One day last week the price of wheat hit a 30-year high of $3.05 a bushel at Chicago. Then it began to drop. It plummeted 34½¢ from the high in two days in its biggest drop since the fall of France.

But there, at $2.70½, it stopped. The break was painful to many traders, but not disastrous. In fact, by scaring hundreds of speculators out of the market, it might well forestall the disastrous fall that everyone had thought wheat was headed for.

Speculation, encouraged by heavy Government buying for export, was largely responsible for $3 wheat in the first place. What...

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