Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-08
GRAIN TRADE TURNS
TO BULL|SH VIEW
Short Sellers Pecome Buyers
as Demand Develops in
Foreign Market.

Special Dispatch to The Star.
CHICAGO, September Ss-Grain
traders virtually overnight experienced
one of the most unexpected changes
from depression to conservative bullish-
ness ever known when the wheat traders
woke up to the fact that Liverpool had
failed to follow the downward course in
Chicago on Friday at the end Of four
day break in wheat. 1t caused traders
all over the country to revise their ideas,
as they were confronted with factors
most important to producers, consumers,
railroads and business interests.
A supply and demand situation now
stands out in the way that was not
expected. 1t changed short sellers into
buyers, who covered their commitments
and took the constructive side of the
market. This position, it is said, should
it continue for few days, is likely to
bring about considerably higher prices.
Extent of Advance.
In three days wheat has advanced
around 5 to cents. A revolution in
Argentina, with the reports that the
grain exchanges there had been closed,
gave fresh impetus to the changed stu
alton in the United States. This re-
versal is expected to be followed soon
by movement of leading interests on
the Chicago Board of Trade to remove
all restrictions on trading as far as is
possible. This may result in changes
by the Grain Futures Administration
THAT Will modify or eventually remove
the rules on reporting of trades with
virtual policing of operations by largest
operators and other features that, it
was said, have hampered speculative
operations
Instead of having about IS different
grades and varieties of wheat deliver
able on future contracts here, it is said
that the rules will eventually be
changed. so that buyer who wants
hard Winter or red Winter or Spring
wheat can get a delivery of it. Re-
moval or a change in the system of de-
ltveries of grain in cars on track at the
end of the month is either to be done
away with or restricted The original
purpose of the rule was to help out the
country shipper and not permit private
elevator operators to- take grain out of
their houses on the last few DAYS of
the month and deliver it on track and
at the same time control its destina-
ton.
Conferences have been held with
Board of Trade officials and Secretary
OF Agriculture Hyde and others who be.
lieve that the interests of all can be
improved and that the grain trade can
be brought back to the position it oc-
cup1ed for years among the general
public as the leading speculative COM
modify. The situation at present is
more favorable for a revival than in
any other year because of the close ad-
justment OF supplies to requirements.
Feeding of Wheat.
Enadi7n f1f v,l,ao%
attention in all parts of the country,
and whenever wheat is available in
quantities the feeding demand is said
10 be increasing. Chicago wheat ham
oilers are getting inquiries for feeding
wheat from all over the South and
East. Kansas City reports shipping
more wheat for feed than corn and that
demand for wheat is exceeding that of
corn, as prices Of wheat there are 90
cents lower than OF corn and wheat is
50 cents cheaper than barley Through
out the Eastern States and all over the
country wheat is cheaper than corn.
speculative trading IN wheat at Chi
cago Tor the eight months this year, as
given by the Grain Future Adlninistra-
ton, aggregated 9,163 sis, 600 bushels.
compared with 1918, 1886, 900 last wear.
Trading was heaviest in the FIRST few
months, though exceeded in that period
in 1929. Corn sales were 2,548, 7l5, 900
bushels, compared with 3,603 STA, 600
bushels in the period last year: oats,
448, loo, 600, compared with 551, 310,0 900,
Total sales of all grain this year aggre-
gated 1873, $4,000 bushels, compared
with 1880, 1886, 900 in 1929, decrease
of 1877 per cent.
The weeks aggregate trading does
not make a favorable comparison be-
cause of the Labor day holiday, the
volume being materially under last
years. The open interest in wheat at
the close on Friday was 147,058, 900
bushels, compared with 142,373, 900 q
week before.
Price Ranges.
September wheat during the week
ranged from 81 to S67s cents, touching
the low point on Thursday and the
high on Saturday, with the close S5h
cents. December was down to 86&
cents and UP to 90 cents, with the close
at 901s to 90A cents. May wheat broke
from $102s to 1914 cents, with the
finish at 97% to 97la cents.
Winnipeg December wheat closed at
88A cents, loss of IL for the week
and 21s under Chicago, while year
ago it was at premium.
since July ! this year aggregated 203,-
241 900 bushels, against 207,870,o00 Tor
the same time last year.
Primary receipts last week were IT,
937, 900 bushels, previous week 13,O38,-
600 and week last year 12,O30,O0O
bushels. Shipments, respectively, were
10,eS1 900, {, 1854, 900 and 8. o41 900 bushels.
nuEMtnAI G ABE IlcEN