WHAT MAKES THE PRICE OF OATS 
PRODUCTION 
MILLIONS 
OF BUSHELS 
1500 
1400 
1300 
1200 
1100 
1000. 
•900 
"800 
700 
600 
500 
400 
300 
200 
100 
PRICE 
CENTS 
PER BUSHEL 
150 
140 
130 
120 
no 
100 
90 
80 
70 
60 
50 
40 
30 
20 
A I I I II 1 1 I I II I 11 I 1 11 I II II I 1 II I II II I II I II 11 I I I I I A 
188! 1885 1890 1895 1900 1905 1910 1915 1920 1925 
A comparison of the production and the price of oats 
Fig. 1. — Although the production of oats has shown a downward tendency since 1917, the general trend 
since 1881 has been decidedly upward. The price of oats, corrected for changes in the general level of 
prices, has shown a slight upward trend for the period 1881-1922, though in recent years the tendency 
has been downward, in spite of the decrease in production. During most of the period the price was 
above the trend when production was below, and vice versa 
