Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-24
CASH WHEAT. SALE
IS REPORTED BRISK
Speculative Market Appar-
emily in Stronger Position.
Prices Low.
BY FRANK I. WELLER.


Speculative wheat seems again to be
in the buying zone. Neither corn nor
cash wheat followed last weeks sharp
break in futures. The cash demand is
very brisk in all the grain markets,
country offerings are light and farmers
show tendency to hold their supplies.
This strength in actual grain is ex-
pected to encourage reinstatement OF
speculative lines heavily liquidated on
receipt Of erroneous information that
China and Japan had agreed to an
armistice in the Manchurian dispute.
Stop-loss selling at times seemed to
demoralize wheat futures.
Extent Of Recovery.
At present levels grain has had q
considerable recovery from the low
to adjust the market. There recently
has been small buying by the large
interests, which originally were so con-
spicuous. Many prefer to buy now
only on the breaks, because they don't
wish to see wheat prices in the United
States leave an export basis again.
Those who continue bulliSh on wheat
say the promise Of scarcity in the dis
lance Is maRnified by present prices
being below production costs.
The new crop now being harvested
in Australia is estimated at more than
40, 000, 900 bushels less than last years,
and private sources say as much as
1.200,000 acres Of the new Argentine
crop has been damaged by frost. A
decrease of about 8 per cent was re-
ported in the area Sown to Fall wheat
in Canada up to the last of October.
A special report by the Kansas Board
OF Agriculture indicates decrease Of
is per cent in the acreage seeded this
year, with the condition of the Kansas
crop only 81 per cent of normal. Rains
and snow have benefited Winter wheat
in parts of Central Kansas. Eastern
Nebraska and good part of Texas and
Oklahoma, but in some instances they
fell too late to save wheat that sprouted
early and died of drought.
World Import Requirements.
The Department of Trade and COM
merce of Canada says world import re.
quirements for the present crop year
will be at least 825,000,000 bushels.
With Russian, Australian and Argen-
tine supplies in question, it appears
North America may become larger
exporter during the next two months.
On the basis Of preliminary production
estimates In the exporting countries, IL
would seem that to meet import de-
mand accumulated stocks will have to
be drswn upon before July 81, 1882.
The immediate situation in corn
looms up more strongly than wheat.
Comparatively, corn is stronger than
wheat. Primary receipts total approx
mately 4.500, 600 bushels less than for
the period to date last year, when the
crop was unusually short.
Moderate offerings of country corn
and the general tightening of the cash
situation have begun to alarm shorts.
Tor the time being corn seems to be in
a class by itself. with strength prom
ising to stay under the market at least
until the new crop moves in larger
volume.
At about IS cents delivered to rail-
way tracks at points in Iowa for oats
and about A cents for No. 3 yellow
corn, iced grains are hard to get from
Iowa farmers. Oats are getting very
scarce, and on top of the feeding de-
mand that will exist all Winter for oats
1t will not be long until there will be-
very heavy demand for seed, particu-
larry in the drought-swept Northwest.
Coarse Grains.
Traders say coarse grains are in much
better position to advance than wheat,
although there is evidence that corn,
oats and rye futures have been inflJ-
enced by the bread grain. Demonstrate
ing the holding program in corn, Chi
cago experienced the phenomenon Of
shipping the yellow cereal to Iowa in
dustries last week-practically into the
heart of the greatest corn-producinR
area in the world.