ae BULLETIN 1479, U. S. DEPARTMENT OF AGRICULTURE 
$ 
For days on which two or more trades occurred, the net was found, 
both by futures and for al! futures combined. Finally, the net of 
purchases and sales for each date was compared with the correspond- 
ing net change in price. In the right-hand column the price change 
used in each instance is for that future which at the time had the 
largest open commitments, i. e., the dominant future. 
Table 3 records 468 net trades, each aggregating 500,000 bushels 
or over. This table does not include all of the trades of 500,000 
bushels or over because it does not include all of the traders who 
reached a position of that amount and who might thus have traded 
to at least an equal amount on asingle day. The trades not included, 
however, are few and necessarily small. Of the 468 trades recorded, 
162 were made by trader No. 2, 100 by trader No. 3, 74 by trader 
No. 1, 42 by trader No. 4, and less than 25 by each of the other four. 
A summary of Table 3 1s shown in Tables 4 and 5, the former 
showing the totals by futures and the latter the totals for all futures 
combined. These two tables present an enumeration of the days on 
which the net change in the price and the net of large purchases and 
sales moved in the same and in the opposite direction. It will be 
observed from both tables that as the size of the net trade increases 
the percentage of the days on which the price is concurrent with the 
trading also increases. Both tables also show that above the 2,000,000- 
bushel limit, price and net trades move in the same direction on 
over 80 per cent of the days. This compilation, based on a period 
of time covering over a year, including all futures and the largest 
speculators in the market, is sufficiently comprehensive to assure 
reliable results. 
TABLE 4.—The number of days on which the net of individual purchases and sales 
of 500,000 bushels or over and the futures price moved in the same direction, for 
wheat, for eight large speculators, by futures, from aie 18, 1925 to May 29, 1926 
- 
- 
f oo | 
z | Days on which price and net of | aye on which price and net of 
S purchases and sales moved in purchases and sales moved 
= same direction in opposite direction 
> 
Net of purchases and sales el ey eet I es eames iGipao. | ass lio ol feofileo leo 
EERUET EVES £/8|8|/8/8/a8|8 
qd = = ret = a mm re = ce | Lm. re rm = me 
a. bes ps ach ee ices doe Senceee p tes pS bas eet psa hype a eeesenees 
S(2\2\ 2/612 (5 /4| 6 |2(2 |e [4 \2/3/ ale 
| eee | 
500,000 bushels or over_.---| 297 3 | 19 | 22 | 46 85 | 29 1 | 205 1} 111/10] 16 | 38 | 14 2 | 92 
1,000,000 bushels or over___}| 178 2} 13 | 16 } 25 62. | DEP S52 139. fas 7 6 2117 (| eo es 
2'000:000 bushelsior over-2—| 7 |-- Lb 3s)- 5-F--9 | 80)dd- [ee 2] 59°22) 4 4 ese ; 12 
3,000,000 bushels or over___| 33 |---| 2] 2] 4; 18] 3 ]--_-| 29 }____| 1 1 1 i i peep at ES eae. | 
£000'000 bushels or’over- =} 718 (2-3/2) PP 2] 710}. Pees WS ea) ees Pees Kear 
5,000,000 bushels or over_--} 11 {-_-_} 1 |----]---- ri eae oe ENE eee ey oy ee ios i ete Ee 2 
6,000,000 bushels or over___| 5 |----}----|----|---- a ge) ie a pas as age eee pee ee 
7,000,000 bushels or over_-_| 3 |__--|---- Rote kee Soa eee pee ee 5 hy ane Pea [Lose] ae ape ea eee ae 
8,000,000 bushels or over---| 2 j_---|----]----|---- 74a Pepe ec 2h Save lee ee ee arene eae] ean jawed 
9,000,000 bushels or over__-| 1 |____|--_-|---_|---- Tig pussies joe tf (Sel piel icon abalone 4 eed Se 
| } | 
PERCENTAGES BY FUTURES 
| | a Mt i 
500,000 bushels or over_---- 100 | 75 | 63 | 69; 7 69 | 67 | 33 | 69 | 25 | 37 | 31 | 26 | 31 | 33 | 67 | 31 
1,000,000 bushels or over___| 100 /100 | 65 | 73 | 93 | 78 | 75 |_---| 78 |----| 35 | 27 | 7 | 22 | 21 |____| 22 
2,000,000 bushels or over___} 100 |100 | 43 | 55 | 90 91 |100 |_-.-} 83 |__--| 57 | 45 | 10 Le ees (= 17 
3,000,000 bushels or over___| 100 |.---| 67 | 67 | 80 | 95 |100 |___-| 88 j----| 33 | 33 | 20 | 5 |_---j---- 12 
4,000,000 bushels or over___} 100 |---| 67 | 50 |100 | 91 100 |_-__| 83 |----} 33 | 50 |---| 9 |----]---- 17 
5,000,000 bushels or over__-_| 100 |__---} 50 |__-_]____ cos (eee EE FS Mil Ps a Pat 1 ees BE Ty eacsiges 13 
6,000,000 bushels or over__-_} 100 |_-_-|_---|----]_--- LOGRTS 222) Nees 1OOR 22 |e eee Bess Boos c= ee 
7,000,000 bushels or over__-} 100 |_-_-|_---|----}---- HOOK ees [ee 100 ~---|----|----|----|---- ee BS o es 
8,000,000 bushels or over___| 100 |__-_}_---]----]_--- TOORE ee preee 100 |----|----|----|---- F277 al ag DEST ad 
9,000,000 + BPE: Cie | = 
bushels or over.__| 100 |__._|_---|-___]___- 100) i 100 = ge ee 
ee 
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