Word: wheat
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Dates: during 1930-1939
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...Wheat...
Kansas farmers, in the midst of harvesting a record-breaking crop of 200,000,000 bu. of wheat last week, were getting 25? per bu. cash for their product. On the Chicago Board of Trade July futures dipped to 50¼?, the lowest figure since the exchange first opened in April 1848.* Around Hutchinson, Kans. the country was dotted with great mounds of wheat-10,000 bu. to the pile-which had been dumped out of doors for lack of elevator space. At Bucklin, one Forrest Kennett got his name in the papers by scorning a 27? per bu. offer...
...Department of Agriculture last week dismally announced: "The present prospects point to another year of very low prices. No bumper crop is expected for the world as a whole but the very, large stocks remaining in North America, Argentina and Australia promise a plentiful world supply. . . . The total wheat crop of the U. S. is likely to be one of the largest of recent years and to provide a large surplus over domestic requirements...
...President's words created a temporary political pother. There was talk of legislation to outlaw short selling, altogether. Short-sellers were anonymously but importantly condemned as "hyenas" and "crocodiles." Somebody told the President that shorts were prepared to hammer wheat prices down...
...grain trade proper, the President's statement brought forth only flat denials. The heads of the Chicago Board of Trade and the Minneapolis Chamber of Commerce asserted their records showed no excessive short trading. Wheat traders attributed low prices to these three factors: 1) the 200,000,000 bu. the Farm Board was still holding over the market; 2) this year's bumper crop, with its conse quent surplus, as reported by the Department of Agriculture; 3) reduced wheat consumption throughout the world because of hard times. Oldtime traders compared the President's outburst to the Secretary...