Word: bushels
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...might steady. Instead, the biggest sinking spell in a year hit the Chicago grain pits at midweek. In one day, all grain futures tumbled their legal limits. In the cash markets, corn hit its lowest price since April 1945 (at Chicago, No. 2 yellow corn dropped from $1.27 a bushel to $1.17). Oats and rye also broke through the levels of OPA days...
Traders swarmed into the corn-futures pit waving orders to sell. The selling deluge quickly spread to wheat, oats and rye. Prices tumbled. By week's end, cash corn had dropped 16? to $1.23 a bushel, lowest price in three years. May wheat, worth $3.06 before the 1948 break, slipped down to $2.17, and September futures dropped...
...crib of Nelson Roth, east of Pekin, was sealed today [with] Seal No. 0-48-5 of the Secretary of Agriculture of the U.S. . . . Sealed in this farm crib are 5,400 bushels of 1948 corn on which the Government has loaned $1.42 a bushel. If this corn had had to be sold when cribbed, it would have brought $1.25. Thus Mr. Roth is $918 ahead by sealing it. If the price goes above $1.42 before Sept. i, 1949, Farmer Roth can sell it and pay his loan. If the price remains below $1.42, Roth will simply deliver the corn...
...case any farmers missed the point, Harry Truman blamed the G.O.P. directly when the price of Illinois corn dropped from $2.29 to 96? a bushel in September. Ahead of and behind the President, Agriculture Secretary Charles Brannan also roamed the Midwest, hammering home the same argument. Candidate Dewey, on the other hand, failed to give any specific assurances on the future of price supports. Besides, many farmers just liked the prosperity they had gained in Democratic years...
...other hand, commodity futures markets, which had been sagging for weeks, went up. Cotton jumped $3.85 a bale, wheat as much as 4¼? a bushel, and butter, eggs, etc. all made sizable gains in the expectation that the Democratic victory meant a continuation, perhaps for years, of high support levels for crops...