When the Department of Agriculture two months ago published its estimates of a huge 1938 winter wheat crop, longs in the wheat market saw they were in for a lacing. Private estimates have been even larger: 800,000,000 bu., second largest winter crop in U. S. history (largest was in 1931). Spring wheat will bring the year's total well above a billion. Last week wheat prices on the Chicago Board of Trade hit new lows since 1933. At the end of the week May wheat had fallen 10¢ to 69¢ a bu.
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