ABSTRACT
Oats are the fourth most important crop in the United States, after corn, wheat and soybeans, according to area planted. The United States is an important world producer of oats, ranking second only to the USSR, although Germany, Poland and Canada are also major producers. In 1975–6 US production of oats was 639 million bushels (458 million bushels in 1980–1), while production of corn in 1975–6 was 9 times that of oats (14.5 times in 1980–1) and production of soybeans in 1975–6 was 2.4 times that of oats (3.9 times in 1980–1). Yet, in terms of the volume of futures contracts traded on the Chicago Board of Trade, corn and soybeans are proportionately far more important. In 1975 oats futures contracts representing 772 billion bushels were traded (1,604 billion bushels in 1980), while the volume of corn futures contracts was 31 times that of oats in 1975 (37 times in 1980), and the volume of soybeans futures contracts traded was 25 times that of oats in 1975 (36 times in 1980). This minor status of the oats market is reflected in research on US grains, with most studies concentrating on wheat, corn and soybeans.
