Word: cea
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Dates: during 1950-1959
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...million more than during 1955's first three months. Compared with the second quarter a year ago, the gain was more surprising; profits were up $4.4 billion over the spring of 1954, when business was in a slight slump. If earnings continue at the present annual rate, said CEA, they will be the second biggest on record, topped only by the $22.1 billion made during the 1950 Korean war boom...
This year Maine potato prices rose in April as a result of a damaging frost in the southern potato fields, hit a peak of $5.15 per 100 lbs. CEA suspects that speculators then sold short heavily in Maine futures, counting on a sharp price drop later on, which would enable them to deliver their contracts at a heavy profit. Furthermore, the traders had counted on delivering minimum-size 2-in. potatoes in the standard 100-1b. bags used by the exchange. But this year Maine's farmers got the Agriculture Department to allow only 2¼-in. potatoes...
...spot and future soybean market. According to the Commodity Exchange Authority, he bought up 94% of the deliverable stocks of soybeans in Chicago, then tried to drive the price up by shipping beans out of the Midwest and circulating phony market rumors of a shortage. For a while, says CEA, the scheme worked: prices rose by as much as $1 a bushel, to $4.08. But then, as the new crop started coming in, the price of soybeans cracked to $2.50 a bushel. Meanwhile. Butler was losing heavily in the declining coffee market...
...CEA charged that Cargill drove down the price of oats to its profit in 1951 and 1952, thus interfered with the Government's price-support program...
What Cargill did was to go "short" on oats futures, i.e., sell oats for future delivery in the expectation that prices would drop. At one time, said CEA, Cargill was short as much as 31.5 million bushels (24% of the 1951 crop), though regulations permit maximum contracts of only 3,000,000 bushels. At the same time, Cargill Grain Col, Ltd., a wholly owned Canadian subsidiary, was buying oats futures on the Winnipeg Grain Exchange and contracting to sell the oats to the parent company in the U.S. Cargill, charged CEA, falsified its books by listing these contracts as cash...