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September wheat last week was selling around 88? per bu. (last year's price : 54?) after touching $1.17 in July. Farmers were receiving about a $100.000,000 A. A. A. bonus on their 1933 crop in return for a promise to reduce their 1934 crop by 15%. Last week A. A. A. planned to export to Japan and China 35,000,000 bu. of wheat from the Pacific Northwest, take a $7,000,000 loss by selling it below the domestic price...
...free market, realistic grain traders had withdrawn from the market; with the peg removed traders had gone in again. Contributory cause that certainly helped to steady the market was that, as the peg was removed, Secretary Wallace began to talk of subsidizing the export of 50,000,000 bu. of wheat from the Pacific Northwest, and of raising the wheat processing tax to pay for the subsidy. The Secretary of Agriculture has power to fix processing taxes at an amount equal to the difference between current prices and the average price (88?) for 1909-14. The present...
...long position in grains included 13,000,000 bu. of corn, 16,000,000 bu. of wheat, 18,200,000 bu. of rye. His operations in rye were referred to as virtually a "corner...
...downfall was caused by his love of selling indemnities. He stood ready to sell options on any amounts, in any grains, from 5,000 bu. to 1,000,000 bu...
Ignoring for the time being the stock-market collapse, the Administration lost no time in taking the grain markets in hand. Secretary Wallace learned that one plunger had been caught long of 13,000,000 bu. of corn and some 27,000,000 bu. of other grains, that his brokers would be forced to sell him out as soon as trading was resumed. "An astounding illustration of the result of individual unrestrained speculation as it affects commodity prices," moralized Secretary Wallace. To prevent dumping of these huge holdings on an already demoralized market minimum prices (fixed at Thursday...