Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-17
BEAR|SH OUTLOOK
IN WHEAT IS NOTED
Market Observers Are Look
ing for Irregular Prices
in Near Future.
BY FRANK I. WELLER,
Associated Press Farm Editor.

The slight hardening in the stock,
cotton and grain markets has turned
attention to the bright side OF wheat
and corn, although any upward trend
in values for the time being likely will
be an irregular affair.
It looks as II the country were trying
tQsraise tax money by selling corn and
buyers are holding of expecting larger
movement and lower prices. Mild
weather is reducing farm consumption
Of corn and releasing larger amounts
for market. while slow inquiry for man.
ufactured feeds is curtailing industrial
buying at terminals Shipping demand
reflects lack of funds and generally
SLOW demand for corn in consuming
areas Elevator stocks at Kansas City
have been increased l65, 900 bushels.
Commission House Policy.
Commission houses have been on both
sides OF corn, with professionals fighting
the advances. Unsettled weather ann
indications for lower temperatures en-
couraged some buying last week Shorts
covered freely. Some say the short in
terest in corn has been well eliminated
and the market will require a complete
reversal in the cash situation to en-
courage new buying.
However, any reasonable strength in
wheat would influence corn. Statistics
| continue to be bearish in the bread
grain. Primary receipts are very big
and stocks in Minneapolis. Duluth and
Kansas City have increased about
100000 bushels.
Chicago traders say they believe the
wheat market has had about all the
advance 1t Is entitled to on short cover
ing and that maintenance of values will
require broad buying power
World shipments of wheat were above
100000 bushels last week, indicating
an increase in the stocks of wheat
ahoat. What that and increased ship
ments from the Southern Hemisphere
may do to world prices has no encourage
ing aspect. Chairman Legge of the
Farm Board says wheat prices at Liver
pool never have been lower in 337 years.
The Argentine government is report
ed to have formulated a plan for direct
selling to European millers. Australia
Is Offering freely in European and
Oriental markets. Russia Is said to be
offering wheat in Central European
| markets for shipment up the Danube.
Freight rates have advanced on boat
space from Argentina to England. For
eign buying of Argentine wheat has
| SCCAA dSSA CCSlFc WIFI bTC lnpOTt-
| ers paying $685. cents a bushel c. l. T.,
| as compared with 59A the first of the
month.
Foreign Selling.
European and Canadian traders have
sold wheat so freely at Winnipeg that
declines have run into stop loss orders.
Seaboard exporters could not buy
enough to sustain values,
Advices from Winnipeg indicate there
Is evidence OF large quantities of wheat
coming into that market on the selling
side, which Is looked upon as realizing
sales
Foreign buying Of domestic wheat was
shut out by the advances last week
but the subsequent break attracted con-
siderable outside interest. There has
been some buying on reports from inn
| portant Southwest sections of low tenn
peratures with no snow covering.
! Taken as a whole, the Winter wheat
crop Is in good condition Scattered
rains over the Ohio Valley have sup
piled SUFFICIENT surface moisture to re-
lieve apprehension of damage to Win
ter wheat for the time being. Soaking
| rains are necessary to replenish subsoil
reserves, which have been materially
below normal over a wide area from
Missouri eastward. Western and Gen.
trail Kansas and Nebraska need surface
moisture. No rain or snow of conse-
quence has been reported for. some time
in the Spring wheat territory.
| Predicting an enormous accumulation
of wheat in July. some Chicago traders
believe September wheat finally will SSH
at fair carrying charge over July.