18 BULLETIN USD, U. S. DEPARTMENT OF AGBXCUI/FUBE 
Table 5. — Monthly farm prices of wheat, 1908-1925 
[Cents per bushel] 
Year 
beginning — 
July Aug. 
15 ; 15 
Sept. 
15 
Oct. 
15 
Xov. 
15 
Dec. 
15 
Jan. 
15 
Feb 
15 
Mar. 
15 
Apr. : May 
15 i 15 
June 
15 
Weighted 
average l 
190S 
1909 
1910 
1911-- 
1912 
90.0 
114.0 
97.1 
83.5 
94.4 
89.6 
101-2 
97.4 
83.8 
87. 8 
89.6 
94.9 
94.8 
86.6 
84.6 
93.4 
93.0 
133.8 
205.2 
205.7 
207.6 
216.5 
103. 4 
89.2 
91.0 
114.2 
144.4 
91.0 
97.2 
92.1 
90.0 
83.6 
77.4 
95.4 
92.0 
147.4 
200.3 
205.9 
211.4 
201.2 
99.9 
94.1 
94.2 
129.7 
136.4 
92.2 
99.2 
89.4 
89.4 
79.9 
75. 4 
97.9 
92.5 
159.4 
200.4 
205.1 
214.0 
165.8 
93.4 
99.4 
93.7 
133.6 
148.8 
93.2 
101.0 
B8.4 
87.7 
76.1 
80.4 
103.2 
97.4 
155. 3 
201.4 
204.5 
223.4 
146.4 
93.0 
103. 2 
94.5 
141.1 
153.7 
94. 4 99. 6 
104.2 105.0 
89. 2 87. : 
89. 2 90. 6 
78. SO. 2 
81. 3 82. 4 
118.8 131. S 
108. 4 105. 4 
157.6 164.6 
201.6 202.0 
206.2 207.5 
233.8 231.2 
149.2 14S.2 
95.2 107.0 
104.6 104 4 
95." 98.0 
162.1 169. S 
155.1 155.5 
105.4 
104.8 
84.6 
91.6 
79.8 
83.6 
132.6 
100.8 
172.2 
202.6 
211.1 
230.3 
140.4 
117.0 
106.0 
9S.S 
164.0 
146.0 
111. 4 119. 7 
102.2! 98.8 
84. 2, 85. 4 
96. 11 101. 2 
80.0 81-8 
122.2 
96.4 
85.3 
100.9 
82.0 
80.6 
117.2 
96,5 
234 3 
202.8 
225. 2 
256.0 
119.8 
109.6 
100.8 
98.5 
152.7 
13a 9 
94.8 
100.7 
91.7 
88.3 
83.3 
1913 
1914 
79.2 
76.7 
104.6 
100.0 
22- 1 5 
77.1 
84.9 
100.8 
119.2 
219.3 
840 
135.6 
842 
135. 6 
79.3 
99.4 
1915 
1916 
1917 
100.6 
213. 
203.1 
101.2 
247.2 
203.0 
98.2 
144 4 
205.8 
1918 
1919 
203.8; 205.0 
219. 6 211. 4 
242.9 223.4 
103.5; 103.0 
99.8, 92.6 
89. 6 86-4 
222.6 
242.6 
122.1 
119.0 
105.4 
95.8 
140.5 
142.2 
229.8 
250.8 
119.0 
118.8 
108.2 
96.8 
149.1 
142.1 
206.3 
218. 6 
1920 . 
182.9 
1921 
104 4 
1922- — 
98.0 
1923-. 
92.4 
1924 
1925 
105. 8 
140.3 
nas 
150.4 
127.8 
145,9 
1 The "United States monthly prices as regularly determined by method A weighted by current -year 
monthly marketings. 
TVTien the price trend of a given product is generally upward 
throughout the Tear, the straight or unweighted average which 
really gives equal weights to ail months, will be higher than the 
average weighted either by current or usual rates of marketing the 
crop. The months of higher prices, coming during the last half of 
the year, when marketings are smallest, are given equal weight in a 
straight average with the earlier, low-price, months of heavy mar- 
keting, thereby making the straight average higher than either of 
the weighted averages. The trend of cotton prices in 1916. 1917. 
1919. and 1922 was generally upward, and the straight average was 
from 0A cent to 1.6 cents higher than the weighted averages in those 
vears. The same was generally true with wheat prices for the crop 
years 1911. 1916. 1919, and 1921. 
When the price trend is downward instead of upward the reverse 
is true, and the straight average is less than either of the weighted 
averages. Declining prices for cotton and wheat in 1920 resulted in 
the straight averages being lower than either of the weighted 
averages. 
With more years of rising than falling prices during this period, 
the straight averages of both cotton prices and wheat prices tend to 
be slightly higher than either of the weighted averages. The 
weighted- average price based on constant or usual weights tends to 
be higher than the one based on current-year weights. Apparently 
there is a tendency for the price to be depressed in a given month if 
more than the usual proportion of the year's sales occur in that 
month. 
If weights based on actual marketings during a certain year are 
used instead of weights based on the usual rate of marketing, there 
will be heavier weighting in the low-price months, and consequently 
the annual weighted jprice will be lower when the current year 
weights are used. The straight average would also tend to be higher 
