Evening star., 1932-02-09
WHEAT PURCHASES
ABROAD INCREASE
Better Export Demand I'm.
proves Sentiment in U. S.
Market.
BY FRANK !. WELLER,
Associated Press Farm Editor,


Despite the sagging tendency in wheat
prices here, the better export demand
for North American grain Is having
some influence on sentiment
Domestic cash markets fiuctuated
with futures and closed one-half cent
lower than a week ago, but world wheat
markets strengthened slightly. with
Germany France, England, Holland and
Belgium buying. There was some ques-
ton, however, whether the improved
tenor of foreign advices was the fore
runner of long-anticipated heavy tax
ings by imports or just another fash
in the pan.
Effect on Exports.
1t was said that strength at Liver
pool ought to help Winnipeg, but domes-
tic prices still are too far out of line
for important export of wheat. An
English trade authority estimates this
condition will cut United States Ak
ports 80.000,000 bushels under his
original figure and that the gap will be
filled by Argentina, Canada and Aus
tralia
Argentine shipments for the week
were placed at 4,726,000 bushels, COM
pared with 3,6ll 600 for the same period
year ago. Three-fifths Of the total
world shipments of 1854. 900 bushels
gentina and Australia. For the first
time in history, Argentina sent a full
cargo to Shanghai. Italy. Spain and
the Dutch markets took Argentine
wheat while France bought Manitobas.
United States wheat relatively Is the
highest wheat in the world, and there
was little inquiry for 1t except in Bel
GUM. No American wheat, except food
relief supplies. reached Shanghai where
shipping is disrupted and wharves ccn-
gested by warlike conditions. Two car
goes of Australian wheat and one Of
Canadian arrived there at the last Of
the month.
The trade seemed Of the opinion that
domestic wheat could get into export
channels only on the dips unless war
news of a serious character we're to
materialize. The market absorbed
offerings around 60 cents for May
Traders were very careful on both sides.
none wanting to be too positive for the
immediate future while so many COM
plicating factors influenced the market.
Current action in wheat has been
disappointing to those who expected
the crop scare to bring in sufficient
new buying to lift the market out Of
the rut. There still is some bullish sem
timent, but no headway is being made.
survey of conditions in Kansas
Oklahoma and Texas was said to have
disclosed very little damage to the
new crop. Some are not satisfied with
such reports, however and charge Chi
cago shorts with trying to force q de-
cline in order to coFer
Gain In Receipts.
An increase of nearly 500 cars in
hard Winter receipts at the principal
markets led to the belief that more
grain soon may come into the mar
ket particularly if the country finds
mlllers have heavy stocks on hand and
have not been able to sell their -four.
Farmers have been waiting for better
prices long time and it is feared they
may let loose if values show further
signs of retreating.
Heavier marketing has been in
huenced by improved country roads and
the approaching increase in freight
rates effective February 20.
County holders of corn are asking
more than the market for their grain.
| but sales are of sufficient size to keen
traders In futures moderately bearish.
Inc pit is on the selling side, which
helps check any rallying tendency. The
market does not appear to be in posi-
ton to absorb larger arrivals which
colder weather always promises. At
the same time it is possible low tenn
peratures may increase feedinas
demand