Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-29
IMPROVED WHEAT
MARKET EXPECTED
Pit Traders Believe Quota
tons win Hold Steady at
Present Levels.
By FRANK I. WELLER.
Associated Press srnrm Editor.

Uncertain European economic con-
ditionS have kept domestic grain mar
ketS unsettled, but wheat traders are
generally of the opinion that prices VIII
hold quite steady. as the market Is well
hquidated and new pressure In volume
Is not likely TO develop.
Bullish sentiment is to the effect that
ea>A day draws nearer to q better senti.
naeIit in wheat. While burdensorne SUD-
plies still are in evidence, the belief Is
held that they have been pretty well
discounted in the present price level,
and the future seems to promise o re-
duction in supplies.
The wheat crop in 81 countries "a
ofacially placed at 2,720, 600 900 bushels,
or 141 ,000, 900 less than last year. For
eign crop advices are less favorable and
because Of reduction In both quantity
and quality Of native crops.
Money May Become Cheaper.
A better feeling has been seen in the
grain markets In conjunction with re-
ports that Canada may follow England
In temporary suspension of the gold
standard. The Dominion government
has said that it Will not, but the trade
holds to the opinion that money may
become cheaper. which means that COM
modify prices will rise.
Because wheat is priced below pro-
duction costs, some believe the universal
bread grain has the best chance of sta
bility of any commodity in the world
It looks as If the big rush of selling is
over in Canada and that with q little
announcement wheat may do better.
While some expect increasing hedges
at Winnipeg and continued slow ex-
port business to be considerable factor
In North American prices, others be-
lieve the future may hold more good
news than bad. In the Chicago grain
pit notice was taken Of the trade COM
ment that, regardless Of the worlds un-
settled financial condition people must
eat, that there Is no cheaper food than
wheat, and that the poor condition of
European root crops suggests a greater
demand for grain.
Continental European countries still
are supplying most Of their needs from
native wheat, although the quality has
been lowered. Prices OF wheat in the
English markets have advanced sharply,
but the advance in terms of English
money was Offset in the decline in the
exchange rates with the result that the
price of foreign wheat is about I'M
changed when converted into United
States currency.
Domestic cash wheat markets are
lower as result Of moderate increase
in offerings, some slackening in export
inquiry and only moderate demand
from domestic buyers.
Russia again has been selling to the
United Kingdom, shipments for the
week amounting to almost 5000. 900
bushels. This brings total clearances to
more than $4,000, 900 bushels since Au-
gust /, compared with 14,000,00 bushels
for the same period last year.
Good Buying Noted.
Scattered liquidation was in evidence
early in September, corn and wheat
prices went to a new low level for the
season, but there was good class Of
buying on the breaks by cash interests.
Persistently warm weather since Sep
TENDER 1 has brought corn to re-
markedly rapid maturity, and 1t now is
largely safe from frost. It Is believed
that with the expiration Of the Sep
TENDER delivery steadier corn market
may be expected.
Deliveries on, contract of more than
100000 bushels caused new low levels
In September corn at Chicago.
There has been fair absorption Of
the new crop futures on the theory
that the decline in prices has discount
ed the favorable crop prospects. Omaha
is said to be shipping hominy feed to
North Dakota and South Dakota be-
cause of bad crops there-something
never heard of before.
Good paSturage In most Eastern and
Southern areas and the substitution Of
large quantities Of wheat in some sec
tons Of the Central West have reduced
the feeding of corn. This was reflected
in q continued dun shipping inquiry,
and prices at most markets declined 8
to cents bushel.