Soybean group demands six embargo actions
*
ST. LOUIS, Mo. The relief from the Soviet em-
Amencan Soybean bargo without the need for
Association has demanded costly soybean reserves or
the U.S. Department of other government subsidies
Agriculture take immediate In a telegram to Secretary
action to provide soybean of Agriculture Bob
growers and consumers Bergland, ASA recom-
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mended implementation of
six programs to provide
short and long-term relief
from the effects of the Soviet
embargo which could save
U.S. taxpayers $l5-$2O
million for soybeans alone.
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“As you know, ASA has
consistantly supported
federal policies which allow
farmers to receive their
income from the market
place rather than from
federal subsidies,” ASA
President Allan Aves said in
a telegram to Agricultural
Secretary Bob Bergland.
“We still oppose a
federally-financed soybean
reserve program. This
embargo, however, has
created a severe economic
hardship on soybean
growers and we therefore
request immediate gover
nment action.”
ASA recommended the
following six programs:
Increase by at least $298
million in the current fiscal
year Commodity Credit
Corporation export credits to
finance exports of soybean
products to developing
nations.
Increase Food for Peace
(PL4BO) funding to allow
increased export of soybean
products to needy people in
developing nations.
Implement the in
termediate-term credit
provisions of the
Agricultural Trade Act of
1978 which would allow 3-10
year loans to foreign
customers so they could
construct processing and
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Lancaster Farming, Saturday, January 19,1980—ASS
storage facilities for
agricultural commodities.
Make CCC export credits
available to the People’s
Republic of China so
soybean exports to that
natiort can be maximized.
Request Congress to grant
USDA authority to establish
a $5 billion revolving fund for
CCC export credits.
Increase soybean market
development funding
through USDA’s Foreign
Agricultural Service by $1
million this year, $2 million
m 1981 and $3 million m 1982
m order to help soybean
growers develop new or
expanded markets to
replace the lost Soviet
market.
During the current fiscal
year, FAS investment in
soybean market develop
ment activities totaled $2.8
million.
Announcement of the six
pomt plan was one of several
initiatives made by the
American Soybean
Association leaders last
week in the wake of
President Carter’s an
nouncement of the embargo
of gram and soybean ship
ments to Russia.
ASA immediately called
on the Commodity Futures
Trading Commission to
suspend trading for two days
until important questions
could be answered regarding
government actions that
would be taken to reduce the
impact of the embargo on
farmers.
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In a telegram to the CFTC,
ASA President Allan Aves
said the action was
necessary to “prevent mass
confusion and panic reaction
that would create havoc m
agricultural markets and
result m great economic
hardships for farmers and
others at home and abroad.
The request to the CFTC
was subsequently acted upon
and trading was suspended
at all. regulated futures
exchanges last Monday and
Tuesday.
“The loss of the Soviet
market will cost the U.S.
about $2 billion in
agricultural sales m 1980,”
Aves says.
“Agricultural exports are
good for the U t S. economy
and all Americans. We
believe these six programs
will save taxpayers millions
of dollars in storage costs,
will help U.S. soybean
growers by re-selling the 45
million bushels originally
sold to the Soviets, and help
soybean growers in the long
run by developmg new or
expanded soybean markets
to replace the lost sales to
the Soviets.”
“The CCC purchases of
gram and soybeans has
helped the grain com
panies,” he said.
“But this huge quantity of
grain and soybeans that will
cost more than $2OO million
per year to store still hangs
over the farm markets and
will hurt all farmers by
lowering their prices,” he
said.
Omaha Standard