The Friday, July 18, meeting with the president was crucial in establishing the context and identifying many of the interests and objectives that would dominate the grain sales issue during the following thirteen weeks. Secretary Butz began the discussion: The market had dropped thirteen cents the day before because the Russian wheat sales were not as large as the market had anticipated, the prospects were good for a bumper U.S. crop, and the grain companies were “cooperating beautifully” in handling export sales. The president then requested a report comparing the most recent sales of grain to the Soviet Union with the 1972 Soviet grain purchases, including such factors as price, quantity, federal subsidies, and the terms of transaction.

The extended discussion revolved around two themes: the executive branch's need to improve the grain-export-monitoring system and the potential for diplomatic leverage offered by the Soviet crop shortfall and the anticipated bumper U.S. crop. The president remarked that he kept reading “rumors” about the amount of Russian sales and that he wanted the EPB and himself notified of all such sales. Secretary Kissinger pressed for, and succeeded in securing, agreement that USDA would not authorize, formally or informally, any additional grain sales to the Soviet Union without EPB review. The president assigned Seidman to make appropriate arrangements for monitoring the sales and ensuring an adequate flow of information.