Evening star., 1932-05-30
WHEAT POSITION
REMAINS STRONG
Market Condition Suggests
Better Leadership on
Constructive Side.
By the Associated Press.

By the Associated Press.
The wheat market clings to its rather
strong position Of a week ago, with q
class Of absorption that suggests much
better leadership on the constructive
side. Prices dipped early but the sur
plus was taken up on resting orders. re-
garded by some as reinstatement OF
sold-out lines and short covering, and
the session ended with an impressive
rally.
The widening of buying power on al
weak spots, with evidence Of steady &C.
emulation credited largely to Eastern
as we'll as Chicago operators, was largely
responsible for the underlying strength
While it seems a little too early to
start big bull movement, some are
strongly of the opinion that the selling
side Of wheat may be hazardous with
crop deterioration continuing and the
general world situation becoming
stronger.
Crop News Uniavorsble.
There was further unfavorable crop
news from Nebraska. Oklahoma and
Missouri, together with reports of dust
storms tn Southern Saskatchewan and
export purchases of North American
wheat, including hard winters, totaled
100000 bushels for the week.
Black Sea and Southern Hemisphere
shipments are declining and at the
same time European purchases are in
creasing situation which daily sug-
gests closer adjustment Of the world
wheat outlook. A Paris correspondent
predicts the wheat supply position in
France will be critical by June.
Reduced supplies in the Northern
Hemisphere are regarded as likely be-
cause OF . reduction OF 350, 600 ,00O
bushels in the Winter wheat crop OF
the United States It Is estimated the
reduction might much more than offset
an average yield of Spring wheat ON
both sides of the international line
Winter wheat acreage IN Europe is re-
ported to be smaller than a year ago
despite increases in France, Italy and
Germany. ond the condition of the
crop as a whole Is said to be somewhat
poorer. Russia appears likely 70 b.
less of a factor In the world wheat
market than in either of the last two
years because of short native supplies
and delayed seeding.
Stocks Are Disappearing.
Although the American carryover is
expected to be around $1,000, 900
bushels the stocks of stabilization grain
are disappearing rapidly enough to
suggest less menace to the new crop
Domestic Spring wheat is said to be
making fine progress but new interest
Is coming into the market on private
predictions that the Winter wheat yield
will be no greater than in 1925.
Parts Of Montana and North Dakota
however, are having a dry spell after
good April rains. and grasshoppers are
Matching by the billions. It Is said that
unless something detrimental to their
growth appears soon they and other
pests may do more damage to Spring
wheat than last year.
According to hundreds of crop CORE
spondents the Hessian fly Is causing
more damage to Winter wheat than at
any time in the last 10 years or more
While insect damage usually does not
reduce yield greatly, the severe Spring
freezes may have so reduced the vitality
Of the plant as to make it susceptible
TO fly ravages.
Feed grains were dull and mostly
lower. corn losing to 3 cents bushel,
largely because Of continued light in
quiry from industries and shippers. The
market appears to be marking time
Eastern consumptive demand is not ag-
gressive, but 1t shows some improve
ment on the easy spots.
Primary receipts of corn are about
IS, 900 900 bushels less than last years
unusually small receipts.