Wheat futures last week tumbled to 62¢ a bu., lowest since 1933 and 13¢ below the wheat loan figure (at Chicago) set last month by Secretary of Agriculture Henry A. Wallace. Corn futures also hit the skids, dropping below 50¢ a bu. for the first time in four years. However, the Department of Agriculture's official estimate of a 2,566,221,000 bu. 1938 corn crop meant that the harvest (plus the carryover) will be 27,000,000 bu. short of an "excessive supply"; hence there will be no referendum to give farmers an opportunity to get marketing quotas imposed. Third item last week...
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