For each of 3 grains-corn, soybeans, and wheat—the graph shows the monthly average export price per tonne (metric ton) for...

Owning The Dataset

Table 1: Text Analysis

Table 2: Chart Analysis

Key Insights

1. Each grain's export price, after reaching its yearly peak, experiences its steepest single-month drop in the following month: wheat from February to March, corn and soybeans from September to October.
2. Corn exhibits the largest post-peak single-month decline, falling from 125% in September to 100% in October—a 25-point (20%) drop.
3. Soybeans decline from 105% to 90% after their September peak, a 15-point (about 14%) fall.
4. Wheat reaches the year's highest value (127% in February) and experiences a sharp but comparatively smaller percentage fall to 122% (about 4% decline).

Step-by-Step Solution

Question 1: Identifying the Grain with the Highest Maximum Export Price

Complete Statement:

The month after the monthly average export price for [BLANK 1] was at its maximum for last year

Breaking Down the Statement

• Statement Breakdown 1:
  • Key Phrase: monthly average export price
  • Meaning: The average price per tonne of exported grain for each month
  • Relation to Chart: The chart shows monthly export prices indexed to January's price (100%) for Wheat, Corn, and Soybeans
  • Important Implications: We are comparing relative prices for different grains over the months
• Statement Breakdown 2:
  • Key Phrase: was at its maximum for last year
  • Meaning: The highest export price value a grain reached over the course of the year
  • Relation to Chart: This requires finding the peak (highest point) on each grain's line in the chart
  • Important Implications: The maximum value and its month may differ for each grain
• What is needed: Which specific grain (wheat, corn, or soybeans) had the highest maximum price point in any month over the year

Solution:

• Condensed Solution Implementation:
  Review the chart and compare the maximum points for Wheat, Corn, and Soybeans; select the grain with the highest value.
• Necessary Data points:
  Wheat: 127% (February), Corn: 125% (September), Soybeans: 105% (September)
• Calculations Estimations:
  Wheat's maximum: 127%; Corn's maximum: 125%; Soybeans' maximum: 105%. Highest is Wheat at 127%, but the question appears to be about the grain for which the percent decrease is a given value that matches one of the answer choices (see next question).
• Comparison to Answer Choices:
  The choice must fit both the maximum and the calculation for percent decrease in the next month. Using data, Corn is the only grain whose percent decrease after the maximum matches a valid answer choice.

FINAL ANSWER Blank 1: Corn

Question 2: Calculating the Percentage Decrease after the Maximum

Complete Statement:

the actual average monthly export price for that grain decreased by [BLANK 2] of the maximum, to the nearest percent.

Breaking Down the Statement

• Statement Breakdown 1:
  • Key Phrase: decreased by [X%] of the maximum
  • Meaning: Express the change as a percent of the maximum value (i.e., (peak - following month)/peak × 100%)
  • Relation to Chart: Check values for the month of the maximum and the following month for the identified grain
• Statement Breakdown 2:
  • Key Phrase: to the nearest percent
  • Meaning: Round your answer to the closest whole percent
  • Relation to Chart: After calculating the percentage decrease, express as a whole number
• What is needed: What percentage of corn's maximum price did the monthly price decrease the following month (September to October)

Solution:

• Condensed Solution Implementation:
  Look at corn's maximum (September: 125%) and the following month's price (October: 100%), and apply the formula for percent decrease.
• Necessary Data points:
  Corn in September: 125%. Corn in October: 100%.
• Calculations Estimations:
  \(\\frac{125\% - 100\%}{125\%} = \\frac{25\%}{125\%} = 0.2\), which is 20%.
• Comparison to Answer Choices:
  This matches the answer choice '20%'

FINAL ANSWER Blank 2: 20%

Summary

The problem requires identifying which grain experienced a notable price drop after its peak, and quantifying that drop as a percentage of its maximum price. Corn peaked at 125% in September and fell to 100% in October, a 20% decrease of its maximum value. Thus, the answers are 'Corn' for the first blank and '20%' for the second.

Question Independence Analysis

These questions are dependent. The correct answer to the second blank relies on identifying the correct grain in the first blank because the decrease percentage calculation uses the maximum and subsequent values for that specific grain.