Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-22
SEEK ADJUSTMENT
IN WHEAT PRICES
MiIIers Reported Ready to
Buy Farm Board Surplus
at Foreign Levels.
Special Dispatch to The Star.

Special Dispatch to The Star.
CHICAGO, December 22.-PriceS OF
wheat and all other grains are the
lowest in a quarter to about a half
century. The seasons crop reports are
all in, with the world yield of wheat
for the 3,344,0o0,00O bushels, compared
with 1857 100000 in 38 countries last
year, an increase of 177,O00 900 bushels,
or Sc per cent There is enough wheat
in the world for all requirements up TO
the end of this harvest year, with
possible reduction in the carryover.
The Federal Farm Loan Boards
agencies continue to maintain wheat
prices i'll Chicago at around 81 to 81H2
cents for May, while December moves
on the basis of around 76 cents. With
July wheat 1912 cents under Deem
Der in Chicago and Winnipeg Decem-
Der almost "a cents under Chicago De-
cember at close to So cents, with May
there Sc cents, or Is cents under Chi
cago and Liverpool 1112 to 10 Is cents
under Chicago, there is situation that
is in favor of Winnipeg. Argentina
and Australia as against the United
States.
AdSb HCCh y odACSs
Chicago's trading is small, with sales
of wheat futures of 97,148,000 bushels
last week. This was an increase of
week, and compared with a total of
80, 292, 900 bushels last year, showing
the difference between an open and
restricted market. The open interest
at the close was 157,O11,00 bushels,
compared with 153,747, 900 a week ago,
and 1877 $4,000 bushels a year ago.
Closing trades for the week were Is
cent lower to Ii cent on old-crop fu-
lures, and "a cents lower on July, as
compared with a week ago. December
closed at 76% to 1875 cents, March
and July CTS to 67A cents. Winnipeg
is of 21s to 3B cents from a week ago,
with December 522s cents and May Sc
cents.
Primary receipts for week this year,
5.354000 bushels; previous week, s.
OCT 900 bushels; last year. 100000
bushels. Shipments for week this year,
2, 100000 bushels; previous week, g.
102 600 bushels; last year, 2,979,OOO
bushels.
Corn traders are witnessing pecul-
lar situation. The crop was the smallest
since 1901, yet prices are the lowest in
recent years, setting a new low level for
the season, finishing at almost the bot
tom with losses of 23s to cents, as
with a week ago, and practi-
cally So cents from the high OF around
August ON December and 80 cents
from May. Last trading on December
was at 66Zs to 81 cents; March, 69X
to 70 cents; May, 70 to 7212 cents, and
July, 1875 to 1874 cents.
Sales of futures for the week were
1rn with
81 $4,000 bushels wheat. There was
an increase of around 100000 BUSH
els for the week, as compared with 3d.
288 900 bushels last year.
Primary receipts for the week this
year, 7,249000 bushels; previous week,
8 .252. 900 bushels; last year, 5,756, 900
bushels. Shipments for week this
year, 2,769,000 bushels; previous week,
2 1854 600 bushels; last year, 3,498,O0O
bushels.
Spectators Sell Out.
Speculators who recently bought oats
around 81 to 80 cents and upward have
and in some instances taken
a advantage of price receSslonS to rem
state part of their lines. Local INDUS
tries and Northwestern elevator inter
has been heavy, and prices
finished the week unchanged to "a
cents net lower, with December 322s
cents. March SO cents, May "a TO So 70
cents and July 1924 cents.
Marketing of oats has fallen OH ana
is less than last year.
shorts in December rye have main
tanned values at higher level WIN
a net gain of 1 cent for the week, the
close being 457s cents, while otner
months were off - cents, with Marcn
ASH cents, May ASS and July 443s.
The problem of the grain trade is 10
bring about a readjustment of values
in consuming countries, as compared
with those in Surplus-produclng sec
lions.
In Canada the government is to take
care of the banks that have heavy
loans on the 1929 crop, while the 1881
crop has been marketed more freely
than ever and is being disposed OF as
fast as possible.
pect of a carry-over of 125,00O,OOO 10
$50 ,OOO, 900 bushels. The Department OF
Agriculture has issued It's estimate OF
acreage seeded for the 1881 crop OF
az, 042 900 acres, as compared with 81
$4,000 acres seeded last year with an
estimated condition of 86.3, the highest
in recent years. A harvest from 42,0OO,--
600 acres next Summer on the basis OF
Is bushels an acre would prouuCe ooO'-
OOO. 600 bushels of Winter wheat.
Unless there is an exceptionally heavy
cut in area there will remain only poor
growing conditions to reduce yields.
Latest statistics show that while we
harvested a smaller acreage of all wheat
than last year, the total yield was prac-
tically 851 100000 bushels, compared
with 809, 600, 600 bushels IN 1929, due to
an increase of IL bushels an acre in
the average yield.
Argentine Crop.
Last news on the Argentine crop is
a disappointment as compared with
earlier predictions. The yield OF 27l,-
600 900 bushels as given by the govern
ment is 143,000,000 more than last
year.
Australia has a larger crop than last
year. Worlds available supply on De-
cember l of Sal 100000 was only 49,
600 600 bushels more than on November
l and 100000 bushels short of year
ago, the loss being mainly in Canada.
Millers have bought cash wheat more
freely of late, but so far have been un-
able to arrange with the Farm Boards
companies for price for wheat that
would enable them to enter the eX-
port flour trade in competition with
millers of other countries.
NEW YORK COTTON