Great Grain Robbery
The Great Grain Robbery was the July 1973 purchase of 10 million short tons (9.1×106 t) of grain (mainly wheat and corn) from the United States by the Soviet Union at subsidized prices, which caused global grain prices to soar. Crop shortfalls in 1971 and 1972 forced the Soviet Union to look abroad for grain, hoping to prevent famine or other crisis. Soviet negotiators worked out a deal to buy grain on credit, but quickly exceeded their credit limit. American negotiators did not realize that both the Soviets and the world grain market had suffered shortfalls, and thus subsidized the purchase. The strategy backfired and intensified the crisis: global food prices rose at least 30 percent, and grain stockpiles were decimated.
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Great Grain Robbery
The Great Grain Robbery was the July 1973 purchase of 10 million short tons (9.1×106 t) of grain (mainly wheat and corn) from the United States by the Soviet Union at subsidized prices, which caused global grain prices to soar. Crop shortfalls in 1971 and 1972 forced the Soviet Union to look abroad for grain, hoping to prevent famine or other crisis. Soviet negotiators worked out a deal to buy grain on credit, but quickly exceeded their credit limit. American negotiators did not realize that both the Soviets and the world grain market had suffered shortfalls, and thus subsidized the purchase. The strategy backfired and intensified the crisis: global food prices rose at least 30 percent, and grain stockpiles were decimated.
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The Great Grain Robbery was th ...... ain stockpiles were decimated.
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also known as
Russian Wheat Deal
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alt
A person
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caption
American USDA official Earl Butz
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Soviet emblem, with prominent wheat bunches
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Soviet negotiator Nikolai Patolichev
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cause
Russian purchases of grain
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date
July 1972
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event
Great Grain Robbery
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Location
motive
Lack of grain in USSR
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outcome
Inflation of global grain prices
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participants
United States and USSR
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The Great Grain Robbery was th ...... ain stockpiles were decimated.
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label
Great Grain Robbery
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