APPENDIX TABLE II

CORN IN DELIVERABLE POSITION IN FEDERAL WAREHOUSES IN CHICAGO 1946, 1945, 1944 AND 1943

Deliverable Grades (Bushels)

Nondeliverable Grades (Bushels)

FIRST 6 MONTHS,

Ungraded (Bushels) Total in Federal Warehouses (Bushels)

Week
Ending

1946

1945

1944

1943

109,069 357,633
86,513 327,808
131,453 421,558
131,863 421,558
78,234 1,104,953
121,910 1,279,431
91,807 1,585,738
299,269 1,339,033
295,769 1,569, 033
311,801 1,990, 773
456,841 1,821,490
615,511 1,854,349
757,011 1,904,490

902,843 1,541,505
April 13.. 1,079,301 1,131,717
April 20..1,195,570 1,056,728
April 27.. 1,383,244 635,301
4.. 2,028,642 577,143
11..3,392,003 670,227
18.. 4,608,920 437,999
324,533

May

May

May

May

25.. 4,918,339

June

1..5,176,498

262,212

108,789

934,927 6,699,2901,222,557 1,170,586
728,337 6,865,711 1,153,587 1,149,588
908,856 6,754,441 1,232,062 1,302,327
657,178 6,581,886 1,855,299 1,302,327 1,320,622 2,938,732
629,387 6,317,611 2,783,765 2,028,423 1,272,320 3,462,937
687,443 6,722,625 3,712,867 2,060,351 1,276,246 3,640,044
752,000 6,905, 515 4,373,213 2,326,178 1,183,918 3,684,493
741,641 7,092,178 4,881,688 2,671,552 1,132,506 3,736,195
720,580 7,118,291 5,577,314 2,657,198
662,897 7,086,801 6,168,552 2,068,086
399,914 7,007,590 5,843,709 1,876,709
360,129 6,670, 730 5,503,031 1,701,164|
410,871 6,524,1915,334,581 1,527,399
215,423 6,602,263 5,462,797 1,463, 029
151,208 6,020,386 5,021,616 1,380,149|
121,675 5,840,470 4,514,120 1,059,486
106,441 5,355,958 4,070,112 990,544
115,491 5,416,860 3,566,437 995,018
205,006 5,198,388 3,391,495 1,162,368
397,317 4,657,086 2,794,942 1,139, 534
351,661 3,976,939 2,348,687 970,395
262,543 2,976,336 1,740,344

561,449 2,211,440|1,498,370
196,621 1,036,959 1,754,212 1,417,261|
217,452 1,690,435 1,341,324 1,048,581
309,739 2,015,114 1,375,995 805,215

1,331,626 1,528,219 1,375,803 9,136,931
1,240,100 1,477,396 1,332,936 9,355,342
1,363,515 1,723,885 1,843,533 9,520,390
1,987,162 1,723,885 1,977,800 9,510,618

2,861,999 3,133,376 1,901,707 9,780,548
3,834,777 3,339,782 1,963,689 10,362,669
4,465,120 3,911,916 1,935,918 10,590,008
5,180,957 4,010,585 1,874,147 10,828,373
5,873,083 4,226,231 1,618,702 10,737,064
6,480,353 4,058,859 1,479,726 10,536,902
6,300,550 3,698,199
6,118,54 3,555,513

964,390 10,200,831
770,361 9,617,764
6,091,592 3,431,889| 805,043 9,060,134
6,365,640 3,004,534 424,245 8,626,908
6,100,917 2,571,866 290,484 7,719,521
5,709,690 2,116,214 226,946 6,739,416
5,453,356 1,675,845 191,434 6,069,563
5,595,079 1,572,161 179,614 6,076,077
6,783,498 1,832,595 321,925 5,673,027
7,403,862 1,577,533
7,267,026 1,294,928|

597,178 5,003,469
393,966 4,245,239

6,916,839 1,160,231 | 326,343 3,229,962

253,626

176,814

5,667,144

780,899 675,142

2,388,254

For corn, the showing is that in each of the years 1944, 1945 and 1946, the quantities in store during the first four months of the year were small as compared with 1943. In 1945, the May futures were closed out without defaults, but the quantity of deliverable grades was drawn down to less than 109,000 bushels early in June. There was some recovery to about 310,000 bushels in store at the end of June 1945, but there were defaults on the July future necessitating settlement by action of the Board of Trade. Also, the September future was prematurely closed out early in August by Chicago Board of Trade Regulation 1884, the reason ascribed being doubt that sufficient corn could be accumulated in Chicago by the end of September to satisfy the outstanding September contracts.

The year 1946 opened with very little corn of deliverable grades in store but with more than a million bushels of undeliverable grades in Chicago. (See Appendix Table 2.) The quantity of nondeliverable grades built up to more than 6,000,000 bushels in March, and it became possible to begin to make and accumulate deliverable grades in increasing quantities against the maturity of May contracts. Increase in the quantity of deliverable grades became very rapid after the Government began paying a premium of 30 cents per bushel for corn late in April.

