Wheat gyrated back into the news last week with the Department of Agriculture's first estimate of the 1932 winter crop. Where 787,000,000 bu. of winter wheat were harvested in the bumper year of 1931, this year's crop was forecast at 458,000,000 bu., a drop of 42%. The Great Plains had had a dry autumn, a dry winter, a dry spring. Planters were abandoning their winter wheat acreage in the face of drought. The economic consequences of last year's overproduction probably had more to do with a reduced yield than the Farm Board's...

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