Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-15
.BULGES IN WHEAT
BRING OUT SELLING
Market Reflects Unstable
Conditions in Grain
Trade of Nation.
BY FRANK I. WELLER,
Associated Press Farm Editor.


The economic position of wheat seems
to have plenty of reasons for improving.
but grain traders claim they can recall
no time when bullish news fell SO fiat
as a market influence.
Week end prices at Chicago reflected
decline Of / to ia cents in future de-
spite the fact that September wheat
has been gaining on December to the
point of almost erasing the spread
narmally created by the carrying charge
to the distant month.
Undoubtedly better securities mar
ket would be Of great aid in advancing
the price of wheat. For a week the
news has been of nature to make
higher prices, but bulges have been hard
to hold.
European Crops.
The impression is growing that for
eign crops will turn out much smaller
than estimated. Cereals in Western and
Central Europe have been damaged by
continual rain and unfavorable weather.
The production estimated for "a coun-
tries now is 1892, 100000 bushels,
against 3,142,112,000 a year ago and is
only slightly above the five-year aver
age.
lIldG TIdIlCc Will
have to import wheat has been given
by the ministry of agriculture. The
native grain is said to be of light
weight. There is an unconfrmed ru-
NOR that Russia Is trying to cancel sales
OF high-quality wheat because of poor
grain condition and will offer medium
and low quality stocks.
Germany's purchase of 100000
bushels of United States sterilization
urh iS fQd IN To ho
need for better wheat in milling mix
lures and is said to have been made
against the sale Of low-Quality native
grain. Germany needs cash, too, and is
suspected of selling from her own crop
for ready money while paying for
American grain on longtime credit.
The trade asserts that If credit con-
ditions in Europe were anywhere near
normal, the Continent would be buy
ing larger quantities Of Western Henri
sphere wheat. While the exports of
breadstuffs from various countries since
July l have been about the same as last
year, perhaps 10000 900 bushel7, the
amount taken from North America
totals only 57,470,000 bushels, or about
34,000,000 less than for the same period
year ago.
World Shipments for the week were
about 100000 bushels larger than last
year, but those from North America
were 100000 bushels smaller. A for
eign source notes wheat stocks in Great
Britain increased 100000 bushels dur
ing August and are about double those
of year ago.
New Crop Estimate.
The Dominion government estimates
the new crop from the Canadian
pra!ries to be 23,100.000 bushels short
Of the 1880 production. The country
has a carryover, however, equal to an
ordinary crop.
1t appears that the Farm Board has
unloaGed approximately $4,000, 900 BUSH
els of the some 2750oo, 900 bushels of
stabilize ton stocks it was reported to
hold Negotiations for other large
sales are limited. The boards policy
calls for the sale Of 100000 bushels
a month.
There is persistent demand for
cash wheat from domestic mills. Good
milling wheat is commanding a pre-
MUM over nearby options at Minneap-
oils and Kansas City, and some see
in the narrowing of the spread between
September and December at Chicago
an indication that the latter market
sees no great run of wheat in sight.
Stocks are said to have decreased 1877
600 bushels at Minneapolis Duluth and
Kansas City, suggesting that big in
creases In the visible supply may be
about over.