000142876 001__ 142876
000142876 005__ 20170826231112.0
000142876 037__ $$a1388-2016-116727
000142876 037__ $$a1388-2016-117004
000142876 041__ $$aen_US
000142876 260__ $$c1933-03
000142876 269__ $$a1933-03
000142876 336__ $$aJournal Article
000142876 520__ $$aThe price spread between July and September wheat is
determined primarily by current domestic supplies of all
wheat in the United States, conveniently measurable in terms
of July 1 carryover. Early in the season the spread may show
little relation to the statistical supply position, but by June
the relation normally becomes very close. Given an accurate
appraisal of the domestic supply position, the price spread
in June may usually be predicted with great accuracy.
Substantial disparity between the actual spread in June
and that to be expected from the supply statistics has occurred
in eight years since 1896. In each of these years there was a
peculiar market situation-usually a corner or "squeeze" in
the futures market. Existence of such a disparity gives. prima
facie evidence of abnormal speculative market conditions.
Changes in the spread tend to occur in response to influences
specifically related to the spread, and not in response
to general price influences. The spread-related influences
necessarily affect the price of at least one of the two futures.
Under certain circumstances they affect the price of July
wheat and not the price of September; under other circumstances
they affect September and not July; under still other
circumstances they affect the price of both futures, but July
more than September.
The July-September price spread is subject to conspicuous
and reliably predictable seasonal changes. Most of these
are related to even stronger seasonal tendencies in price of
the July future, which have hitherto been only imperfectly
understood because their character is dependent in part on
factors related to the July-September spread in a way not
previously recognized.
000142876 542__ $$fLicense granted by Linda Eells (lle@umn.edu) on 2013-01-16T21:58:01Z (GMT):

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000142876 650__ $$aAgricultural and Food Policy
000142876 700__ $$aWorking, Holbrook
000142876 773__ $$dMarch 1933$$jVolume 09$$kIssue 6$$o240$$q187$$tWheat Studies
000142876 8564_ $$s3917987$$uhttp://ageconsearch.umn.edu/record/142876/files/wheat-1933-03-09-06.pdf
000142876 887__ $$ahttp://purl.umn.edu/142876
000142876 909CO $$ooai:ageconsearch.umn.edu:142876$$qGLOBAL_SET
000142876 912__ $$nSubmitted by Linda Eells (lle@umn.edu) on 2013-01-16T22:01:55Z
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  Previous issue date: 1933-03
000142876 982__ $$gStanford University>Food Research Institute>Wheat Studies>Volume 09, Issue 06, March 1933
000142876 980__ $$a1388