Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-21
ARGENTINE WHEAT
. TO GIVE PRICE CLUE
Condition of Crop in Southern
Republic Closely Watched
by Traders.
BY FRANK /. WELLER,
A.~aaJ.kaA Eraaw Earra EAifAr


News from the Southern hemisphere
where the wheat crop is approaching
the critical stage is being closely watched
for the magic that apparently is needed
to make the domestic market something
more than q mere trading affair.
Wheat prices have reached new low
levels following weakness In foreign
markets, and corn has declined toward
o new crop basis.
Nothing seems to attract buyers in any
volume, not even the unfavorable weather
conditions in Canada, where around 45,-
100000 bushels Of wheat remain I'M
threshed, and is suffering serious deteri-
grafton. The lowering of wheat prices
fails to attract sufncient buying to hold
rallies, since they bring out increased
offerings. Traders are becoming more
timid despite that they believe wheat to
be worth present prices.N
Russian Crop Movement.
Reports from Liverpool that Russia
was buying wheat TO cover futures con-
tracts had O temporary steadying eff
feet at Chicago. Realization OF con-
tinued weakness in securities, however,
caused hesitation in following the up
turn.
In reporting the purchase Of futures
for Russian account, the Liverpool mar
ket said stocks deliverable against con-
tracts there were insufficient. There Is
said to be 5,500,000 bushels Of Russian
wheat afloat and unsold at the present
time, and that during the next seven
weeks Russia must load $1,000, 900 BUSH
els In order to I'LL the sales it has made
for forward shipment.
Due to Wintry weather, estimates of
the amount of wheat which cannot be
threshed in the Canadian Northwest
range from 100000 to 100000, 900
bushels. The total Of damp and tough
wheat Is increasing.
AS an example Of the slowing up in
the movement of Canadian wheat TO
market, Winnipeg country deliveries to-
tailed only 629, 900 bushels on October
is, as compared with 2,2l2,000 bushels
for the same date Q year ago.
Canadian CaEryover.
The Canadian carryover into this
crop was the largest IN history, 5000
900 bushels, compared with $4,000, 900
bushels year ago and 74,000,00O
bushels two years ago. But, exports OF
81 ,O00,000 bushels Of Canadian wheat
during August and September Of this
year are significant when compared
with 22,000.0 900 bushels for the same Pc
Rod last year.
Trade reports say the Canadians are
down to brass tacks" this year and
doing the biggest export business In his
tory with the exception of 1928.
Some traders believe bullish develop
and prefer to buy on reactions for mod
crate profits. They point out that due
to shorter harvest of native wheat
France will have to buy about 100, 000,-
900 bushels Of wheat this year. q con-
siderable part Of which may be sought
In North America.
France Is a large consumer Of soft
Winter wheat, which Is not easily Sc
durable, especially as it is scarce and
commands a premium. On the other
hand, France may not buy so freely, as
French imports and exports each
slumped more than 1900, 900, 900 francs,
as compared with 1929, in the customs
figures covering the first eight months
Of the year.
Argentine Wheat.
An oficial report indicates the con-
dition Of wheat in the Argentine is
averaging fair to good, and that Aus
tralia, with favorable weather condi-
lions from now until harvest, win reap
crop Of about zoe, 900, 900 bushels,
compared with 123,000,000 bushels last
year.
However, conditions In the Southern
Hemisphere could be altered materially
by adverse weather before the harvest
starts in December and developments
are being closely watched. Wheat has
had a sharp break and is near the lows
Of the season. Scattered liquidationS
has been on for several days, and it is
the impression that the technical posi-
ton has been improved materially by
the decline