Evening star., 1931-12-22
IMPROVED WHEAT
PRICE TREND SEEN
Light Offerings and Rumors
of Better Export Trade
Aid Market.
BY FRANK I. WELLER,

Wheat seems to have parted company
with the securities market 1t had five
straight days on the upgrade last week,
starting at a time when numerous
pivotal issues in the stock market were
making new lows. On December IT
Chicago May wheat sold for 60b cents
a bushel, the highest since November
"a and 6A cents above the lows of last
year.
While light offerings undoubtedly were
the main prop under the market, some
firmness was caused by persistent ideas
that renewal of European buying in
volume is not far off. Based on normal
requirements, the amount of wheat on
ocean passage is less than two weeks
import supply. There is said to be no
longer any doubt of wet harvest in
the Argentine, which increases the
likelihood Of better buying of North
American grain.
British Mill Purchases.
Some statisticians at Chicago were
out with figures suggesting that, regard
less of the size of the crops in other
countries the United States may be
called upon to supply importing
countries, the United States may be
wheat English millers have con-
tracted for only very small quantities
of foreign wheat for future shipment.
Information in leading export quarters
Is to the effect that American hard
Winters in Europe are being cleaned
up more rapidly than heretofore.
For the present, however, domestic
prices look rather high compared with
the European markets where the Am
erican surplus eventually must be sold.
There has been considerable profit
taking in May wheat at so cents and
over, but traders apparently have made
up their minds that wheat around so
cents Is good property. The declines
bring out good class of absorption and
give the market distinctly firm
undertone.
While there have been no outStand-
ing changes in the general wheat mar
ket, the condition of Winter-Sown
grains and prospective outturns are
exerting more influence. A relatively
low condition of the domestic Winter
wheat crop has been confirmed by ofl-
cial estimate which placed the con-
dition on December l at 79.4 per cent
Of normal. That is about 38 points
below the l0-year average December
l condition. Fall seedlings of wheat
were 104 per cent below the acreage
SeeQeQ IN 1851.
In broad way, the wheat market seems
to require but moderate constructive
news to move 1t up. There has been
relative steadiness in Canadian mar
kets, and the effect has been to put
hard Winters more in line for export.
Prices in domestic markets last week
advanced to cents buShel on the
principal classes of wheat.
Corn in Good Position.
Corn appears to be in a reasonably
good position. Some believe it will
take actual corn on the market to
bring about any important price de-
cline. At the same time, 1t is said,
corn will need continued buying power
to advance. The market has been
holding independently firm, but some
observers say it has exhibited reac-
tionary tendency under increased sell
ing pressure.
The Official estimate for the 1881
corn crop has been revised sharply
downward, the outturn now placed at
only 500,000,000 bushels above last
years very small harvest. Marketings
for the season to date are about half
as large as last year, farmers continu-
ing to sell very slowly at prevailing
low prices.
There is an element in the trade
which says the rye situation is eX-
tremely bullish The indicated crop
of less than 100000 bushels, COM
pared with normal yearly consump-
ton Of close to 35.00000 bushels,
points to an unusually close ADJUST
ment