WHAT MAKES THE PRICE OF OATS 
Table X. — Wheat prices 
37 
Year beginning Aug. 1 
Chicago 
price, 
average of 
daily high 
and low 1 
Chicago 
price, 
average of 
monthly 
high and 
low 2 
Farm 
price, 
December 3 
Liverpool 
price, 
average of 
monthly 
high and 
low * 
Bureau of 
Labor 
Statistics 
index of 
farm 
products 5 
Chicago 
price, 
adjusted 
by farm 
products 
index 
1890 
Cents 
97 
89 
73 
60 
57 
61 
70 
97 
70 
69 
73 
72 
75 
90 
110 
86 
77 
95 
114 
115 
95 
99 
105 
93 
127 
116 
193 
219 
235 
251 
200 
127- 
122 
Cents 
97 
88 
73 
60 
58 
62 
74 
101 
71 
69 
74 
73 
75 
89 
106 
88 
79 
100 
113 
115 
101 
105 
100 
92 
129 
117 
194 
225 
237 
272 
199 
138 
124 
Cents 
84 
84 
62 
54 
49 
51 
72 
81 
58 
59 
62 
63 
63 
70 
92 
75 
67 
87 
99 
103 
90 
90 
83 
81 
109 
100 
162 
206 
210 
227 
172 
106 
101 
Cents 
111 
115 
86 
75 
68 
78 
88 
116 
86 
86 
87 
87 
89 
90 
6 95 
7 98 
93 
110 
120 
120 
107 
112 
114 
106 
157 
175 
224 
235 
240 
215 
223 
149 
75 
72 
70 
66 
61 
58 
57 
61 
64 
67 
72 
78 
79 
79 
80 
80 
84 
86 
92 
100 
98 
97 
100 
102 
104 
114 
156 
204 
224 
224 
171 
128 
139 
Cents 
129 
1891 
124 
1892. 
104 
1893 
91 
1894- 
93 
1895. 
105 
1896 
123 
1897 
159 
1898. 
109 
1899.. 
103 
1900 
101 
1901. 
92 
1902. 
95 
1903 >_ 
114 
1904 
138 
1905. 
108 
1906— 
92 
1907 
110 
1908 
124 
1909.- 
115 
1910 
97 
1911 
102 
1912. 
105 
1913. 
91 
1914 
122 
1915 
102 
1916. 
124 
1917.. 
107 
1918 
105 
1919 
112 
1920. 
117 
1921 
99 
1922 
88 
1 No. 2 Spring wheat, oash July, 1890, to January, 1897; No. 2 wheat, January, 1897, to January, 1898; 
regular No. 2 January, 1898, to March, 1903; No. 2 red, March, 1903, to June, 1922. Average of daily high 
and low prices as quoted in the Chicago Board of Trade Annual Reports. 
2 Prices published in National Grange Monthly, July, 1921, p. 11. The grade is No. 2 Spring wheat. 
The prices were compiled from Chicago papers by a representative of the National Grange working in 
cooperation with the Bureau of Agricultural Economics, U. S. Department of Agriculture. 
3 U. S. Dept. Agr., Yearbooks. December 1, farm price, 1890-91 to 1908-9; average yearly price, 1908-9 
to 1922-23. 
4 Compiled by Market Statistics Section, Bureau of Agricultural Economics, U. S. Department of 
Agriculture; 1890 to 1903, compiled from Broomhall's 1904 Corn Trade Year Book, p. 136; 1914 to 1920 
from Broomhall's 1921 Corn Trade Year Book. Remainder of the table from Broomhall's Corn Trade 
News. Conversions at par, 1862 to 1912. Current exchange rate for remainder of period. Prices of 
red wheat supplemented with prices of American wheat for some months, the margin between which is 
practically negligible. See U. S. Dept. Agr., Yearbook, 1922. 
5 Two-year average of Bureau of Labor Statistics calendar year relative of prices of farm products from 
1890-91 to 1913-14. Average of monthly relatives, July to following June after 1914. 
6 Five months' average. 
7 Ten months' average. 
