BULLETIiSr 1083, U. S. DEPAETMEXT OF AGEICULTURE. 



Comparative table of farm and terminal sales of wheat (cumulative data). 

 [Per cent of total year's sales.] 



July 1, 1920, 

 to end of— 



Minneapolis 

 market. 



Kansas City 

 market. 



St. Louis 

 market. 



Chicago 

 market . 



Reported! 



from 



Montana,! 



Minne- 



At 



Reported 



from 

 Kansas, 



At 



Sx |tenninal.:Nebr^^.|terminal 



and 



South 



Dakota. 



Okla- 

 homa. 



Reported] i Reported! 



from »^ from .^ 



^i»°'^'| tergal.: ^^^ jter^nal. 



and 

 nUnois. 



and 

 I Indiana. 



July 



August 



September. . 



October 



November. . 

 December. . . 



1921 



January 



February. . . 



March 



April 



May 



June 



3.0 

 10.5 

 29.1 

 47.2 

 59.7 

 68.1 



73.8 

 78.7 

 83.8 

 86.9 

 92.6 

 100.0 



5.9 

 13.2 

 26.0 

 39.7 

 52.4 

 62.3 



70.2 

 75.3 

 81.3 

 85.2 

 90.8 

 100.0 



15.2 

 26.3 

 35.2 

 42.1 

 47.6 

 54.8 



62.1 

 69.2 

 74.6 



82.2 

 91.5 

 100.0 



9.9 

 20.6 



29.7 

 37.0 

 47.0 

 53.8 



63.2 

 70.5 

 77.8 

 840 

 91.4 

 100.0 



25.5 

 48.4 

 60.7 

 6.5.7 

 69.6 

 72.7 



11.8 

 25.9 

 40.5 

 48.1 

 .54.1 

 59.9 



76.6 

 81.5 

 86.1 

 90.2 

 95.5 



66.5 

 72.9 

 79.7 

 86.2 

 93.2 



100.0 i mo 



25.8 

 49.7 

 61.0 

 66.2 

 69.9 

 72.5 



76.1 

 80.4 

 85.2 

 89.7 

 95.2 

 100.0 



9.3 

 40.6 

 58.9 

 64.3 

 67.6 

 70.8 



73.9 

 77.1 

 84.2 

 88.9 

 94.2 

 100.0 



REVIEW OF TABLES. 



The numbers used in the comparative sales table should be con- 

 sidered as indexes only. The reported cash sales of wheat at Minne- 

 apolis represent about 60 per cent of the total receipts at that market. 

 The "percentage of sales" column for each market represents the 

 distribution of the reported cash sales for the year in cumulative form. 

 The ''percentage of sales" column for each group of States represents 

 in cumulative form the distribution during the year of the combined 

 estimated crop of the States named. A comparison of these tables 

 shows a "lag" in the terminal sales behind the farm sales, especially 

 following the beginning of the new crop movement. A part of this 

 ''lag" is accounted for in the accumulation of wheat at county ele- 

 vators, which is distributed during the subsequent months. In 

 comparing farm and terminal prices the time while in transit must 

 be considered on all shipments. 



The items under the headings, "Difference between average 

 terminal and average farm price," should not be considered as true 

 spreads. 



For example, a car of wheat is purchased by a local dealer at 

 Yuma, Kans., on July 30, 1921, at $0.95 per bushel. The dealer 

 sells this car by wire, the same day, to a miller in Kansas City for 

 SI. 27 per bushel, f. o. b, Kansas City. The difference between the 

 purchase and selling price of this car is a true "spread" as here used, 

 for the whole transaction was completed under the same market 

 conditions. Had this car been purchased the same day at the same 



