Word: bushels
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...search for the devil responsible for soaring food prices, the hunt turned last week to Chicago's grain pits. As corn for future delivery rose to $2.63¼ a bushel, an alltime high, and wheat soared to $2.87, Vermont's Senator Ralph E. Flanders, ex-president of Boston's Federal Reserve Bank, thought he had spotted the devil. It was Speculation. "The situation today in the commodity markets is comparable to that in the stockmarket in 1929," said he, "and it could have the same disastrous results." He demanded that trading on margin be eliminated and that...
...Chicago Board of Trade is not under federal regulation of its margin requirements. But it was jittery; attacks like Flanders' might bring regulation. Shortly after Flanders' statement, grain prices had their sharpest break in days; wheat fell 10 to 12? a bushel. As the session ended, the Board's directors, who increased margins the week before, voluntarily upped them again, from 35? to 45? a bushel for corn and wheat. That brought the margin to about 17%. But at week's end, grain prices crept back up again. Plainly, speculation was not the only devil...
...pickpockets, Gus acquires money and mistresses. He sells the pickpocket privilege in the show, trims his partner, boosts his own name into stud-horse type. "When business was high the money rolled in so fast there was no time to sort it, so [it was] shoved into a bushel basket. . . . Gus enjoyed picking up the basket and feasting his gaze on that green currency. Sometimes he plunged his hands deep into the basket, like a bear pawing wild honey...
...changed abruptly into doubt. For the second successive week, the commodity futures market, which had been quiet or sagging during May and June, boiled up with an ominous hiss. Wheat futures rose the permissible limit of 10? a day. July corn jumped to an alltime high of $2.21 a bushel. Within two days, sharp rises in eleven major commodities forced the Dow-Jones commodity futures index up 4.07 points to 146.37. It was the highest since the index was first compiled in 1933 and 9.82 points above the previous high this spring...
...many places as much as half the wheat crop was being dumped on the ground for lack of storage bins and boxcars. Thus, when the Department of Agriculture, in a rush to fill its foreign commitments, raised its buying price on wheat by 13½? a bushel, wheat markets too went soaring...