitute about 3, 7, and 13 percent, respectively, of the prospective corn, wheat, and barley crops and are equivalent to 13, 18, and 84 percent, respectively, of our average annual exports of these crops to all foreign purchasers for the past five years.