Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-06
u. S. GRAIN MARKET
LACKS LEADERSHIP
Speculation Has Nearly
Ceased Pending Lack of
Constructive News.
BY FRANK I. WELLER.

Carried to new lows for the season
b. almost week of consecutive de-
clines, the grain market is looking for
speculative leadership.
Strength in the securities market
might produce it. There must be some
development to restore confidence in
the low levels if speculative buying is to
return. At the close of the last trading
period May wheat had established an
all-record bottom at Chicago.
There Is some solace in the fact that
cash wheat did not follow the decline
in futures. Receipts of Winter wheat
at the principal Southwestern markets
We're cut to 1,c78 cars less than the
previous week. Marketings of soft
Winter wheat were very light and con-
tinued light offerings Of Spring wheat
held cash prices about unchanged at
Minneapolis and Duluth.
Consumption Is Good.
Although prevailing low prices do not
seem to attract new buyers or stimulate
demand, there is more inclination to
look to future developments than to
existing conditions. Unquestionably
wheat is cheap enough to encourage
consumption and curtail production. 1t
daily becomes more evident that the
worlds 1892 outturn Of bread grains
D.
sumption keeps up, as evidenced by the
Worlq shipment of 100000 bushels
more wheat from August l through
September 26 than for the same period
year ago.
Meanwhile North American wheat,
the only hlgh-gr3de milling grain avail
able, is on the bargain counter. 1t is
popularity said TO be selling abroad at
practically the lowest prices in 700
years. Liverpool quoted October wheat
at the equivalent Of 4814 cents busheI
ana December at 5134 cents.
Russia continues to dominate the
European markets, but there are COM
plants that much of the Soviet grain
IS inferior. Russian shipments have
been nearly three times larger than
last year. Danubian shipments have
been more than 100000 bushels
larger and Argentine and Australian
exports around 10000 900 larger Stimuli
taneously, North American shipments
have been 100000 bushels smaller
for the season to date than last year.
Unless there is fresh export business
in hard Winters, traders question
whether the wheat market is in position
to Withstand increased hedging pressure
August exports of wheat and flour, in
terms of wheat, totaled only 100000
bushels, compared with "a ,167 900 BUSH
els in August, 1880.
Inc new lows IN corn are believed
sufficient TO seriously restrict country
selling of the new crop. Otherwise, and
unless there is decided improvement
in cash demand, the trade sees little
in the corn situation to warrant higher
prices.
Crop Ahead of Time.
The crop is fully three weeks ahead
of time, considering the average date
Iof maturity, and its present condition
is such that it promises to keep rea-
sonably we'll If cribbed. Farm stocks of
old corn are estimated at about 10000
600 bushels less than last year.
First arrivals of new corn were re-
ported at Chicago and st. Louis. One
of the cars at the former market was
from Illinois, graded sample white,
weighed AS pounds to the bushel, with
% per cent moisture, and sold at %
cents a bushel. A car from Indiana
graded No. yellow, weighed SO pounds,
with 22.8 per cent moisture, and sold
at 30I2 cents.
The approaching movement Of the
new crop, increased offerings and slow
demand caused corn to decline rather
sharply. Oats and barley were weak
with corn. but price declines were less.
Rye had some independent strength as
result of light offerings. Corn ar
rivals at Chicago were about so per
cent larger than those of the previous
week and cash prices declined to 8
cents. The Milwaukee market lost
to 5 cents, but better demand de-
veloped at the lower range of prices.
The drop was about cents at st. Louis.