BULLETIX 1083, U. S. DEPARTMENT OE AGRICULTURE. 
Comparative table of farm and terminal sales of wheat (cumulative data). 
[Per cent of total year's sales.] 
July 1, 1920, 
to end of— 
July 
August 
September. 
October 
November. 
December. . 
1921. 
January 
February. . . 
March 
April 
May 
June 
Minneapolis 
market. 
Kansas City St. Louis 
market. market. 
Chicago 
market. 
Reported 
from Reported 
Montana.. from 
Minne- . f Kansas, 
sota, tprT ; iTial Nebraska, 
North termmal - an d 
and Okla- 
South homa 
Dakota. 
At 
termim 
Reported) Reported* 
from 4t from if 
Missouri - terminal. ™™* terminal. 
3.0 
10.5 
29.1 
47.2 
59.7 
68.1 
o. y 
13.2 
26.0 
39.7 
52.4 
62.3 
15.2 
26.3 
35.2 
42.1 
47.6 
54.8 
20.6 
29.7 
37.0 
47.0 
53.8 
and 
Illinois. 
and 
Indiana. 
59.6 
F2.7 
73.8 ! 
70.2 ; 
62.1 
63.2 
76.6 
78.7 
75.3 
69.2 
70.5 ! 
81.5 
83.8 
81.3 i 
74.6 
77.8 
86.1 
86.9 
85.2 
82.2 
84.0 
90.2 
92.6 
90.8 
91.5 
91.4 
95.5 
00.0 ' 
100.0 
100.0 
100.0 
100.0 
11.8 
25.9 
40.5 
48.1 
54.1 
59.9 
72.9 
79.7 
86.2 
93.2 
100.0 
25. S 
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 
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 SO. 95 per bushel. The dealer 
sells this car by wire, the same day, to a miller in Kansas City for 
$1.27 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 
