time, some decline might be expected in the price of beans during 

 October and November, If such a decline should talte place and the 

 beans go as low as }l,50 a bushel at Chicago, a substantial seasonal • 

 rise could be expected, reaching as much as $2 a bushel next May. 

 However, if farmers withhold their beans from market this fall, that 

 would tend to maintain a reasonably high price early in the crop year, 

 but would also tend .to prevent the usual seasonal rise. Under these 

 circumstances the price of soybeans would not be as high next May as 

 might be anticipated. 



This estimate of $1.75 a bushel provides for some .slight 



A. 



increase in domestic dem£uid,'but does not provide for any very large 

 export of soybean products. Such exports would tend to strengthen the 

 price. It is not believed that price fixing by the government would 

 directly or indirectly reduce the price below the estimate. During 

 the past week, soybeans lost about 5 cents a bushel and recovered 

 practically all of the loss, A minor upward swing seems to be under- 

 way, but it is doubtful if it will approach the high point reached 

 September 12 before it goes to still lower levels. 



Other pyains . All the other grains— wheat , corn, oats, rye 

 and barley-— declined during the week and recovered slightly within the 

 past few days. This is a normal correction from the rapid rise 

 that took place. The wheat situation is practically unchanged. The 

 lease-lend activities do not call for any shipments of wheat to 

 England, and we have more than enough in the United States. Under the 

 circumstances, wheat prices will probably rise and fall as speculative 

 enthusiasm and the general price level change from week to week. 



The insistence by the Department of Agriculture upon greatly 

 increased production of foodstuffs for export and for domestic 



