Word: grained
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Dates: during 1940-1949
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After last fortnight's sharp drop in grain prices, traders last week hoped that prices 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...
...Chicago grain pits, traders had a nervous eye on the calendar. Exactly a year ago, grain prices had tumbled in the worst shakeout in seven years. Last week traders had more than the calendar to make them nervous. The Department of Agriculture announced that it would not put any acreage restrictions on this year's corn crop. With the market already glutted, that seemed to mean another big crop and still lower prices ahead...
Farmers and traders, who had thought that grain prices had hit bottom because they were at Government-support levels, were fooled; the artificial props could not support the weight of the glut. For various reasons, including lack of storage space, farmers had been forced to sell below support levels. Cash corn was down 36? below the support level; September wheat, 19?. Said one trader: "It looks as if the Government may have bitten off more than it can chew...
...year ago, the uneasiness on the grain market quickly spread to the stock market. The Dow-Jones industrial average fell 3.52 points for the week to 175.60, wiping out all the gains since mid-December (at the start of this week it dropped again). The New York Cotton Exchange quivered sympathetically; prices tumbled 95? to $1.30 a bale...
...which had ruled out private traders as buyers and shippers of grain for Europe (TIME, Nov. 29), took another detour around middlemen last week. From now on, it will bypass many commercial bankers, who have been the agents for the distribution of over $1 billion in ECA funds...