Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-17
SHORTAGE IN CORN
. SUPPLY IS FEARED
Recent Reduction in Offerings
Also Influenced by Wealth
er Conditions.

The failure of corn and wheat to re-
feet their statistical positions has the
trade thoroughly mystified.
Supply figures indicate farmers and
others will be forced to curtail smate-
rally consumption of the feed grain.
Some fear an actual shortage OF corn
this Summer. Still, reduced offerings
as result of bad road conditions were
the only thing that gave the market
strength during the last trading period.
From about the middle of March to
November last year the disappearance
of corn was $4,000 900 bushels Now
the country has only little more than
zoo, 100000 bushels for the same period.
Corn Requirements.
In the last 10 years the corn require
ments after March / have averaged
ST. per cent of the amount used prior
to March l. Government figures show
/ ,429, 0OO, 900 bushels used prior to
March 1 this year. Presenting. the re-
quirements after March ! to be aver
age. the amount needed would be 8l6,-
600, 900 bushels.
Statistically the corn position is much
stronger than at the beginning OF the
season, but prices are lower. The mar
ket appears to be feeling the influence
of the action in wheat and the disap-
pointing cash corn trade. Lack OF lead
ership on the constructive side is APP
parent. Eastern demand is slow, and
commission houses are taking corn on
resting orders. From now on price
bulges likely will be necessary to start
runs. Trade sentiment is a little more
friendly to corn, but is disposed to await
definite betterment in the cash de-
mand.
1t is possible that consumption of
Il f. d E-.f.- ~,
tanned at the same price as other years
because other feed grains cost less and
are being utilized wherever possible
thus limiting the corn outgo to chan
nels for which corn only Is stable. Out
side interest in corn is diSappointingly
low, but may improve now that the
price of hogs, which always has q d.
rect bearing, has advanced.
CarryOver Estimated.
The trade anticiptes a North Amer
lean carryover of 500 100000 bushels
of wheat and a combined new crop
Weld of 1850, 000, 900 bushels in the
United States and Canada. That, 1t
saws, would give a total Of 1000, 000,-
600 bushels of North American wheat
for export-enough to meet the world
import requirement of 10000, 600
bushels and leave a carryover Of 2O0,-
900, 900 bushels.
thus. while North America could
feed the world in wheat, Australia,
Argentina, Russia and sundry countries
will want a share of the export busi-
ness, and having supplied about SO per
cent of it during the last year makes
It quite clear that this country Is go.
ing to have lot of wheat left IN 1881.
In the light of statistics the trade is
at a loss to understand the apparent
strong undertone in wheat. OF course,
current cash prices are maintained
through purchases by Government
agencies.
Even Liverpool pfices have remained
strong in the face of increased ship
ments from Australia, which were esti-
mated to have been 100000 bushels
heavier last week than the week be-
fore. It was felt that extremely un-
favorable weather conditions which
prevailed over a large part of Europe
stimulated buying abroad. Besides
stocks of wheat on the continent and
in England are relatively small and
shipments from the Argentine have
been narrowed by an advance in the
value of the peso. The quality Of
Argentine wheat is said to be disap-
pointing.
Increased Shipments.
However, increased shipments from
Australia and Russia make 1t hard for
North America to get rid of its huge
surplus. Belgium is reported to have
removed restrictions against Russian
wheat. The Antwerp market has been
looked upon as a possible outlet for
American hard Winter wheat. De-
creased stocks in Germany indicate
larger imports during March to July,
but something would have to be done
about the German tariff before import
demand would affect United States
wheat