Trading in Wheat

First published in the early 20th century, Trading in Wheat by Arthur Prill stands as one of the foundational works on commodity speculation and futures trading discipline. This book bridges practical market operations with the psychology of speculation, revealing how the wheat market became a training ground for understanding all cyclical markets.

Arthur Prill, a respected financial writer for The Magazine of Wall Street, explains the complete mechanics of wheat trading — from grading and storage to the use of futures contracts for hedging and speculation. He offers a step-by-step examination of market reports, government statistics, pit operations, and order execution, illustrating how professional traders structure campaigns with patience, knowledge, and timing.

More than a historical document, this classic remains a vital resource for modern traders who wish to master seasonal analysis, market timing, and speculative control. It captures the essence of how informed trading — not gambling — built some of the earliest fortunes in commodities.

✅ What You’ll Learn:

• The structure and operation of the Chicago Board of Trade and grain exchanges
• How futures contracts and hedging protect both traders and producers
• Seasonal cycles and timing patterns unique to the wheat market
• The impact of government crop reports and world supply on price movement
• How to use stop-losses, scaling, and pyramiding effectively
• The psychological patterns behind booms, panics, and market exhaustion

💡 Key Benefits:

• Gain a century-old yet timeless understanding of speculative markets
• Learn the real roots of technical and seasonal trading principles
• Strengthen your commodity-trading discipline and timing awareness
• Discover how early professionals managed risk and campaign planning
• Connect agricultural market behavior to modern financial speculation

👤 Who This Book Is For:

This book is ideal for commodity traders, Gann analysts, and cycle researchers seeking to understand the deep historical framework of modern futures markets. It’s especially valuable for:

• Speculators studying market rhythm and crowd behavior
• Traders in metals, energy, or grains who want to trace the origin of cycle logic
• Students of market history interested in early 20th-century trading education

📚 Table of Contents:

• Wheat Classification-Fundamentals of the Business
• Importance of Government and Private Reports
• World Wheat Supplies a Potent Factor in Determination of Price Levels
• Government Reports – Receipts – Shipments – Consignments – The Tickers
• Regulation of Price Movements-Chicago’s Board of Trade-The Keystone of the Grain Business
• Profitable Trading Means Keeping Ahead of the Crowd- Get Acquainted with Your Broker
• Orders to Your Broker-Trading Hours and Terms-Where Safety Lies
• Orders and Their Execution-Bull Side in Wheat Compared with Stocks
• Several Types of Orders-How Profits Are Computed-Trading Terms
• Necessity for Definite Campaign Methods-” Swings” and How to Use Them
• Technical Terms-Scale Trading-Pyramiding and Indemnities
• “Spreads”-Forming Judgments of Price Movements-Wheat Calendar

Trading in Wheat By Arthur Prill