SPECULATIVE TRANSACTIONS IN 1926 MAY WHEAT FUTURE 21 
TABLE 2.—Days on which eight large speculators bought or sold net 2,000,000 bushels 
or more of the 1926 May wheat future, with the net change in the May future price 
for the same dates—Continued 
Position of trader at 
aeadee Net purchase or sale Glosdonindiarket Net change 
Date num- in 1926 
ber | May fu- 
Bought or sold| Quantity Long Short ture price 
1926 | Bushels Bushels Bushels Cents 
VE Ye 2G ee eet er ed oe Iles OUC hia aa 1, 300, 000 IR S005 000 tice. oes as eke 
(0 YS PON kT eI Ven ig Va Sie Haase (0s Seite 2 960, 000 2GO5* OOO |i OS fet Re 2 
TING Gee EL ee are ee Gosssnenaee 2 DOO ROOO s | Bibetyste soe at | Enis ety eas | +3714 
TR alee ely Die ian a Di Solduew: weal (e100EG00. | ee ee 7. 40030001 | ae ee 
OS rae eek 2 BER aber S| Sy eee (a Ca ene oh oe 2, 100, 000 TS 5 OOO ices a ea) | neem 
INGE area er anne Shan ae Be eee ar KS 6 Ko yigel bi eos SEZ 0 OOO iG | ees a eee ea Seen a —2 
Nepr) 13WeMe Cae he | 2| Bought______- 5 800F 00H] foe ukee 19005000) Eee ame y 
Doi Se Bt eSoldas. eeutue SOOs00D; |i = bee: 21110000) |S eee 
ING to ene Ere | Leaps Bouchtze= = SR OOOK O00 | Mexseee eaten ecg eee +454 
JINY0} ob) Siete ne oy ce alge a | Bale SOlGte: emake 1, 900, 000 Even Hven)|2a2s22—= 
i Daa Se Se Pare aeae ee | 19) |e. ene ee 129755000 Niece 145/000) | Se aeuunneaee 
EIST G (eta oe Ere ere (ne OKs eee BPS TOROO0)} eseeen = eta See | —24 
In the preparation of Table 2, where two or more traders bought 
or sold at least 500,000 bushels each on the same day, their trades 
were combined and only those days on which the net of all such trades 
amounted to 2,000,000 bushels or more were included. Attention 
should be called to the fact that while individual trades are entered 
as a single amount (e. g., sold 1,700,000 bushels), this does not mean 
that the traders bought or sold these amounts as single lots at one 
time. Rather, the amounts are the net sum of the day’s trading.® 
The results of the comparison presented in Table 2 show that 
whenever large trades aggregating 2,000,000 bushels or more occur 
within the limits of one trading day, the chances are 9 to 1 that the 
price will move in the same direction as the net of purchases and 
sales. In the previous investigation on “Fluctuations in wheat 
futures”? covering the period January 2 to April 18, 1925, a similar 
comparison of ‘‘2,000,000-bushel-or-over’’ days with the May future 
price gave results of 12 days out of 15 or 80 per cent in which the price 
moved in the same direction as the net of purchases and sales. The 
results of these two comparisons confirm each other and together 
include a sufficient number of items to assure fairly reliable conclu- 
sions. 
THE LARGE NET TRADES FOR THE PERIOD, APRIL 18, 1925-MAY 29, 1926 
To further test the influence of large net trades upon price, the 
transactions of the eight large speculators were analyzed from April 
18, 1925, to the close of the 1926 May wheat future. These data 
can be found in Table 3. 
3 The data appearing in Table 2, together with net trades made in several other futures, may be found, in 
Table 3. In preparing the material for the latter table, it was necessary in many cases to supplement the 
information regularly received by the Grain Futures Administration with material obtained by going di- 
rect to the records of various firms. This was necessary for the reason that large speculators as well as the 
firms handling the trades of large speculators are required to report their position only when it is equal to 
or exceeds 500,000 bushels in any one wheat future. Because of the necessity of supplementing the net 
trade data, it will be found that the changes in the net position figures appearing in Table 1 will not in 
in every case correspond with the net trades given in Tables 2 and 3. 
