COMMODITIES: Surplus & Scarcity

In Chicago last week, the price of cash corn suddenly tumbled nearly 14¢ a bushel. One reason: private estimates had put the record 1948 crop at 3,540,602,000 bushels, 34 million bushels greater than the Department of Agriculture's latest forecast.

Future prices quoted on the new crop were now some 20¢ below the anticipated Government support level of $1.60 a bushel at Chicago. But farmers could not get loans on their corn from the Government at support levels until they got their crop into storage—and there was not enough room to store it. Traders guessed that as many as 500 million...

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