Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-27
ADVANCE IN WHEAT
ENCOURAGESBU[
Cash Prices Have Recently
Gained More Than 10
Cents a BuSheI.
BY FRANK r. WELLER,
Associated Press Farm Fditor.


While minor receSSions would seem
TO be due from technical viewpoint,
the late action of the wheat market
appears to be distinct encouragement
to those with hullish ideas
Within three weeks cash prices adj
vanced slightly more than Is cents a
bushel and all future deliveries have
risen on a huge wave Of buying which
outdid the seasons high price record.
There has been profit-taking and short
selling on every bulge. but the market
absorhs it with but moderate recessiuns
Prices have had no opportunity TO get
top-heavy.
Offerings Light.
The real source of strength seems
to come from the fact that very little
wheat Is being offered by exporting
countries first hand and actual wheat
for shipment is practically obtainable
in the world markets only from re-
sellers.
With climatic conditions at different
points in the far-fiung line of wheat
acreage correcting the threat of over
production, confidence Is returning IN
ali world grain centers. and for the pres
ent consumers both here and abroad
again are active purchasers, 1t would
seem that for the first time in many
long. dreary months bull market is in
the making.
Much of this depends, however. on
the truth of statements that Russian
offerings are diminishing. So far this
year the Soviet Union has exported
$4,000 900 bushels of wheat against
$4,000, 900 bushels for the whole Of 1890.
~f44~ ..x11r A
bushels more to reach last years level.
that any day Russia may retire from
the export market. Week by week
these reports were refuted last year
and last week Russia shipped more
than 4,00o. 900 bushels
There now is said to be about "a ,000-
600 bushels of wheat in storage in
England as compared with 5000, 000
bushels at this time a year ago. Much
of this may be Russian wheat due to
the fact that the Soviets are reported
to have shipped grain unsold in order
to clear their ports.
Yields in the Southern hemisphere
are still undetermined, but II the Jut-
turn In continental Europe proves 20
be as poor as indicated. a decrease IN
Russian offering should stimulate .
demand for North American wheat.
I1upt Oh DStteT safes hDfOaQ lies IN
the fact that exports of wheat and -four
since July / have amounted TO only
32,000,O00 bushels. compared with co.
000, 900 bushels last year
With all these things in mind. many
in the trade anticipate a steadily
broadening interest in wheat from all
sources. Bearish news appears to have
exerted its maximum influence, and
looking ahead all OF the important
price making factors loom up hullisf1ly.
Seeding Delayed.
Wheat seeding still is delayed in the
Southwest, where conditions were i'm
proved by rain, but soil moisture still
is deficient. Less than the usual plow-
ing was done early. Seed beds we're IN
poor condition and moisture was In
SUFFICIENT at the normal planting dates.
While the 1rop stands good In the east
ern part of the wheat belt. the condi-
ton of the crop in the western third
ranges from II to 85 per cent Of nor
NAL
Evidence that general interest Is
growing in the wheat market Is indi-
Gated by the fact that the open inter
est figures show 1000, 000-bushel In
crease during the last week Recent
heavy realizing sales apparently have
landed in strong hands, judging from
the action of the market. Leading
traders continue to favor the buying
side on all setbacks.
Despite the advance Of about cents
from the lows, the country shows little
disposition to sell corn to arrive, al
though the cash demand is reported
rather good with the basis steady.