AE 
i | NI 
MARCH, 1927 
eh! FS 
SPECULATIVE TRANSACTIONS IN 
THE 1926 MAY WHEAT FUTURE 
Fi sey 
By 
j. W. T. DUVEL, Chief 
and 
| | G. WRIGHT HOFFMAN, Assistant Marketing Specialist 
: y Grain Futures Administration 
‘i 
4 
CONTENTS =~ 
Page 
3 Ratereard ScO0G ss ys arian oe oe ee. Ge es ee ele Swit oie 6 aia) oo whan nee 
4 ee Net Position Compared With Price . . 2... wt. 2 eee eee cee eee es 6 
New Trades Compared With Net Price Changes .... 2-222 222 ee ee 18 
Operations of Small Traders Compared With Those of Large Traders .....--+.-.- 35 
PaMMALY a COMCHISIONS. yc lg ale, sie /e a) wl a) eieie) alle aia%e lee (ein ete) mie 
emer ee rcure me e e L Ge a er Sv aCiat a eal haha altel wie erable tent aee 
UNITED STATES 
GOVERNMENT PRINTING OFFICE 
WASHINGTON 
1927 
vy 2 
