Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-06
OF WHEAT
SHOWS INCREASE
Advance in Prices Last Week
Reveals Resumption
Of Demand.
BY FRANK !. WELLER,
Associated Press Farm Editor.

Investment buying of wheat. long
absent from the American market, ap-
pears to have returned in a small way
under improved demand for practically
all grains. Domestic prices have ad-
vanced to cents bushel and Cana
dian prices, 6 cents.
Chairman Legge of the Farm Board
believes the trade has come to the
conclusion that values are about as
low as it is possible for them to 60
and that purchasers who generally are
not spectators, but who buy for an
investment purpose and wait for prices
to improve. are coming into the market.
They may have been influenced some
what, he says, by realization that the
depressing influence of Russian exports
probably cannot last much longer.
Nearly 100000 bushels of Russian
wheat were exported last week. bring
ing the total since the first of August
to about 100000 bushels. Charter
ing of space for October shipment is
reported by the grain trade to have
been relatively large. but restrictions
against the importation of Russian
wheat now are being considered by sew
eral European countries.
Soviet Exports Limited.
Germany and France. previously
standing high among RusSia's custom-
ers, have limited the Soviet export field.
Germany'S suspension of the import
certificate system practically prohibits
the expectation of German wheat. while
the import duty has been raised to
approximately $l.20. New German mill
ing regulations require utilization of, 30
nf NaghA In ~
mixtures, and France requires the use
OF 30 per cent Of native wheat.
Except for the psychological reaction
Russian exports are insignificant beside
North American shipments. While Rus
Sia has been exporting some 1900 000
bushels the United States alone has
shipped about 100000 900 bushels, or
about 100000 bushels more than for
the corresponding period a year ago.
The investment buyer may have been
Influenced further by reports that dry
weather in the lower Denubian coun-
tries and in the important Winter
wheat areas of Russia has Slackened
progress in Fall seeding. In India soil
moisture in the important wheat areas
Of the Northwest has been insufficient
for best working conditions as seeding
gets under way. Rain Is needed in
Australia to round out the new crop to
be harvested there in December, and
general rains would benefit the crop in
Argentina.
Although seeding of Winter wheat in
the. United States Is about half COM
pieted. with early fields showing good
stands In Kansas, rains are needed in
certain areas and some damage has
been done by high winds and soil dris.-
ing.
Impetus for Buying.
There has been some impetus for in
YeStment buying in the fact that coun-
try mRrketings of Canadian wheat have
fallen of sharply while export demand
has increased. Export inquiry for
United States wheat was still lacking,
but increased amounts are being taken
by feeders; and mills are active buyers
of good milling wheat. It begins TO
look as If farmers really are going to
feed as much wheat as earlier indi-
Gated they might, particularly since
current offerings of other feed grains
are readily taken in the face of price
advances.
Oats and barley moved out well, and
rye has advanced with wheat. The
corn market has strengthened under
the influence of light offerings and
steady demand. Most of the corn crop
now is safe from frost except in few
sections in the East Central Great
Plains and in some low lands of the
Ohio Valley. Harvesting now is In
progress in the Central West.