FARM AXD TERMINAL MARKET PRICES. 7 
price, immediately forwarded to Kansas City and sold on arrival 
at the expiration of 10 days for $1.27 per bushel, the 32 cents differ- 
ence in purchase and selling price would not be a true "spread," as« 
used in this bulletin. The items under the box heads to which refer- 
ence has been made are the difference between the average price 
paid for all wheat sold from the farms for a given period of time and 
the average price paid for all wheat sold at the terminal for the same 
period. 
The Minneapolis receipts as published indicate that 14.5 per cent 
of the total estimated wheat crop of the United States is received at 
that terminal. A comparison of the tables and graphs for the four 
markets under consideration will show that the widest differences 
between farm and terminal sale prices occur at that market. The 
extended area from which wheat is drawn to this market should be 
considered in addition to other influences referred to in previous 
paragraphs. 
The St. Louis market shows the narrowest margin between farm 
and terminal sales. The bulk of sales on this market is composed 
of Red Winter wheat and is drawn from an area comparatively near. 
During October and November the farm price of wheat in Illinois 
and Indiana exceeded the terminal price at Chicago. These two 
States, while contributing only a small percentage of their crop to 
the Chicago market, were used as the States for comparison with 
that market. The movement of wheat from the counties in these 
States is given in per cent as follows: 
East. West. North. South. 
Illinois 44 6 25 25 
Indiana 69 5 5 21 
As 75 per cent of the Illinois crop and 95 per cent of the Indiana crop 
move out of the counties where grown in a direction away from 
Chicago, it can be assumed that the farm prices for these States are 
influenced by outside conditions. The graph relating to oats at 
Cincinnati will show that the average farm price for Michigan, Ohio, 
and Indiana was practically the same as the terminal price. 
The cumulative tables for the combined markets show that 68.6 
per cent of the total sales from the farm had been made by the end 
of January, 1921, at an average price of 197.1 cents per bushel. The 
terminals for the same period sold 67.6 per cent of their total wheat 
sales at an average price of 214.6 cents per bushel. 
The total number of cars reported sold during the year on the four 
markets represents about 17 per cent of the total estimated quantity 
of wheat produced in the United States with a weighted average 
price per bushel of 193.3 cents compared with 176.1 cents, the aver- 
age farm price for the 10 States used in these tables. 
