The Russian Wheat Deal—Hindsight vs. Foresight

Abstract

In July and August 1972, the United States sold to the Soviet Union about 440 million bushels of wheat for approximately $700 million, more than the total U.S. commercial wheat exports for the year beginning in July 1971. The sales were equivalent to 30% of average annual U.S. wheat production during the previous five years and more than 80% of the wheat used for domestic food during that period.