Word: bu
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Dates: during 1930-1939
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Corn, a humble U. S. crop that usually stays on the farm to feed hogs, cattle and chickens, had its day last week. What had been expected to be one of the greatest corn yields in history had shriveled under Drought, as of Aug. 1, to 1,439,000.000 bu...
...more feed than they had grown. Husking bees had been postponed for want of ears to husk. And in the Chicago grain pit, traders suddenly realized that outstanding sales of corn for September delivery were double the supply in terminal grain elevators. Suddenly corn bounced up 3⅞? per bu., nearly the full 4? limit allowed by the Chicago Board of Trade...
...great corn states of Iowa and Illinois, the temperature rose to 115° and in the grain pit corn kept pace, next day mounting a full 4? to $1.16 a bu. This put democratic corn ahead of aristocratic wheat ($1.14 a bushel) for the first time in six years. Next day September-delivery corn rose 3!^ to $1.igf, a price unequaled since the great days when War-starved Europe bought all the U. S. grain it could get. and cash corn sold up to $2.17 per bu...
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...