Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-03
NEW WHEAT CROP
MAY TURN MARKET
Election Results Also Awaited
by Traders for Possible
Advances,
BY FRANK /. WELLER,
Associated Press Farm Editor.

apparently ready and willing for
grain values to rise, the country at
large seems to be marking time until
the trade turns up something on which
10 pm an argument for higher prices.
WIN the start of harvest in the
Southern hemisphere only little more
IMAM fortnight away, crop news from
eltner Australia or Argentina probably
couId start the most important market
reaction II 1t were Of bullish nature. No
small element believes an upturn in
wheat prices is contingent upon the
immediate future movement of corn,
while still another Is of the opinion the
market Is so sensitive 1t will be infiu.
enced by returns in the general election
on Tuesday.
Await Election Results.
In Minneapolis. particularly, where
trading In grain has been limited to pit
operations, expressions from the floor
of the exchange indicate not much
cnange in prices Is expected until after
election returns are in, when the
political outlook may be more clearly
defined
Almost without exception private esti-
mates OF the corn yield are running
above the Government forecast Of
2,047 100000 bushels. The more
optimistic pace 1t at about 100000, 900
bushels. Some interests believe shat the
short supply, although more than prept-
ously forecast. together with fhe appar-
ent excellent quality of the crop. should
be OF bullish influence Technically. the
STATISTICAL position of corn Is bullish.
However, the real or supposed substitlI-
ton Of wheat for corn as a live stook
feed Is hurting the demand for corn
without much benefit to tf@ price Of
wheat
If private reports in the next few davs
snow that farmers have decided to hold
their corn pretty we'll, it Is possible that
quotations on wheat as well as corn will
advance. Dispatches from Illinois and
other points in the corn belt indicate
that the better fixed farmers will not
sell corn.
Corn Believed Oversold.
In some quarters it is believed De-
cember corn is quite heavily oversold
and that corn may yet register substan-
TALLY higher prices influencing the de-
livery OF other grains.
The potential supply Of barley and
oats from Canada as well 81 some corn
fro:l Argentina which the tariff Is not
sufhcient to stop at seabcFrd points Is
discouraging. However. Argentinas
chief export outlet for corn is
in Europe, and Europe's corn crop
this year is relatively as far be-
States crop is below the crop Of a year
ago. That circumstance is taken to
indicate the improbability that any
material amount of Argentine corn will
be diverted to this country.
In the last 10 years the United States
has imported a total of only 10000, 900
bushels Of corn, whereas exports of corn
have totaled 496, o00, 900 bushels
Regardless of the outcome Of the
election and whether or not ttss iquida-
ton of corn Is stemmed, whes> slndoubt-
eddy is going to be influenced by move
ment of the new crop. The entire world
trade is watching developments in the
Argentine with considerable anxiety,
since 1t would not take much loss in
the outlook there or in Australia to
make rather radical change in the
world statistical position, and current
low prices are regarded as making GER
tain unusually heavy consumption.
Much is heard about possible rust
damage in Argentina, but there Is no
ofhcial confirmation. Apparently no
important damage has occurred, for the
Buenos Aires Exchange has failed to
show, sucn feature. Estimated at
21,316.000 acres. the Argentine wheat
area is the largest on record, being
1000, 900 acres more than that Sown
last year and 100000 acres more than /.
was harvested. The Argentine harvest
will not become general until the mid
die of December.
Domestic Market
The country. no doubt, viii follow
the usual practice of selling the first
run of wheat at prices obtainable when
the grain reaches the terminal markets
Argentina is generally unable, for lack
OF storage facilities and because farmers
need their money, to hold back wheat
until markets might be more favorable
and shipments by the middle of Janu-
airy are generally large.
AS far as the domestic market is con-
cerned, wheat is drifting without direc-
ton, trading is light, and, while mostly
beariSh, traders are not pressing the
market. There has been scattered
liquidation Of December wheat, quo
tationS being Ga cents under May
wheat the widest differential in some
time. From the action of the market
it appears broader buying power will
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