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The United States Grain Standards Act (USGSA) of 1916 (P.L. 64-190), as amended (7 U.S.C. 71 et seq.), authorizes the Grain Inspection, Packers and Stockyards Administration to establish official marketing standards (not health and safety standards) for grains and oilseeds, and requires that exported grains and oilseeds be officially weighed and inspected.
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If the market price rose higher, the farmer could pay off the loan by selling the crop for a profit. If the market price dropped below the fixed loan price, the farmer would give the harvested crop to the CCC. That would cancel the debt and leave the CCC with a storage issue. In effect CCC set a minimum price for crops such as corn, cotton and ...
The Grain Futures Act (ch. 369, 42 Stat. 998, 7 U.S.C. § 1) is a United States federal law enacted September 21, 1922 involving the regulation of trading in certain commodity futures, and causing the establishment of the Grain Futures Administration, a predecessor organization to the Commodity Futures Trading Commission.
Simply put, this act was a temporary continuation of the Lever [Food] Act of 1917. The Wheat Price Guarantee Act would officially expire on June 1, 1920. After this, most farmers fell into debt and this laid some of the roots that would lead to the Great Depression in the 1930s. Unlike the rest of the country, farmers felt the effects of the ...
The Federal Farm Loan Act of 1916 (Pub. L. 64–158, 39 Stat. 360, enacted July 17, 1916) was a United States federal law aimed at increasing credit to rural family farmers. [ 1 ] [ 2 ] It did so by creating a federal farm loan board, twelve regional farm loan banks and tens of farm loan associations.
The Sioux City Grain Exchange (SCGX) was a cash commodity market in Sioux City, Iowa that primarily traded corn, wheat, oat, and soybean. It was established in 1907 as the Sioux City Board of Trade, named the "fastest growing grain market in the world" in 1929, [1] and among the largest exchanges in the world by the 1970s; transacting over 100 million bushels annually (valued at $1 billion as ...