Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-01-14
PIT TRADERS SEEK
Stronger MARKET
Absence of BuIIiSh News Has
Acted as Bar to Higher
Prices.
BY FRANK /. WELLER,
Associated Press Farm Editor.

There seems to be little to encourage
new buyers of wheat and the market
still is seeking fresh bull incentive
The corn market will be influenced, it is
believed here, by the attitude of coun-
try holders and whether further de-
clines attract commission house buy
ing.
July wheat reached CTS last week,
the best levels of the month so far, and
Winnipeg prices have risen almost 8
cents from the seasons low. But world
prices evidently are feeling the pres
sure of offerings from the Argentine.
Liverpool July wheat again is con-
siderably under United States prices and
March wheat is under July wheat here.
Therefore, sale of cash wheat from
this country on the basis of domestic
July prices for either wheat or flour is
unthinkable and easily 10 to Is cents
out of line.
Larger Shipments Expected.
The weather in the Argentine is clear
and movement of wheat to the seaboard
soon will be underway in volume with
the resulting increased pressure to sell.
large Australian shipments to the
United Kingdom are also depressing
factors in the English markets. Pros
poets of very small world shipments
for the week and further decrease in
passage stocks seemed to be without
market influence.
Apparently any incentive for active
buying of wheat will have 10 come from
foreign developments. The present dis
count of July wheat of is cents a
buShel under May is the outstanding
reason for the forced movement of do
nestle wheat. Still, there doesn't seem
to be sufficient demand to sustain the
market.
Some reports say there is a better
tone among the majority of spectators
and traders and that there is less pres
sure to sell domestic grains except on
sharp bulges. The market runs into
supporting orders on the breaks. July
wheat is said to be viewed by most OPP
orators as buy on the breaks, since
there is too much uncertainty as to
crop conditions in the Winter wheat
section.
Winter Wheat.
Winter wheat is largely without snow
cover in the Ohio Valley and adjacent
States, but the condition is fairly good,
of deterioration in Illinois, due to con-
tinued dryness. Wheat is very good to
excellent in the Southwest. Conditions
are mostly favorable in the Pacific
Northwest.
States which felt the full effect of
the record breaking drought in 1880
generally report that there is a lack
of subsoil moisture, and the need of
rain is becoming more insistent. Around
10000,000 acres of Winter wheat were
seeded last Fall in this area.
However, it is difficult to create a
crop scare at this time of year 1t usually
is in May, before prices react to fore
casts of crop damage. Besides. the
United States probably will have a
carry-over of 30O,O0O,O00 bushels of
wheat, and the 1881 crop, theoretically.
would have to be only about 350.000.0 900
bushels to take care of home consump-
ton.
Although elevators are well flied in
North America, some believe these
stocks may be moved before Spring.
since holders appear willing to sell
whenever possible without affecting the
market.
Large quantities of Russian wheat
still ere in store in Naples and Genoa,
and the Russians are still shipping de-
spite previous reports to the contrary.
Stocks Of wheat in England at the pres
ent are quite large, due principally to
the fair amounts of Russian wheat still
remaining and which millers are able
to get at 6034 cents a bushel.
Corn Prospects.
The present dizziness in the domestic
wheat market is turning attention to
corn. Traders seem to have confidence
in higher prices for corn later and favor
purchases on all breaks. Corn is con-
Sidered by all interests as the real live
market with most professionals friendly
to the buying side. Their opinions are
based on light receipts and moderate
country offerings, although holders in
Illinois are selling on every good bulge,
which necessitates increased absorption
of futures by the pit element as well as
by strong professionals.
Generally, corn traders are inclined
to wait and see what is the countrys
reaction to higher price levels. If re-
ceiptS do not increase soon, it is likely
that many will be encouraged to renew
buying Corn has a great deal of
merit since all other cereals naturally
sympathize with it.