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...According to the Federal Farm Board, Russia produces wheat at 30¢ per bu. The U. S. tariff would run the delivered price up to 72¢ per bu., exclusive of freight charges. The Soviet sales were reported at about 95¢ per bu. for May delivery. Delivery would be easily possible if Russia, as has been charged, were ready to take a loss to "dump...
...Hedging is a market process of equalizing profit-&-loss. A grain dealer buys 100 bu. of spot wheat at 800 per bu., simultaneously sells it for future delivery two months hence, say, at 860. The 60 differential theoretically covers the handling and carrying charge during that period. If at delivery time spot wheat has fallen to 75¢, he is guarded against loss by his contract. Likewise if wheat rose in the interval he would not thereby profit on his contract...
...Wheat Crop estimate rose from 821,000,000 bu. on Aug. 1 to 838,000,000 bu. on Sept. 1. Last year's harvest of 806,000,000 bu. was productive of this year's price depressing surplus...
...Corn Crop, estimated at 2,800,000,000 bu. on July 1, 2,120,000,000 bu. Aug. 1, had declined to 1,983,000,000 bu. on Sept. 1 as a result of the Drought. This harvest would be the smallest in 29 years. Two months of rainlessness had withered 29% or 817,000,000 bu. of the corn crop, a cash loss of about $775,000,000. The 1930 crop appeared to be 24% less than that...
Corn. Five-year average U. S. corn production: 2,700,000,000 bu. For July 1 the Department of Agriculture estimated the U. S. crop at 2,800,000,000 bu. A month later the drought had reduced this estimate to 2,200,000,000 bu. This week the Department prepared to issue its Sept. 1 estimates. Private estimators figured that the crop will then show about 1,950,000,000 bu. Declared Secretary Hyde last week: "As prospects have declined markedly since Aug. 1, the total deficit at this time (Sept. 1) is no doubt considerably larger." Secretary Hyde...