Word: ryes
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Said one Chicago grain trader last week, "There's a lot of funny business going on in the rye market...
...Department of Agriculture thought it detected something funny, too. But it was not exactly sure what. So it was suspiciously eying every deal in the busy rye pit of the Chicago Board of Trade...
...flurry in rye trading began in the spring of 1943, when big General Foods Corp. accumulated 8,000,000 bu. of rye futures. General Foods hoped it could use rye as a substitute for scarce corn in one of its grain syrups. It could not, but held on to its rye anyway, as: 1) a hedge against a corn shortage; 2) a hedge against higher prices in other commodities General Foods uses...
...Rye speculators scrambled to tie up most of the remainder of this year's crop (27,000,000 bu.) by buying rye futures (i.e., contracts) to deliver rye in December. Large chunks of refugee cash, looking for a profitable place to light, were also plunked down for rye futures. Wheat and corn speculators, balked by ceilings, crowded in on ceilingless rye. Rye prices started up. In a few months they rose some 30? a bu. Chicago's storage elevators became clogged with rye being held off the market for higher prices. Minneapolis' giant Cargill Grain...
...days 500 businessmen from 52 nations, delegates and hangers-on at the International Business Conference in Rye, N.Y., wined, dined and talked world trade in the Westchester Country Club. Typical of the tangible results: resolutions urging the universal adoption of 1) driving on the right hand side of the street; 2) a uniform measuring system (metric...