Evening star., 1932-11-27
WHEAT IMPROVES
AFTER TWO YEARS
Of DULL TRADING
First Indications of Larger
Demand Hailed, but Cot
ton Declines.
ELMER L. MANTZ,
BY the Associated Press.

CHICAGO, November 26.-First indi-
cations in more than two years that
there is improved demand for wheat
are being hailed by leading trade au-
thc-ities here.
The reason given for asserting such
an improvement is that prices for i'm
mediate and nearby future deliveries
of wheat are showing relative strength
as compared with prices for distant de-
hveries. A general decrease Of world
stocks OF wheat as well as apparent
severe shortage in Russia and Eastern
Europe elsewhere, together with a de-
cidedly unfavorable start for the United
States Winter crop, are cited as out
standing factors of this change, which
has developed in the face Of abrupt
war debt complications.
Matched against prices a week ago
wheat this morning ranged from 5s Of
a cent setback to 5s advance. Stimuli
taneously corn was 2sa11s down, oats
ssa5s off and provisions varying from
As cents decline to rise of cents.
Rapid reduction of the aggregate of
unsettled Chicago contracts for Decem-
ber delivery Of wheat, with the discount
for December narrowing instead of
widening, as had generally been ex-
pected, is pointed out es a conspicuous
element Of the market status.
Cotton Steadily Lower.
NEW YORK, November Is (P)-The
cotton market has worked quite steadily
lower during the past week under liqui-
dation and scattered selling, promoted
by the uncertainties Of the international
debt situation, talk OF a possible fur
ther slight increase in the domestic
crop figures and the unsettled tone of
the grain and stock markets. Southern
selling has not been particularly in evi-
dence, but there was heavy liquidation
of December contracts in preparation
for and Immediately following the cir
culation Of notices, and while this was
absorbed by the trade without much
change in differences between months,
it naturally had rather a depressing
influence.
Prices for all positions have made
new low ground for the season, with
December contracts at the end of the
week selling nearly $40. per bale below
the high price touched on the advance
of late last August. Both foreign and
domestic trade buying increased on a
scale down, becoming more active
toward the end of the week, and there
may have been some buying below the
Scent level on a belief the technical
position had improved sufficiently to
justify rallies.
Based on Low Level.
Confidence in ultimate values based
upon the present low level of prices in
comparison with general ideas as to
! cost Of production has also remained
more or less in evidence, but has been
reflected by buying on the declines or
on scale-doWn orders rather than on
/ the bulges. The trend toward some
what increased ideas of the crop was
/ evic emily encouraged by the census re-
/ port showing 10,532,74 bales ginned
! prior to November IA, which some au-
! thorities considered more consistent
with crops Of slightly over than under
! 100000 bales.
4 On the other hand, reports reaching
/ the market have indicated a reduction
Of about 200 600 bales in estimates o1
the Chin G crop, while reports of in
creased government restrictions on the
Egyptian acreage we're considered mild
J ly encouraging as long range PROPOSE
ticn.
Hester's Weekly Cotton Statement
November IS.
Comparisons are to actual da1eS not
1000 bales.
In sight for week, 5O3 year ago, 546
two years ago 585; for month, 1886
year ago 2,84l: two years ago, 2,544
for season, 1886; year ago, 8,947; two
years ago, 9,5l5.
Port receipts for season, 4,459; yea
ago, 500; two years ago, 1896.
Overland to mills and Canada fol
season, 232; year ago. 224; two year
ago. 295.
Southern mill takings for season
1,772; year ago, l,748; two years age
1891
Interior stocks in excess of Angus
/, l,173; year ago, 1905; two year
ago. 1892.
Foreign exports for week, 176; yea
ago, 226, two years ago, 16l; for sea
son, 2,847; year ago. 1858; two year
ago, 3017. Northern and CANADIAN
, | ert;rnerS' takinQS for week 40. yea