Wheat

During earlier months, when wheat reached $1 a bushel and began to climb above that figure, the claim was made that the wheat market was being manipulated by "Wall Street" to elect President Coolidge this fall. But after Mr. Coolidge's overwhelming victory, wheat kept right on upward. It passed $1.50, next it passed $1.75; and predictions now come from Chicago that $2 wheat will again be seen during this winter.

The explanation, of course, lies not in a mythological Wall Street, but in the failure of wheat crops in most other countries this year. The final U. S. Government report states that the crop amounts to 873 million bushels, and the carry-over 102 million more, or 975 million bushels in all. Bread and seed requirements will take 650 million bushels of this; of the remaining 325 million bushels, 200 million have already been exported, and only 125 million remain in this country for export and carry-over until about July 1, 1925.

Moreover, there are in the whole world only about 415 million bushels of wheat available for export, while requirements are estimated at 350 million bushels. Thus the carry-over from this year's crop should be small when the next crop is planted; and prices are expected in consequence to remain high.