Evening star., 1932-10-25
WHEAT QUOTATIONS
IN STEAD|ER TREND
Market Is Showing Resist
anCe to Pressure at
Current Levels.
By the Associated Press.

By the Associated Press.
There appears to be no definite trend
IN wheat, but the market is stubborn
and many in the trade hesitate TO
recommend selling position at pre-
Valllng low levels. While there was no
important change in the general stu
alton during the last week. domestic
prices heId generally steady and Central
western markets were steady TO slightly
higher for most classes of wheat.
Whatever strength there was seemed
10 derive from reduced offerings for
speculative interest.
IL was said to have become more
apparent in the trade that the large
supplies of native Wheats available in
the principal Euporean importing coun-
tries have narrowed demand for foreign
grain and virtually limited it to high
grace strong Wheats in which Canada
eXcelS. No. l northern has been run
ming 1879 per cent protein content in
Manitoba, l4.3 in Alberta and 14.7 in
Saskatchewan.
Pegging Operations,
The so-called pegging operations in
Canadian wheat are said to have a
tendency to reduce speculative interest
at Chicago as well as at Winnipeg.
December wheat at the former market
was IN fair demand at 212 cents under
May and the gradual transfer of specu-
latlVe contracts from the near TO the
clStant month was noticeable.
Reports said the selling movement
at chicago quickly ran It's course and
the surplus in the pit was absorbed by
holoerS OF bids and en- resting orders
around 48 cents for December. Pit
brokers commented rather freely on the
rapidity with which the market re-
sponded to any buying or selling of
consequence. They attributed it in
part to the light outside interest.
Ihere was considerable discussion in
the trade of efforts to have the Gov
eminent lift restrictions on futures
trading which require reports on deals
involving more than 500 900 bushels in
any position. Grain men have long in
sisted the order initiated against large
speculative lines, but question whether
its removal can be of material benefit
now that the carTyover has reached such
large proportions. The order was in
stltuted to prevent undue pressure by
manipulation of heavy holdings.
Some have started a movement to
obtain reduction in the tax on futures
trading which they say has curtailed ac-
tlYlty more than the restrictions on
trading. They estimate the tax collec-
tlons in September at S45872O COM
pared with S74621 for the same month
last year when there was no tax.
BulliSh Factors.
Those seeking bull factors point to
| increasing complaints of dry weather
from various sections of Nebraska, KAN
sas. Oklahoma and Eastern Colorado as
| delaying the seeding of the new crop
and to private estimates reducing the
Canadian crop about 34000,000 bushels
under the Government forecast. While
domestic markets have no evidence of
! reported increases in purchases by China
and Japan leading exporters were said
to anticipate improved demand from
the Orient shortly.
Winter seeding appeared to be NAL.
ing good progress in most European
countries with the Russian seeding os
Winter grains placed at 100000 acresr
which is about average for the date
Corn remained weak and prices de-,
cllned to the lowest point of the seaso:.
to date. Increased offerings of the new
crop grain, large current receipts anc.
continued limited market outlet wers
the chief weakening factors. At the
close buyers at Chicago were bidding
23l2 cents bushel for No. 2 yellow for
20-day shipment.