Word: bu
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...Port Arthur it was just an ordinary busy morning. The big, bulging grain elevators (capacity: more than 50,000,000 bu.) were hiring anyone who could and would wield a shovel. More grain ships than ever before were being loaded at the great Lake Superior port...
...their brokers, Daniel F. Rice & Co., began buying rye futures, i.e., promises of delivery of rye at a future date. General Foods, which ordinarily uses little rye, had a plan to use it in place of corn syrup. By May 1944 General Foods and Rice controlled 11.8 million bu.-almost 89% of the deliverable rye. Other speculators soon realized that a corner was in the making, and they waded into the market with big chunks of cash. The rye pit seethed with all of the excitement of the old days (see cut). Result: the price of rye soared...
...House and demanded a Congressional investigation of rye. What he wanted to know: why did Commodity Credit Corp. help maintain the corner in rye by purchasing between four and five million bushels of rye last March for export at prices ranging from $1.18½ to $1.29 a bu.? At the time, Argentine rye was available at 64? a bu...
...June forecast was very good, if not quite so good as it looked: a wheat crop of 1,084,652,000 bu. (the largest ever); crops of oats, hay, some, fruits, and potatoes all promise to be well above average. The joker in all this is freakish weather. Part of Texas has had a record drought, part of Oklahoma has had too much rain and part too little. And many states have good prospects provided the freakish weather does not continue much longer, something that is highly problematical this year, as always...
Argentina. This year's estimated wheat crop of 156.000,000 bu. is about 60% of last year's; the 76,000,000-bu. corn crop is 22%. Other grains are hard hit, but because of considerable carry-overs Argentina will probably need no imports, although her exports will be drastically reduced. The most serious blow to the world is the loss of almost half of Argentina's linseed oil production...