Word: bushels
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...Board's first problem was wheat. Here Nature had already started helping the Hoover administration. Last week the Department of Agriculture announced crop estimates. Forecast was a wheat harvest of 834,000,000 bushels (1928: 902,000,000 bu.; 1927: 878,000,000 bu.). Great had been the crop shrinkage since the spring estimates. Reason: Hot winds, drought, severe insect damage. Bad weather conditions in Canada and improved world demand brightened the outlook. The Chicago wheat pit reflected these conditions. Prices, on the rise for the last month, went higher. July deliveries touched $1.29 per bushel, a 35 cent advance...
Last week U. S. granaries grew greater and greater with stored wheat. U. S. wheat markets went through heavy liquidation. U. S. wheat dropped below 95? per bushel, lowest price since 1923, and as low as the lowest low since the War. In recent years dollar wheat has been an ebbtide mark, a symptom of a demoralized market, a text for sermons on overproduction and the farmer. But last week dollar wheat would have been good news: 90? wheat seemed to be the new low level for which crop prices were heading...
Chief factor in the sudden change was information from Washington that the Government would apply $100,000,000 of its revolving fund to help out the wheat market. As wheat closed last week at 98, and as it costs about $1.23 to raise a bushel, it was difficult to see how much lasting good $100,000,000 would do in an 880 million bushel crop. Traders, however, did not pause to work out the economics of the situation. The fact that help was coming was sufficient. Furthermore, the market had been oversold, and prices forced below their natural level were...
...farm commodities. He raised: 1) Milk from 2½ cents to 3¾ cents per gallon (the new bill-5 cents per gallon); 2) Cream from 20 cents to 30 cents per gallon (the new bill-48 cents per gallon); 3) Flaxseed from 40 cents to 56 cents per bushel (the new bill-56 cents per bushel). At the same time, not for the benefit of the farmer, President Hoover made increases in the duty on window glass varying from ⅝ cent to 1½ cents per pound...
...believe that the retail buyer would not see much change in his meat and grocery bills. Operations between producer and consumer by the much-maligned Middle-Man would, experts explained, serve as a buffer between farm prices and store prices. Illustration: The corn duty raise of 10¢ per bushel would affect corn products (flakes, syrup, oil, etc.) by only a fraction of ordinary market fluctuations in corn, which sometimes are as much as 50¢ per bushel in a season without altering retail prices...