The Price of Support
The Commodity Credit Corp. last week reported a $249 million loss on its price-support programs for the year ended June 30. It now has $3,538,125,000 tied up in loans and purchases. Furthermore, CCC cannot unload the surpluses on its biggest potential customer, the armed services. Reason: CCC by law adds a carrying charge to its selling price, and in some cases the total exceeds current wholesale prices. Result: the services are buying such items as butter in the open market, although CCC has 190 million Ibs. in its deep freeze.
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