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When the Department of Agriculture two months ago published its estimates of a huge 1938 winter wheat crop, longs in the wheat market saw they were in for a lacing. Private estimates have been even larger: 800,000,000 bu., second largest winter crop in U. S. history (largest was in 1931). Spring wheat will bring the year's total well above a billion. Last week wheat prices on the Chicago Board of Trade hit new lows since 1933. At the end of the week May wheat had fallen 10? to 69? a bu...
...Italian peasants had finally increased their wheat yield in 15 years from an average of under ten quintals (36.7 bu.) per hectare (2.47 acres) to somewhat over 16. Thus, without much increasing Italy's total wheat acreage, which was impossible, total yearly production was increased from 45 million quintals to 80 million. Since the Italian people continue to eat about 75 million quintals, this meant that Premier Mussolini had won the "battle of the grain" (TIME, Oct. 24, 1927), made Italy-self-sufficient in wheat for the first time in modern history...
...limits to speculative activity in grain is a mysterious "gentlemen's agreement" said to have been reached in 1926 by a Kansas city grain merchant named Lonsdale and the then Secretary of Agriculture, William M. Jardine. This limits the speculative interest in the Pit to 5,000,000 bu. per speculator in any one future. CEA has long brewed cutting this to 2,000,000, but has not done so in the face of bitter opposition from the Board of Trade...
Last July Cargill and Farmers National had a brisk little fight between themselves. Cargill then held the long interest in corn and Farmers the short, but at the last minute Farmers dumped 500,000 bu. of previously invisible corn on the market, gave Cargill a real trimming as the price fell 27?. Last September Cargill got even. With only a small carryover from the previous year, corn was scarce anyway and Cargill bought almost twice as much (6,000,000 bu.) as there was available for delivery that month. There followed a mad forage for corn by shorts, of whom...
...week almost the exact reverse of this situation became evident. U. S. commodity prices were almost all at the year's cheapest and the Dow-Jones commodity index declined 3.26 to 52.60, a new low since 1935. Cotton was down to 7.70? per lb., wheat to 86? per bu., copper to 9.06? per lb., lead to 4.67?per lb., rubber to 14? per lb. Though no informed businessman, economist or politician in the U. S. gave credence to the notion, Europeans of high & low station suddenly became convinced that the recent U. S. efforts to stimulate business would shortly...