Evening star., 1932-12-13
CASH WHEAT GAINS
ON CROP PROSPECT
Indications of Lower Yield
Result in Improvement
at Chicago.
BY FRANK I. WELLER,
ASSoriatpi Press Farm Editor.

Influenced principally by poor pros
poets in the Winter wheat Delt, cash
prices have advanced ll2 to 1a4 cents
bushel at Kansas City and the De-
cember future % to 2as cents at Chi
cago.
No. 2 hard Winter, Is per cent pro-
tein, was quoted at 43 to 44l4 cents
and on the close the December contract
ranged from 457s to IS cents. Two
weeks ago the option had sold off to the
new record low of Al l2 cents.
Gossip in some trade quarters had 1t
that good accumulation OF wheat was
going on in anticipation of favorable
war debt settlement, a bearish Govern
ment crop estimate and eventual mani
festation of bullish factors in the offing,
bu. still slow making themselves felt.
However. speculative enthusiasm is at
minimum and the absence OF broad
public participation is operating against
important upturns.
Canadian Marketings.
Hesitancy in the market is based on
increased Canadian marketings, pres
sure of new crop offerings from the
Southern Hemisphere and continued
slow European demand. Trade advices
indicat an Argentine crop of $4,000 600
bushels, compared with 226.0OO 900 last
year and an Australian crop OF 210,-
COG 900 bushels. against 100000
Australian farm offerings are in
creasing on forced sales at 36i2 cents a
bushel at country points and shippers
! we're pressing sales. with plore than 100
ships already chartered for new crop
movement, much Of it to the Orient.
Argentine shippers, who for a time
seemed to turn to continental markets
as result of the British import duty,
appear to have relented and reduced
elf. offers at Liverpool
Canadian markets decline about !
cent during the week as exporters work
ed about 10000 900 bushels; No. l Man
itoba Northern sold down to 319s cents
United States currency. at Winnipeg
and Al cents at Vancouver. Total world
shipments we're 100000 bushels, re-
vealing Canadas role as an exporter.
Brisk domestic milling demand for
immediate delivery wheat has developed
as result of crop deterioration in the
Southwest, but farmers are not selling
freely Arrivals at Kansas City were
largely from other terminals and went
directly to the mills and other buyers.
Purchases from storage reduced eleva-
tor stocks and, sending December wheat
out of line with other months, switched
speculation to May and July.
With cash wheat selling around IS
cents buShel net to the farmer, corn
about 10 cents and oats cents it was
believed there was little room for a
material decline in prices. The sale of
$500, 900 bushels of wheat to China by
the Farmers National Grain Corpo-
ration was regarded as a bullish factor.
as was reports that Russia had Cancelled
all exports contracts save those with
the Italian government and faced the
probability of becoming an importer. A
conflicting rumor said Russia had
wheat, but did not like the current
level of world competition or the Brit
ish import duty.
Weather Conditions
Below-zero weather with lack OF snow
covering over good portion of the
Winter wheat belt and a December l
crop condition privately estimated as
the poorest on record led to some un-
official observation that this country
might not produce its own bread and
seed requirements in 1888. An official
report for Kansas and the Southwest
indicated practically no November mois-
ture over a territory ordinarily raising
20, 100000 acres of wheat. There has
been a shortage of from 3 to inches
of rainfall since July. The Oklahoma
crop was said to be in the most pre-
carious condition on record, both root
and top susceptible to freezing Large
Spring abandonment was forecast.