CONTINUING ATTENTION is being given to possible international arrangements in the Temperate Zone for grain-livestock trade. Such arrangements may be more meaningfully derived if a knowledge of past and present pricing arrangements is available. This article reports an attempt to formulate a conceptual framework useful in exploring past feed grain price behavior and for suggesting important variables, structural and behavioral, likely to affect future price movements. 2 Not surprisingly, the United States emerges as the dominant pricing factor in the world market.