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1534853
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1975/10/20 - Economic Policy Board
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1534853
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1975/10/20 - Economic Policy Board
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James M. Cannon Files (Ford Administration)
James Cannon's Meetings Files
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1975-10-31
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1975
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1975-10-01
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The original documents are located in Box 52, folder "1975/10/20 - Economic Policy Board"
of the James M. Cannon Files at the Gerald R. Ford Presidential Library.
Copyright Notice
The copyright law of the United States (Title 17, United States Code) governs the making of
photocopies or other reproductions of copyrighted material. Gerald Ford donated to the United
States of America his copyrights in all of his unpublished writings in National Archives collections.
Works prepared by U.S. Government employees as part of their official duties are in the public
domain. The copyrights to materials written by other individuals or organizations are presumed to
remain with them. If you think any of the information displayed in the PDF is subject to a valid
copyright claim, please contact the Gerald R. Ford Presidential Library.
Digitized from Box 52 of the James M. Cannon Files at the Gerald R. Ford Presidential Library
ECONOMIC POLICY BOARD
EXECUTIVE COMMITTEE MEETING
AGENDA
8:30 a.m.
Roosevelt Room
October 20, 1975
1. Food Deputies Report
MacAvoy
2. Status Report on Regulatory Initiatives
MacAvoy
3. Definition of Full Employment
Malkiel
October 17, 1975
ECONOMIC POLICY BOARD
EXECUTIVE COMMITTEE
Proposed Agenda
Monday, October 20, 1975
1. Food Deputies Report
MacAvoy
2. Status Report on Regulatory Initiatives
MacAvoy
3. Definition of Full Employment
Malkiel
Tuesday, October 21, 1975
No Executive Committee Meeting
Republican Leadership Meeting
Wednesday, October 22, 1975
No Executive Committee Meeting
Bipartisan Leadership Meeting
Thursday, October 23, 1975
1. Future Role for EPB/NSC Commodity Task
Parsky
Force
2. Troika Forecast
Malkiel
Friday, October 24, 1975
1. Report of CIEP Committee on Multinational
Corporations: Codes of Conduct for Multi-
national Corporations
2. Implementation of GSP and the Strengthen-
ing of the President's Expropriation
Policy
THE WHITE HOUSE
WASHINGTON
October 18, 1975
TO EPB EXECUTIVE COMMITTEE MEMBERS
The attached paper (s) will be discussed
at the Monday, October 20 Executive
Committee meeting.
COUNCIL OF ECONOMIC ADVISERS
WASHINGTON
ALAN GREENSPAN, CHAIRMAN
PAUL W. MACAVOY
BURTON G. MALKIEL
October 17, 1975
MEMORANDUM FOR: EPB - EXECUTIVE COMMITTEE
FROM:
Paul W. MacAvoy
SUBJECT:
Food Deputies Report No. 31
1. USDA Supply and Demand Estimates after October
Crop Report.
There were only minor changes in the October
forecast of 1975-76 crop production, so that
the projected supply-demand situation remains
essentially as it was in September. The feed
grain production estimate is up 1.1 million
metric tons to 183.6 million tons. The domestic
demands and the world supply-demand situation
remain essentially unchanged from the September
estimates. Virtually the entire feed grain pro-
duction increase is projected to be added to
carryover stocks into 1976-77. This would put
U.S. ending stocks for 1975-76 at 19.9 million
metric tons, up 64 percent from this year's
inventory levels.
Soybean production is estimated to be up 0.8
million metric tons from the September forecast
to 40.1 million tons. However, estimated
beginning stocks have been reduced by an equal
amount, so that total supply of soybeans remains
unchanged at 45.2 million tons. This is 18
percent greater than last year.
2. Export Monitoring
Reported export commitments for 1975-76 remain
above 1974-75 for wheat but well below 1974-75
for corn and soybeans. Export commitments for
all three crops are well below those at this
REVOLUTION
time of year in 1973-74. The figures are
compared with total exports for 1973-74 and
AMERICAN
BICENTENNIAL
1974-75 and projected total exports for 1975-76
1776-1976
-2-
in Table 1. The level of commitments relative
to exports was higher in 1973-74
Table 1
U.S. Exports of Wheat, Corn, and Soybeans
(millions of metric tons)
1973-74
1974-75
1975-76
Total reported export
commitments as of end
of September
87.0
62.2
41.1
Total exports
77.5
68.8*
81.8*
USDA estimate.
and 1974-75 because of special circumstances -- the
embargo in 1973 and the short crop in 1974. In both
years potential importers were anxious to line up
grain supplies early because of uncertainty about
actually getting the quantities desired. This yeár,
with record-large U.S. supplies, the incentives to
make early commitments are not so strong. The USDA
projection for 1975-76 total exports is not tied to
progress in export commitments. It is derived from
estimates of the world supply-demand situation in
grains.
3.
World Grain Situation
The USDA projects 1975-76 production of both wheat
and feed grains to increase by about 30 million
metric tons (3 percent) over 1974-75. However,
the projected increase is entirely attributable to
larger crops in the United States. Foreign pro-
duction is expected to decline from 722 million
metric tons of wheat and feed grains in 1974-75
to 710 million tons in 1975-76. This reduction
incorporates an 18 million ton decrease in Soviet
grain production.
-3-
Projected ending stocks of grain (excluding rice)
are 100 million metric tons for both 1974-75 and
1975-76. However, the unchanged world total
consists of a projected 11 million ton increase
in stocks in the United States and an 11 million
ton decrease in the rest of the world.
One factor which will make the world grain situation
less tighter than the 1975-76 grain production
estimates indicate is the upcoming rice crop. World
rice production is forecast to be a record-large
341 million metric tons in 1975-76, up 4 percent
from 1974-75. This level of output would allow
some build-up of world rice stocks and could weaken
import demand for grain, especially in Southeast
Asia.