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ST. LOUIS, Mo.—President the American Soybean ASA President B.'B. Spratling, Jr.,
Reagan’s approval of anti- Association. a Roba, Alabama soybean fanner,
embargo contract sanctity “This is going to mean better *slt signals an end to an era of using
legislation signals a new era for prices—not high enough nor fast food as a political weapon. It tells
agricultural exports according to enough—but at least better,” says our foreign customers—from
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Germany to Mexico—that the U.S.
will once again be a reliable
supplier of feed and food products.
“It tells U.S. farmers that we
can build export markets with the
knowledge that a president won’t
unjustly cancel our efforts with a
single stroke of his pen. It means
an end to our embargo hangover
that was caused by four grain and
soybean embargoes in 10 years.”
The contract sanctity measure
was an amendment to the Futures
Trading Act of 1982 (HR5447).
While a president may still declare
a grain embargo, the bill
guarantees shipment of private
export contracts. The legislation
stipulates that a president cannot
cancel shipment of private export
contracts—which have been
reported to the U.S. Department of
Agriculture—for 270 days after the
declaration of an embargo. The
contract sanctity provision would
be void during times of declared
war or national emergencies.
"Previous grain embargoes
have devastated the grain markets
and seriously eroded farm prices,”
says ASA Chief Executive Ken
Bader. “For example, President
Carter’s 1980 embargo cancelled
private export contracts and
forced more than 650 million
bushels of grain and soybeans back
into the marketplace. This swiftly
co/InnpH farm nrioeS and COSt U.S.
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incastar Farming, Saturday, January 22,1983—A19
farmers billions of dollars in lost
income.
In addition to this short-term
impact, previous embargoes have
led other nations—which rely on
the U.S. for feed and food—to
distrust the U.S. and to seek feed
and food from other countries. As a
result, U.S. farm prices have never
fully recovered from the 1980
embargo. Contract sanctity will
bring an end to both the short and
long term impacts of embargoes.”
ASA—a commodity organization
working to improve soybean in
come through export promotion,
research, government relations
and education—said more than
6,000 soybean farmers had actively
participated in the 10-month effort
to achieve contract sanctity
legislation. The association said
the contract sanctity drive was the
largest farmer lobbying effort in
ASA history.
“U.S. farmers owe President
Reagan and the Congress a debt of
gratitude,” says Spratling.
“Contract sanctity is a valuable
piece of legislation and will speed
recovery in the farm sector. As a
candidate, the president promised
to end the Soviet embargo and to
restore international trust in the
U.S. We feel he has fulfilled those
promises...something other
Presidents have failed to do;”
'v*. » «
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