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Alarmed by the corn flurry, the Chicago Board of Trade Clearing House last week raised trading firms' margins from 3? to 4?; a bu., equalling the margins for wheat, oats and barley, and the Board of Trade required non-members to put up double the Clearing House margin requirements...
This made the official requirement 8? instead of 4½?, but grain houses were already asking from 8? to 10? margin per bu...
...bu., corn was far above the world price. Promptly toward...
sailed part of Argentina's estimated exportable surplus of 246,000,000 bu. including Argentine corn that had already reached Rotterdam. At Buenos Aires corn cost only 54? Thus shippers could pay the 25?U. S. tariff and still have a 51? margin for shipping cost and profit. Last week some 20,000,000 bu. of Argentine corn were already bound for the U. S. Most of it will not reach Chicago before mid-September...
Forty-six years ago, bearing out Scientist Abbot's theory, the U. S. corn crop was a measly 1,650,000,000 bu...