Evening star., 1931-12-15
PRICES FOR WHEAT
IN SACG|NG TREND
Lack of Export and Domes-
tic Inquiry Keeps Mar-
ket Down.
BY FRANK I. WELLER,

Associated Press Farm Editor.
With export demand lacking and do
mestic inquiry dull, wheat prices had
remained 2 to cents a bushel Under
those Of last week. There was little
disposition on the part of the trade 70
take decided stand on either side of
the market ~
May wheat at the low was off 1854
cents from the high on November g.
Chicago wheat has declined 1874 to
2ll4 cents bushel from last month's
highs.
The action Of the market was due
largely to the weakness in stocks, and
while some are of the opinion that pre-
Vall1ng wheat prices are too low, They
say an advance must await improve
ment in surrounding conditions.
Effect Of Stock Market.
Many are Of the belief that wheat is /
fully worth present prices and eventu-
ally will do better II it shakes off domi-
nation by the stock market. Under Al
cents there seems to be ready absorp-
ton Of offerings. The larger pit and ]
floor operators are picking it up aiongN
with good commission house absorption
and continual buying by houses with
eastern connections
There always is fair demand on
the breaks, which discloses an i'm
proved technical position, and prices
recover practically all of the loss.
Domestic wheat markets mostly fol
lowed the decline in futures. but rel
flected some increase in marketings andt
a less active milling demand as a re-
suit OF seasonal dullneSS in the -four
| market Receipts Of wheat at the prin-
! clpal Central and Southwestern mar
ketS totaled 2,057 cars, compared with
l,493 the previous week Marketings
usually increase in December, when
growers dispose Of grain to obtain hol-
! day and tax funds
| The wheat market depends consider
ably on the foreign outlet although
wheat is disappearing rapidly without
any volume of exports Some stiIl be-
lleve that big European demand for
North American wheat is inevitable be-
! fore the season is over
They say Russia is oversold on wheat
and VIII not be serious factor in the
! market for the remaincer of the sea-
son Shipments from Russia decreased
900 bushels for the week. but the
total from all Black Sea ports was
ABOUT the sane as year ago.
: Foreign Shipments Larger.
Both Australian and Argentine ship
mentS are larger. Argentine offerings
! are quoted in the world markets at
prices lower than wheat can be bought
at Chicago. Until American shippers
| can purchase wheat below the world
price and pay ocean freight charges at
a profit they cannot expect to compete
: in the export trade.
Indication that important countries
may turn to North American wheat Is
/ seen in the fact that total Russian ex-
ports to date are about 100000 bushels
less than year ago; that floods in Aus
tralla are reported to have destroyed
about 100000 bushels that the Span
I ish wheat crop is officially estimated at
about 100000 bushels less than last
! year. ana that it is generally believed
france Will increase materially above
| the present 3 per cent the ar cunt of
foreign wheat permitted in milling mix
! lures
Every day lost in the export Of Amer
| lean wheat IS of importance. because
unless the situation changes the carry
over will be tremendous and the burden
too heavy for any reasonable price. 1t
! is reported that there has been mate
rally larger business in Manitobas from
Vancouver of late than the trade gen.
orally suspects.
bright spot in the domestic situa-
tion is private estimate that the Win
| ter wheat acreage will be LITTLE more
than 100000, the sn allest since 1918
and more than 100000 acres less than
last year.
Corn Prices.
The trade feels that corn as we'll as
| wheat is in position to respond TO any
upward trend in securities and improve
nent in general business situations. May
corn has been taken freely under 10
cents: The cash situation is rather
healthy, and the country Is not pressing
sales. Winter weather throughout the
| West and Northwest has increased feed
| ing requirements and has not stinu-
lated country marketings
Primary receipts CT corn for the week
/ were only a little more than 5000 900
bushels, compared with more than
100000 for the corresponding week
last year. Total receipts for the season
to date are 12,415, 900 bushels less than
for the same period year ago.