Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-17
VOLUME OF WHEAT
EXPORTS WATCHED
Market Observers Interested
in Character of Foreign
Cereal Purchases.
BY FRANK /. WELLER,
Associated Press Farm Editor.

The technical position of wheat seems
to have been improved by the scale
down, and it now remains to be seen
whether foreign countries will become
more active buyers. 4l."'@
Many believed the reaction which car
ried away IL cents of the 24-cent ad--
vance from the seasons lows was long
overdue. and look for renewed buying
at around IS cents for the May de-
livery. Numerous stop-loSs orders were
uncovered on the way down, but Chi
cago pit observers said there has been
evidence of buying on scale orders on
every cent down. The setback attracted
better class of support. and wheat APP
peared to be moving from weak to
strong hands.
Bulls Are Confident. ..,.-
Bulls do not seem to have changed
their opinion that future prices win be
higher. but for the present believe..the
market should hold around current
levels until export demand is broadened.
Unquestionably the pit crowd got long
on wheat on the rallies, and the market
reacted quickly when leading brokers
started to sell n7sr
The original bulls who took their
profitS\ at around a 10-cent advance
and waited on the side lines are said to
be ready to reinstate their holdings on
anv further break. HF'
While speculation seemed to tire for
the time. particularly in the absence
of any appreciable effect of higher grain
and other commodity prices on the
wholesale and retail trade fundamental
causes of the markets reaction seem to
have been less active support of the"fu-
lures, some slackening in exports and
failure of Liverpool to continue follow
ing the domestic advance. 'o-''
Russian and Danubian shipments
came back unexpectedly strong. 4,344,-
900 bushels, compared with 1852, 600 q
week ago. Argentina has begun cutting
and the harvest will be in full swirfgoat
the end of the month. Should anything
serious happen to the Argentine and
Australian crops 1t could cause wave
of foreign buying of domestic cash
wheat, but as long as good crop progress
Is favorable foreign consumers appar-
emily are not going to follow upturns
There have been stories that England
soon might put an embargo on Russian
imports, that the Rumanian surplus has
been absorbed. making Greece and
neighboring countries potential buyers
of American wheat; that France will
need about go, 000, 900 bushels of foreign
wheat and that frost has damaged 10
per cent Of the Argentine sown acreage
Balkan Shipments Large.
Because Balkan shipments have been
very large some do not believe the sup
ply there can hold up much longer, and
Russia is almost 100000 900 bushels
ahead of her heavy shipments this time
last year. ~ .a
While scattered showers helped Win
ter wheat in the Southwest. it still is
fnn f1ru in WoStnFn Kancoc Sc
needed in Oklahoma and Texas and. alb
normally dry weather continues I'M the
Southeast from Kentucky southwark
and from Arkansas eastward. "a
private Kansas report says the trade
Is not fully aware of the serious crop
condition west of Hutchinson and ms
ley. Men who have been in that coun-
try 40 years say it never has been so
dry below the surface. They estimate a.
30 per cent reduction in acreage in
their territory and place the condition
OF wheat at only IS per cent Of normal.
It looks like blank next year, they say,
in this big wheat country. :.
One thing the break seems to have
done is put to American wheat more
on parity with Argentine grain A
week or so ago it was almost IL cents
buShel out of line. ,se.a
Canadian Estimate Raised. -
The estimate of the Canadian crop
has been raised $4,000, 900 bushels, Civ,
ing North America about $50, 000,000
bushels for export. Since only 1872, 000,-
600 has gone out. there Is 248 ,000, 300
bushels left to ship in the next seven
and half months. Unless the rate Of
export increases, the North American
carry-over may be as heavy on July l,
1882. as in 1881.
Corn has lost about cents from the
high and rye IL cents, but they seem to
be working toward a stronger position
The West Is paying about II cents more
than Chicago for corn and the country
Is holding. Primary receipts are about