Word: bu
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Dates: during 1940-1949
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Since few U.S. farmers can grow wheat cheaply enough to compete with Canadian and Argentine wheat, the Wickard plan might reduce U.S. wheat production to 800 million bu. a year v. the 1.1 billion bu. 1944 crop. But the Federal Government would not have to spend millions of dollars, as it did before the war, to bail out farmers by buying up surplus wheat. Day after Wickard spoke, the price of wheat broke 3? a bu...
...flurry in rye trading began in the spring of 1943, when big General Foods Corp. accumulated 8,000,000 bu. of rye futures. General Foods hoped it could use rye as a substitute for scarce corn in one of its grain syrups. It could not, but held on to its rye anyway, as: 1) a hedge against a corn shortage; 2) a hedge against higher prices in other commodities General Foods uses...
...speculators scrambled to tie up most of the remainder of this year's crop (27,000,000 bu.) by buying rye futures (i.e., contracts) to deliver rye in December. Large chunks of refugee cash, looking for a profitable place to light, were also plunked down for rye futures. Wheat and corn speculators, balked by ceilings, crowded in on ceilingless rye. Rye prices started up. In a few months they rose some 30? a bu. Chicago's storage elevators became clogged with rye being held off the market for higher prices. Minneapolis' giant Cargill Grain...
...General Foods began to unload some of its rye. The corn crop turned out to be a whopper, and distillers decided that they might get some of this for whiskey. Furthermore, use of rye in industrial alcohol is no longer compulsory. During November, rye prices slipped 3? a bu...
...speculators were afraid to unload for fear of driving the price down further. As a result, Chicago elevators are still jammed with 9,000,000 bu. of rye and there is no place to store the incoming corn and wheat crops. To try to make room, the Government rationed elevator space. At week's end, speculators holding December rye contracts were scurrying around looking for buyers. The deadline for taking delivery of grain is the last of December, but buyers are scarce. And speculators are painfully aware that when buyers are scarce-and when there is plenty of grain...