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The Winchester bushel is the volume of a cylinder 18.5 in (470 mm) in diameter and 8 in (200 mm) high, which gives an irrational number of approximately 2150.4202 cubic inches. [4] The modern American or US bushel is a variant of this, rounded to exactly 2150.42 cubic inches, less than one part per ten million less. [5]
For example, each "tick" for the grain market (soybeans, corn and wheat) is 0.25 cents per bushel, on one 5,000-bushel futures contract. Tick values for some popular contracts (as of June 2010 [ 1 ] )
The bushel was not fully standardized and the Chicago Mercantile Exchange still (May 2013) uses different bushels for different commodities—a bushel of corn being 56 lb, a bushel of oats 38 lb and a bushel of soybeans 60 lb and a bushel of red winter wheat (both hard and soft) also 60 lb. Other commodities at the exchange are reckoned in ...
Indeed, the bushel, the best-known unit of dry measure because it is the quoted unit in commodity markets, is in fact a unit of mass in those contexts. Conversely, the ton used in specifying tonnage and in freight calculations is often a volume measurement rather than a mass measurement.
The metric ton is the name used for the tonne (1000 kg, 2 204.622 62 lb), which is about 1.6% less than the long ton. The US customary system also includes the kip , equivalent to 1,000 pounds of force, which is also occasionally used as a unit of weight of 1,000 pounds (usually in engineering contexts).
When dealing with the US oat markets though, special attention must be paid to the definition of bushel weight because the US uses a Winchester bushel (35.239 litres). [29] In livestock auction markets, cattle are sold in dollars per short hundredweight (cwt; 100 lbs; 45.36 kg), whereas hogs are sold in dollars per hundred kilograms. [citation ...
Under the Wilson administration during World War I, the U.S. Food Administration, under the direction of Herbert Hoover, set a basic price of $2.20 per bushel. The end of the war led to "the closing of the bonanza export markets and the fall of sky-high farm prices", and wheat prices fell from more than $2.20 per bushel in 1919 to $1.01 in 1921 ...
In agricultural practice, a bushel is a fixed volume of 2,150.42 cubic inches (35.2391 liters). The mass of grain will therefore vary according to density. Some nominal weight examples are: [26] [27] 1 bushel (corn) = 56 lb (25.4012 kg) 1 bushel (wheat) = 60 lb (27.2155 kg) 1 bushel (barley) = 48 lb (21.7724 kg)