WHAT MAKES THE PRICE OE OATS 
IS 
That part of the change in price which has not been accounted for 
by the factors included in this correlation may be due to the inter- 
action of many factors, each in itself of minor importance. Unusu- 
ally large or small substitute crops may affect the price of^oats in 
some years; the estimates of production may not correspond to the 
actual production; industrial conditions may affect the price of oats 
in a way that is not accounted for by correcting for changes in the 
price level. Other methods of analysis may give more accurate 
results. 
SEASONAL VARIATIONS IN OAT PRICES 
The price of practically every farm product is subj ect to variations 
resulting from changes in the seasonal conditions of demand and 
supply. In most cases, as is especially true with those products 
which become marketable during a short period of the year, the in- 
fluence of the supply conditions predominates. In the case of prod- 
JULY AUG. SEPT. OCT. NOV DEC. JAN. FEB. MAR. APR. MAY JUNE 
Monthly marketings of oats by farmers in terms of percentages of the year's sales 
Fig. 5. — The heaviest marketings of oats come in August and September, immediately after the crop is 
threshed; the lightest marketings occur during seeding time in April. Prices show an opposite tend- 
ency, being lowest in August and September and highest in the spring 
ucts which are consumed more heavily at one time of the year than 
at another the conditions of demand may be of more importance. 
The supply of some products, such as meats, butter, and eggs, may be 
partially adjusted to meet seasonal changes in demand. 
The price of oats is subject to seasonal variations resulting prin- 
cipally from the fact that the supply becomes available for market 
during a short period of the year and must be carried at some expense 
throughout the crop year to meet the demands of consumers. The 
size of the crop also has an important influence upon the seasonal 
trend, as will be shown in the following pages. 
Table 4 gives the quantities of oats marketed monthly by farm- 
ers, with the percentage which each month is of the year's sales. 
Figure 5 represents this graphically. It will be seen that the heaviest 
marketing comes in August, September, and October, with August 
leading during each of the five years. Table 5 shows that the lowest 
