COMMODITIES: Busy Week in Wheat

In a flurry of selling in the Chicago Board of Trade's grain pits last week, July wheat dropped about 4¢ to $1.97¾ a bu., lowest price in more than three years. At the start of this week it dropped another 10 cents a bushel. Chief reason: the Agriculture Department had raised its final estimate of the 1953 wheat crop to 1,132,500,000 bu., almost 100 million bu. higher than the estimate made a month earlier. This was more than enough to offset the week's more encouraging news, i.e., President Eisenhower's request that the U.S. send Pakistan 1,000,000 tons of wheat.

A bumper...

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