These statements are equally true of "bulling."
Concluding cautiously, we may admit the probability of the relations between near and distant "futures" and "spot" (even in respect of "futures" running out in the same crop year) indicating sometimes at least the intentional or unintentional "bulling" or "bearing" or "spot" by "futures."
All heifer calves or bulling heifers naturally would be heifers for the whole of the six month retention period.
It seems a plausible conjecture that if "futures" were " bulling " the market in the first case, they were at least " bulling " it less in the second case ceteris paribus, and probably correlations have not been worked out.'
In the case of any crop year, if the relations which are suggested as indicating the "bulling" work of "futures" usually corresponded with "spot" prices being below the normal price of the crop year, or of what was left of the crop year, while the relations which are suggested to indicate the "bearing" work of "futures" on the whole corresponded with a relatively abnormal height of "spot," it would be a legitimate inference that "futures" were tending to smooth prices.
