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...these jubilant words a Minnesota farmer greeted the news early last week that the price of September corn had reached $2.65½ a bu. on Chicago's Board of Trade, a new alltime high. Wheat at $2.80 was also close to a record price. But what he forgot was that prices bid up by speculators must come down-when the speculators get frightened...
Second Guess. Good corn weather in July, said the Department of Agriculture, had caused it to increase its estimate of the corn crop to 2,770,930,000 bu., up 158 million bu. in two weeks, but still about 500 million bu. below last year's record harvest. But for those who hoped that a better corn crop meant lower meat prices the Department had words of caution: the corn was high in moisture content and low in feed value...
Chain Reaction. But reports of corn were far from good. Cold weather and floods had taken a heavy toll, leaving an estimated yield of only 2.6 billion bu. The crop was still almost up to the 1936-45 average, but it was down 21% from last year. Good weather, said the report optimistically, might brighten the corn picture considerably. But corn users, not willing to take that chance, started to buy heavily...
...ease the pressure on prices, the Department of Agriculture canceled a July-August allocation of 6,740,000 bu. of corn for export and decided to substitute wheat, barley and grain sorghums. For all the abundant expectations, the demand for wheat was already being heightened by harvest trouble. Rains had already put the harvest behind schedule. And though there were more combines at work than ever before, Texas, Oklahoma and Kansas were yelling for still more...
Whether all this meant that the U.S. would not get the drop in food and clothing prices which had been expected in the fall, there was some debate. Typical was the argument over meat. The Department of Agriculture feared that corn would be at least 200,000,000 bu. too short-and too expensive-to maintain meat production at present levels. On the other hand, the American Meat Institute saw "no drastic effect on meat supplies or prices." Nevertheless, top grade beef in Chicago rose to $30.50 a cwt., highest since last January. Not till all the crops were...