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- Title
THE INTERNATIONAL WHEAT AGREEMENT OF 1949.
- Authors
Golay, Frank H.
- Abstract
This article reports that on January 26, 1949, an International Wheat Conference convened in Washington D.C. to negotiate an international agreement. The agreement was opened for signature on March 23,1949, and subsequently was signed by five exporting countries and thirty-six importing countries. It is opined that the agreement is a radical departure from the traditional pattern of primary commodity agreements evolved by producing interests seeking to stabilize prices through marketing quotas and control of output. It resulted from negotiations in the Wheat Council, the membership of which included the member nations of the United Nations. Wheat importing countries, confronted by relatively inflexible wheat requirements, were anxious to stabilize their outlays for wheat in a period of rising prices. In substance, the International Wheat Agreement is a contractual obligation between five wheat exporting countries and thirty-six wheat importing countries. A total wheat export of 456 million bushels per year, at the maximum price of $1.80 per bushel for each year of the agreement, is guaranteed by the five exporting countries through four crop years beginning August 1,1949 and ending July 31,1953.
- Subjects
WASHINGTON (D.C.); WHEAT trade; MEETINGS; COMMERCIAL treaties; PRICE maintenance; EXPORTS
- Publication
Quarterly Journal of Economics, 1950, Vol 64, Issue 3, p442
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/1884559