|
The
Wheat-Oil Exchange Rate, 1950-2004
|
|
|
|
|
| Year |
Bushel
of Wheat
|
Barrel
of Oil
|
Bushels
Per Barrel
|
|
U.S.
Dollars (1)
|
Ratio
|
|
|
|
|
| 1950 |
1.89
|
1.71
|
1
|
| 1951 |
2.03
|
1.71
|
1
|
| 1952 |
1.93
|
1.92
|
1
|
| 1953 |
1.89
|
2.01
|
1
|
| 1954 |
1.98
|
2.11
|
1
|
| 1955 |
1.81
|
2.11
|
1
|
| 1956 |
1.84
|
2.11
|
1
|
| 1957 |
1.79
|
2.01
|
1
|
| 1958 |
1.62
|
2.07
|
1
|
| 1959 |
1.58
|
1.91
|
1
|
| 1960 |
1.58
|
1.85
|
1
|
| 1961 |
1.59
|
1.79
|
1
|
| 1962 |
1.75
|
1.79
|
1
|
| 1963 |
1.76
|
1.79
|
1
|
| 1964 |
1.84
|
1.79
|
1
|
| 1965 |
1.62
|
1.79
|
1
|
| 1966 |
1.71
|
1.79
|
1
|
| 1967 |
1.79
|
1.79
|
1
|
| 1968 |
1.71
|
1.79
|
1
|
| 1969 |
1.59
|
1.79
|
1
|
| 1970 |
1.49
|
1.79
|
1
|
| 1971 |
1.68
|
2.19
|
1
|
| 1972 |
1.90
|
2.44
|
1
|
| 1973 |
3.81
|
3.27
|
1
|
| 1974 |
4.89
|
11.50
|
2
|
| 1975 |
4.06
|
11.45
|
3
|
| 1976 |
3.62
|
11.55
|
3
|
| 1977 |
2.81
|
12.51
|
4
|
| 1978 |
3.48
|
12.78
|
4
|
| 1979 |
4.36
|
29.83
|
7
|
| 1980 |
4.70
|
35.71
|
8
|
| 1981 |
4.76
|
34.04
|
7
|
| 1982 |
4.36
|
31.54
|
7
|
| 1983 |
4.28
|
29.47
|
7
|
| 1984 |
4.15
|
28.55
|
7
|
| 1985 |
3.70
|
27.37
|
7
|
| 1986 |
3.13
|
14.17
|
5
|
| 1987 |
3.07
|
18.20
|
6
|
| 1988 |
3.95
|
14.77
|
4
|
| 1989 |
4.61
|
17.91
|
4
|
| 1990 |
3.69
|
22.99
|
6
|
| 1991 |
3.50
|
19.37
|
6
|
| 1992 |
4.11
|
19.04
|
5
|
| 1993 |
3.82
|
16.79
|
4
|
| 1994 |
4.08
|
15.95
|
4
|
| 1995 |
4.82
|
17.20
|
4
|
| 1996 |
5.64
|
20.37
|
4
|
| 1997 |
4.35
|
19.27
|
4
|
| 1998 |
3.43
|
13.07
|
4
|
| 1999 |
3.05
|
17.98
|
6
|
| 2000 |
3.10
|
28.23
|
9
|
| 2001 |
3.45
|
24.33
|
7
|
| 2002 |
4.04
|
24.95
|
6
|
| 2003 |
3.98
|
28.89
|
7
|
| 2004* |
4.20
|
36.00
|
9
|
|
|
|
|
Notes:
(1) Prices in current year dollars.
*Author's estimates
based on April wheat and oil futures prices for 2004.
|
|
|
| Source:
Data for 1950-2003 from International Monetary Fund, International
Financial Statistics, on-line database, updated April 2004;
2004 data are estimates based on April 2004 wheat and oil futures
prices listed in Wall Street Journal, 13 April 2004.
|
See
data table: World Grain and Oil Production, 1950-2003
See
data table: U.S. Oil Balance, 1965-2002
See
data table: U.S. Oil Balance, 1965-2002
See
data table: U.S. Oil Balance, 1965-2002
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