WASHINGTON (May. 11)
The United States Department of Agriculture today announced an agreement between America and Israel providing for the sale of $25, 900, 000 worth of agricultural commodities by U.S. suppliers to Israel under the “Food for Peace” program. Payment will be made in Israel pounds. Sales under the agreement will be negotiated by private U.S, traders subject to the requirements of the program.
The new undertaking provides that 20 percent of Israeli pounds received in payment will be set aside for loans to American and Israeli private business firms by the Export-Import Bank of Washington, A U.S. Government agency. Part of the new agreement is under Title 1 of Public Law 480.
The usual waiting period for contracting or delivery was waived because of the urgent need for feed grains in Israel. Shipments may be made for two items authorized between May 11 and June 3. The two items already authorized by the Department under the new agreement were $1.1 million worth of yellow corn, 22, 000 metric tons, and $880, 000 worth of yellow grain sorghums, 22, 000 metric tons.
The entire agreement will include the following commodities: wheat or wheat flour, 4. 4 million bushels, worth $7.4 million; feed grains, 5.9 million bushels, $7.5 million; cotton seed and/or soybean oil, 41. 9 million lbs., worth $6. 7 million; non-fat dry milk, 88 million lbs., worth $700, 000; rice, 132, 000 hundredweight, worth $700, 000, tobacco, 265, 000 lbs, worth $200, 000; and ocean transportation costs totaling $2. 7 million.