Word: bushell
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...trade-and especially the speculators whom Anderson's boss, President Truman, likes to thump-did not need much study to know what the program meant. When the Chicago market opened next day, May wheat promptly jumped the permissible daily limit of 10? a bushel, with other futures not far behind. The rise in wheat pulled up corn, oats, soybeans and lard. By week's end, profit-taking by traders had reduced some of the gains. But Anderson held out hope for another rise. The Government, he hinted cheerily, might resume wheat-buying fairly soon...
...tons of bread grains, mainly from Argentina. This figure was based on the hope that Argentina would stop charging $5 a bushel for wheat. In a special press conference last week, President Peron himself threw down any such hope. Argentina had to have such a price, he explained, because half its wheat went as a gift to countries (e.g., France, Italy and Spain) that cannot pay. Argentina's net return was thus more like half the $5 price...
Next morning the panicky selling spread to other grains, drove both wheat and corn futures down their full permissible limits (10? a bushel for wheat, 8? for corn) for the day. In New York City the stockmarket, alarmed by the tumble in grains, had its worst break since last April...
...noon, the closing gong ended the worst week the pits had seen in seven years. Cash wheat had fallen 41⅝? a bushel to $2.46½. Cash corn was down 49¾? to $2.13. In sympathetic spasms, almost every other commodity had tumbled with them. The stockmarket had steadied by week's end, but before it leveled off, the Dow-Jones industrial average had dropped 6.24 points to 168.81, lowest since June...
...bushel, cash wheat was 24? below its high mark of last November. What had brought on the break? Government buying had slackened; the Government had almost all it needed for export under present goals. The winter wheat crop looked good, as deep snows had given it both protection and adequate moisture. And livestock feeders had begun to balk at paying $3 and up for corn, so more grain was going to market and less into hogs & cattle...