WHAT MAKES THE PRICE OF OATS 
35 
Table VII. — Oats: Cash and future prices, per bushel, 
in cents 
, 1892-1921 » 
Year when delivery is due 
Septem- 
ber prices 
of May 
oats 
May 
cash price 
of oats 
May 
prices of 
Septem- 
ber oats 
June 
prices of 
Septem- 
ber oats 
July 
prices of 
Septem- 
ber oats 
August 
prices of 
Septem- 
ber oats 
Septem- 
ber cash 
prices of 
oats 
1892 
Cents 
32 
37 
31 
35 
21 
19 
23 
22 
23 
( 2 ) 
38 
32 
39 
35 
30 
34 
54 
52 
42 
38 
49 
34 
47 
54 
38 
51 
61 
( 2 ) 
73 
66 
Cents 
31 
30 
35 
29 
19 
18 
30 
26 
22 
29 
44 
36 
42 
31 
33 
46 
55 
59 
41 
34 
55 
38 
39 
53 
47 
68 
76 
70 
112 
39 
Cents 
29 
27 
26 
28 
( 2 ) 
18 
24 
21 
( 2 ) 
26 
29 
30 
31 
28 
30 
38 
38 
44 
38 
33 
43 
36 
37 
46 
40 
55 
( 2 ) 
66 
76 
41 
Cents 
31 
26 
30 
29 
18 
18 
21 
21 
( 2 ) 
26 
29 
33 
32 
30 
35 
37 
38 
44 
37 
40 
41 
40 
38 
40 
39 
53 
( 2 ) 
68 
83 
40 
Cents 
31 
25 
29 
23 
17 
18 
20 
20 
24 
32 
30 
34 
33 
30 
34 
-39 
43 
41 
39 
44 
34 
41 
36 
38 
40 
57 
70 
78 
77 
40 
Cents 
34 
24 
30 
20 
17 
18 
21 
20 
22 
35 
27 
34 
33 
26 
30 
47 
48 
37 
36 
42 
32 
42 
43 
39 
45 
56 
70 
73 
69 
35 
Cents 
33 
1893 
26 
1894 
29 
1895 
19 
1896 
16 
1897 
20 
1898 
21 
1899 . 
22 
1900 
22 
1901 
35 
1902. . 
26 
1903 
37 
1904 
32 
1905 
28 
1906 
32 
1907 
53 
1908 -. 
49 
1909 
40 
1910 
33 
1911 
44 
1912.- 
33 
1913 
42 
1914 
48 
1915 
37 
1916 
46 
1917 
59 
1918 
72 
1919 
70 
1920 
63 
1921 
39 
1 Arithmetic average of daily high and low quotations of No. 2 oats, 1892 to 1902; standard oats, 1903; 
contract grade, 1904 to 1921 (standard and No. 2 oats on contract grades). The quotations are taken from 
the Chicago Board of Trade Annual Reports. They are not available for earlier years. 
2 No quotations. 
Table VIII. — Oats: United States Department of Agriculture estimates of acreage 
• and of condition, 1895-1923 
Acreage, 
preliminary 
estimate, 
June 1 * 
Estimates of condition by months 2 
Year 
June 
July 
Aug. 
Sept 
1895 
Thousand 
acres 
27,878 
27, 566 
25, 730 
25, 321 
25, 608 
27, 365 
26, 315 
28, 653 
27, 732 
27, 646 
27, 688 
27, 678 
31, 491 
31, 837 
32, 422 
34, 380 
35, 250 
37, 844 
38, 341 
38, 383 
40, 193 
40, 780 
43, 161 
44, 475 
42, 169 
41, 032 
44, 829 
41, 822 
40, 768 
Per cent 
84.3 
98.0 
89.0 
98.0 
88.7 
91.7 
85.3 
90.6 
85.5 
89.2 
92.9 
85.9 
81.6 
92.9 
88.7 
91.0 
85.7 
91.1 
87.0 
89.5 
92.2 
86.9 
88.8 
93.2 
93.2 
87.8 
85.7 
85.5 
85.6 
Per cent 
83.2 
96.3 
87.5 
92.8 
90.0 
85.5 
83.7 
92.1 
84.3 
89.8 
92.1 
84.0 
81.0 
85.7 
88.3 
82.2 
68.8 
89.2 
76.3 
84.3 
93.9 
86.3 
89.4 
85.5 
87.0 
84.7 
77.6 
74.4 
83.5 
Per cent 
84.5 
87.3 
86.0 
84.2 
90.8 
85.0 
73.6 
89.4 
79.5 
86.6 
90.8 
82.8 
84.5 
76.8 
85.5 
81.5 
65.7 
90.3 
73.8 
79.4 
91.6 
81.5 
87.2 
82.8 
76.5 
87.2 
64.5 
75.6 
81.9 
Per cent 
86.0 
1896 
74.0 
1897 
84.6 
1898 
79.0 
1899 
87.2 
1900 
82.9 
1901 
72. 1 
1902__. 
87.2 
1903__ 
75.7 
1904 _. 
85.6 
1905__. 
90.3 
1906 
81.9 
1907 
65.5 
1908 
1909 
83.8 
1910 
83.3 
1911 
64.5 
1912 
92.3 
1913 
74.0 
1914 
75.8 
1915. 
91.1 
1916 
78.0 
1917 
90.4 
1918 
84.4 
1919. 
73.0 
1920 
88.3 
1921 
61.1 
1922 
74.9 
1923- 
80.3 
1 The June 1 estimate of acreage is the only preliminary estimate of acreage made. 
2 Percentage of normal. See The Use of "Pars" and "Normals" in Forecasting Crop Production, by 
W. F. Callander and J. A. Becker, in Jour. Farm Economics, Oct., 1923. 
