Patten's 1907 Corn and Wheat Battles

In October 1907, Chicago speculator James Patten was locked in a fierce battle to corner the corn market, buying heavily to hold up the price. Despite his buying, a broader commodities selloff that month dragged corn down hard from around 64.875 to 55, with wheat and oats falling just as sharply alongside it. Export demand for grain, spurred by bad weather overseas, later helped prices recover — though the corner itself would not resolve for several more months.