Weather, on an international scale, has been an important determinant of feed and food grain prices in the 1970s. In 1972, adverse weather occurred in the USSR, Asia and Africa and world grain stocks declined to 10 percent of annual consumption by the end of the year.· Consequently, feed and food grain prices rose sharply. In 1974, drouth of major proportions struck the United States from the Rockies to the Appalachians, parts of Europe, the USSR, India, and Africa. A major drouth occurred again in 1975 in the USSR.