COMMODITIES: Growing Surplus

In Chicago's noisy wheat pit last week, nervous traders began a deluge of selling in wheat futures. As U.S. farmers got ready to vote on wheat marketing quotas, the traders were hedging the possibility that controls would be voted down, thus automatically cutting Government price supports for wheat nearly in half. In the hectic trading, September futures fell to $1.75 a bu., the lowest price in six years and 60¢ below the price a year ago. The fears about the voting were unjustified (see NATIONAL AFFAIRS, and September futures soon rebounded to $1.88 as flour mills made big buys...

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