7176

Acknowledgment---

Letter of submittal___.

WHEAT PRICES FOR THE 1920 CROP.

Sec. 1. Origin of inquiry-

Sec. 2. The supply of wheat..

Table 1. Production of wheat in the United States and Can-

ada, annual averages by five-year periods, 1900-1919, and

crops of individual years 1915-1920___

Table 2. Production estimates and forecasts for wheat in

1920, with ratios to the June 1 estimates in 1920 and in

prior years

Sec. 3. Exports

Table 3. World's exports of wheat, and United States wheat

crop and exports-yearly averages for five-year periods,

ending July 31, 1905, 1910, 1915, and 1920, and individual

years from 1916 to 1921___

Sec. 4. Character of foreign buying----

Table 4. Distribution of wheat-and-flour exports by months

within the crop years 1913-14 to 1919-20-

Table 5. Rate of foreign exchange as between American and

British money (sterling cables), April-October, 1920-.

Table 6. Wheat and flour imported from Canada, by months,

1913-1920.

Sec. 5. Canadian wheat

Sec. 6. Changing general price levels--

Table 7. Index numbers of wholesale prices by groups of

commodities, October, 1918, high and low months of 1919

and 1920 to date, and September and October, 1920_

Table 8. Average wholesale prices of important commodi-

ties, October, 1918, high and low months of 1919 and 1920

to date, September and October, 1920-

Diagram 1. High and low prices and October, 1920, prices

compared with October, 1918, prices as a base, for wheat

and for 32 other commodities__

-facing

22232

34

36

Sec. 7. Price of wheat during 1920----

37

Table 9. Weekly average prices of cash grain and futures for

specified grains at Chicago in 1920.

37

Diagram 2. Prices, cash and futures, of wheat, rye, corn and

oats at Chicago, weekly averages from January 5, 1920

Diagram 3. Per cent index curves (April base) for prices of

grain and industrial stocks_

facing

44

Sec. 8. The demand for flour____.

44

Table 10. Domestic and foreign distribution of flour, first

quarter, 1918-1920, and years 1918-19, and 1919-20_

44

Sec. 9. Mill feed

Sec. 10. Reopening of wheat futures and volume of trading_

Sec. 11. Hedging in wheat futures_.

Table 11. Weekly average spread between cash and future

prices (cash premiums) for wheat, corn, and oats (in cents

per bushel), July-October, 1920-

47

47

52

58

3