Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-01
HOOVER FARM RELIEF PLAN
is AID TO GRAIN GROWERS
Returns From Crops Larger During
Year of Outlook for 1880
Declared Bril- litter.

ton in Spring wheat and the total sup
ply, including the new crop, was greater
than year ago.
There are many in the trade who
feel that the farmer this year will be
rewarded with better prices for his grain
than year ago, provided he held on
but from all statistics available it looks
as though the grower has sold the bulk
of his crop. The record-breaking visible
supply tends to confirm this view.
Farmers were told to hold their wheat
year ago and followed the advice OF
the Department of Agriculture, with the
result that when they came to unload
toward the end of the season the stu
alton was much the same as If he had
marketed at the beginning Of the sea
son. So he took a loss in depreciation
and carrying costs. When the same
suggestion was made this season the
farmer promptly sold, thinking in all
probability that he would outguess the
Department of Agriculture and the
Farm Board. This may be the time
that he guessed wrong himself.
The big problem is one of finding
some way to curtail acreage devoted to
wheat production. With a big carry
over in sight and importers taking
wheat only sparingly, still the Ameri-
can farmer intends, according to his
own expressions, to plant an acreage
IL per cent larger than year ago.
Exports of wheat since July / from
the United States and Canada were
21,000,000 bushels smaller than the
previous year. This effectively tells the
story of Argentine competition. But
Argentina will not be such an outstand-
ing factor in the export trade this year
with crop in sight of only 200 ,000, 00O
bushels. compared with 307,000,000 in
1928. The situation is one that points
to improved prices before another crop
season rolls around If it were not for
the burdensome supplies still in sight
The way these supplies move into con-
sumptive channels will tell the price
story.
Corn a Profit Crop.
The corn belt again this year was
favored with fairly prosperous season
and with an outlook that is quite bright
Production has been relatively small
that prices are favorable. Approx
mately 80 per cent of the corn crop is
marketed through live stock, and here
as well prices are at a fairly profitable
level.
The May delivery Of corn at present
ranges about 8 cents higher than a
year ago. Prices on May corn during
the entire year ranged from 777k cents
to $1.09as, compared with a range Of
from rs cents to SLIP in 1928.
The crop this year was 2,528, 000, 00C
bushels, or 308, 900 900 under year ago
and with the exception of the crop Of
1924 it is the smallest since 1918. In
this product there is no burdensome
surplus. An almost total failure of the
Canadian oats crop indicates that there
may be some business with that coun-
try, which may need feed for its live
stock. However, European SurpluS-pro-
ducing countries have had a big corr
crop, and this has curtailed demand
from that source, despite the fact that
Argentina has produced small crop
Early marketing of hogs and cattle
by domestic feeders this year may have
some effect on the consumption of the
present crop, but it is sufficiently small
not to create an early bearish situation
Oats Hold Steady.
A smaller oats crop. about 120, 1000 ,0OC
bushels under the five-year average
has resulted in a fairly firm price basis
throughout the year.
May oats have ranged from 48E
cents to 5034 cents, compared with 8
range Of from 421a to 58ls cents in 1929
Cash oats sold from 411a to 57I2 cents
against 361a to 70 cents last year. Al
the present time oats futures are about
l cent higher than a year ago. The
bullish feeling in other markets had 9
sympathetic reflection in this market
There also was a strong feeling that ex.
port business with Canada would ex.
pand before another crop is grown be.
cause of the poor yield obtained by thai
country this year.
(Copyright, 1907