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Scholars have long held strong views about the nature and extent of grain storage in early modern Europe. Direct evidence on the issue is quite poor and inconclusive.1 Randall Nielsen's ambitious attempt at solving the problem in a recent issue of this JOURNAL therefore deserves serious attention.2 Like others before him, Nielsen uses inferences from price behavior in assessing the nature of grain storage. Nielsen identifies three distinguishing implications of profit-maximizing storage for grain price structure.

This paper traces the evolution of the international market for wheat, from an emerging market structure after the repeal of the corn laws to a mature market characterized by efficient arbitrage after the introduction of the transatlantic telegraph and the growth of trade. Efficiency is documented using traditional price gap accounting as well as error correction modelling. Markets which traded directly with each other as well as markets which did not trade with each other were integrated. The traditional bilateral focus in market integration studies has been extended to a multivariate approach, which generates new insights into the pattern of diffusion of price shocks in the international economy. Shocks in the major importing nation, Britain, dominated in the emerging market phase, while shocks in the major exporting economy, the United States, dominated international price movements at the end of the nineteenth century.