The result was the accumulation of an unusual quantity of corn of deliverable grades in Chicago which rose to more than 5,000,000 bushels in federally licensed warehouses early in June. The bulk of this unusual accumulation, however, belonged to the Government, or was earmarked for preferred order deliveries to eastern buyers so that it was not available for delivery on futures. The corn supply situation actually was very precarious so far as supply for delivery on futures was concerned at all times, and after the May 13 ceiling price increase of 25 cents per bushel went into effect, no one, even though he might control some free corn in deliverable position in Chicago, would deliver it on the May future at the old ceiling price as ordered by the Chicago Board of Trade in its Regulation 1894. Furthermore, the Board stated specifically that it would give no consideration to increases in prices arising from the increases in ceiling prices in considering any penalties on defaults arising through failure of sellers to deliver on old futures contracts outstanding on May 11, 1946. There really was no chance of obtaining corn on May 1946 futures after the May 13 ceiling price increase and the close-out order of the Chicago Board of Trade.

Rye

Appendix Chart 3 and Table 3 deal similarly with the rye supply situation.

IN DELIVERABLE POSITION IN FEDERAL LICENSED WAREHOUSES IN CHICAGO - FIRST 6 MONTHS
OF EACH YEAR, 1943 1946

Total

1944

1943

890,861
953,673
33,998 273,165 381,070 1,058,388
51,542 251,710568,942 1,418,905
39,557 328,084 741,681 1,717,971
19,543 396,592 819,162 1,679,629
20,877 305,642 842,713 1,648,517|
23,791 288,815 598,139 1,649,958|
5,864 277,187 371,167 1,620,254|
7,111 207,510 486,167 371,167
12,748 230,541 361,290 1,522,533

1,816,211 8,236,690 9,487,525 2,506,849 116,525 317,302 319,465 1,152,134 1,932,736 8,553,992 9,806,990 3,658,983
1,699,313 8,105,385 9,472,000 2,521,986 197,535 279,122 317,290 1,129,983 1,896,848 8,385,007 9,789,290 3,651,969
1,553, 606 7,970,383 9,454,615 2,519,686 128,530 189,050 309,269 1,122,945 1,682,136 8,159,433 9,763,884 3,642,631
1,472,137 7,970,383 9,438,307 2,514,086 129,017 189,050 306,405 1,120,1621,601,154 8,159,433 9,744,712 3,634,248
1,345,288 7,834,094 9,503,813 2,527,407 65,040 254,771 194,937 1,100,341|1,410,328 8,088,865 9,698,750 3,627,748
1,043,603 7,789,947 9,637,000 2,515,071 20,303 258,517 205,435 1,103,971 1,063,906 8,048,464 9,842,435 3,619,042
898,074 7,748,960 9,751,688 2,541,798 30,654 269,083 536,854 1,069,878 928,728 8,018,043 10,288,542 3,611,676
836,372 7,721,731 10,209,189 2,644,144 30,051 273,914 533,652
866,423 7,995, 645 10,742,841 3,535,005
689,221 7,697,383 10,374,619 2,818,890 50,852 273,164 347,895
740,073 7,970,547 10,722,514 3,752,563
€19,178 7,659,182 10,928,574 2,878,051
653,176 7,932,347 11,309, 644 3,936,439
538,643 7,597,830 11,027,850 2,881,636
590,185 7,849,540 11,596,792 4,300,541
527,848 7,462,980 11,088,961 3,158,027
567,405 7,791,064 11,830,642 4,875,998
527,557 7,382,783 11,104,915 3,168,538
547,100 7,779,175 11,924,077 4,848,167
517,557 6,283,440 11,156,423 3,189,443
538,434 6,589, 082 11,999,136 4,837,960
508,177 5,971,806 11,634,118 3,185,491
531,968 6,260,62111,962,257 4,835,449
494,138 5,529,057 11,527,167 3,203,194
500,002 5,806,244 11,898,334 4,823,448
475,277 5,199,617 11,468,796 3,273,726
482,388 5,407,327 11,954,963 4,875,063
387,806 4,932,341 12,590,660 3,443,769
400,554 5,162,882 12,751,950 4,966,302
306,198 4,679,812 12,521,052 3,870,597, 11,732 218,157 414,973 1,269,499 317,930 4,897,969 12,936,025 5,140,096
301,842 4,629,381 12,524,322 5,144,780
307,911 4,854,191 12,905,877 6,109,287
212,613 4,310,432 12,538,995 5,668,529
216,128 4,450,860 12,857,417 6,408,875
205,510 4,437,743 13,263,606 5,697,985
205,609 4,619,267 13,518,719 6,606,146
167,407 4,360,220 13,292,055 6,053,162
167,407 4,543,767 13,502,377 6,661,548
129,839 4,285,400 13,215,119 6,097,337 |
129,839 4,497,963 13,442,528 6,781,463
124,688 3,891,159 13,096,323 6,162,145:
124,688 4,178,469 13,297,810 7,021,683
108,113 3,476,057 13,038,759 6,339,064
108,113 3,835,523 13,225,888 7,239,771

6,069 224,810 381,555 964,507
3,515 140,428 318,422 740,346
99 181,524 1255,113 908,161
183,547 210,322 608,386
212,563 227,409 684,126
287,310 201,487 859,538
359,466 187,129 900,707