Excerpts: "The time is here when price research can begin to put the farmers of the land approximately on a level with the trade in understanding the market, and when in consequence the fluctuations in prices and production can begin to be reduced.” This is the statement with which last year I closed a discussion of Dr. J. D. Black's paper on Research in Prices of Farm Products, and it is my text for today. In the past few years great progress has been made in price analysis. Much of the work is still in the experimental stage but many of the results already obtained are obviously capable of practical use in planning the production and marketing of farm products. Planning for the most profitable product to be marketed so as to secure the greatest possible returns requires forecasting prices and price changes for at least one season ahead. I shall confine my discussion of price analysis today to a consideration of price analysis as a basis for forecasting prices.