The Soviet Union has bought an additional...
The Soviet Union has bought an additional 350,000 metric tons of U.S. corn for delivery in the coming year, the Agriculture Department said. The sale brought total corn sold to the Soviets in the past nine days for delivery in the 1988-89 year that started Sept. 1 to more than 2.6 million tons. A metric ton is about 2,205 pounds and is equal to 39.4 bushels of corn or 36.7 bushels of wheat or soybeans. The 350,000 tons of corn would be about 13.8 million bushels. Corn prices have been averaging about $2.75 per bushel at the farm level, according to USDA estimates, meaning that the latest sale could have a farm value of around $38 million.
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