Causes and Effects of Rising Agricultural Prices

July 30, 1924

Report Outline
Causes of Increased Prices
Political and Economic Effects
Effect Upon Legislative Demands
Special Focus

Extent of the Increase in Prices

Notable increases In the prices of many agricultural products during recent weeks, coming on the heels of three years of depression, have materially strengthened the position of the American farmer and should have important political and economic effects, if prices continue at or near their July peaks.

The extent of the increases in the prices of wheat, corn, oats and hogs in the Chicago market is shown in the following table, which gives the highs and lows on standard grades at cash sales for the calendar year 1924 to date, and the average prices prevailing during July, 1923.

No. 2 Hard At Chicago
1924 High (July) $1.36 July average 1923 $.99
  Low (Apr.) 1.04    
No. 2 Mixed At Chicago
1924 High (July) $1.14 July average 1923 $.85
  Low (Jan.) .71    
No. 3 White At Chicago
1924 High (July) $.60 July average 1923 $.40
  Low (Jan.) .44    
Bulk of At Chicago
(per cwt)
1924 High (July) $10.20 July average 1923 $7.04
  Low (June) 6.50    

Middling upland cotton reached its peak for the present year in the New York market at 35 7/10 cents a. pound on January 8 and its low at 26 8/10 cents in March. The top price during July was 35 3/10 cents a pound—within four tenths of a cent of the peak for the year. The average price during July last year was 26 2/10 cents a pound.

ISSUE TRACKER for Related Reports
Farm Income and Agricultural Prices
Aug. 10, 2012  Farm Policy
Mar. 04, 1959  Farm Surpluses and Food Needs
Jul. 18, 1956  Problem of Farm Surpluses
Nov. 09, 1955  Farm Prices and Farm Income
Oct. 27, 1953  Farm Price Supports
Apr. 21, 1948  Price Supports for Farm Products
Nov. 25, 1938  Farm Prices and Farmers' Income
Dec. 24, 1930  Farm Income and Business Recovery
Nov. 08, 1930  The Problem of Farm Taxation
Jul. 08, 1929  The Farmers and the Tariff
Jul. 30, 1924  Causes and Effects of Rising Agricultural Prices
Farm Loans, Insurance, and Subsidies