Evening star., 1933-10-07
IMPORTS FEARED
| BY GRAIN TRADERS
Sudden Influx of Foreign
Wheat Despite Duty Is
New Bugbear.
BY JOHN p. BOUGHAN,
Associated PreSS Market Editnr


CHICAGO, October 7.-Possibilities
of sudden imports of wheat into the
| United States despite ~ cents bushel
tariff are the latest bugbear in the
grain trade.
One of the largest grain companies
| in Chicago issued a statement today
that prices had reached point within
S to cents of an import basis tor
wheat from Canada and that Liverpool
wheat quotations computed in gold were
down to the lowest level in $50 years
The statement adds that large guam
titles of grain had been purchased on
account of imitation theories, and "as
nobody knows what the outcome Of that
| will finally be hesitancy has become
more pronounced than ever"
Recession Shown.
Compared with a week ago. wheat
this morning was 4Ha6A4 cents lower:
corn, 812a91s down. and oats off 5iaa
So. with provisions varying from 81
cents setback to IS cents advance.
In connection with wheat import pos
sibilities, it is pointed out that already
large quantities of Canadian rye have
been shipped into the United States
notwithstanding Is cents bushel duty
,, The assertion is also made that Ca
madam oats have come very close to
breaking over tariff impediments which
guard the domestic market Complicat-
ing the situation is the fact that Cana
dian wheat of late has not found very
liberal outlet overseas and that thresh-
ing prospects in Canada indicate three
or four weeks Of moderate pressure yet
Of wheat from Canadian rural sources.
On the other hand, there are a num-
Der Of traders who express belief that
the domestic position of wheat is much
stronger than indicated by current
reckoning Of supplies. This belief is
braced with persistent assertions that
the United States wheat carryover from
previous crops was smaller than off,
cially estimated.
Old Corn Shipped.
Corroborating evidence is found in
the circumstance that neither the break
early in the year. which carried the
price well below 40 cents a bushel to
the producer, nor the advance to around
81 in July served to bring out much old
wheat from domestic farmers hands.
Heavy shipments of old corn from
Chicago to the East are under way, ele-
VdCOTS mere Trying 10 make TOOm LOT
prospective movement of the new corn
crop. Oats prices reflect corn and
wheat market downturns.
Provisions average lower with grains,
notwithstanding advances of hog values
The price of corn has dropped approx
mately 20 cents a bushel. theoretical re-
duction OF S400.00O.O00 in the value of the
1898 crop to the producer, since the Gov
ernments hog-slaughtering program was
started
Market observers who have watched the
situation say the slaughtering program
affected the confidence of buyers. as the
potential demand for 65.O00,000 bushels of
grain.
Closing prices for cash corn on the Chi
cago market yesterday indicated, traders
said. that farmers were receiving not more
than 25 cents a bushel for the grain at
country loading stations, with the price still
lower at Iowa points.
Black strap molasses and other foreign
of corn have been imported in large guam
tity, and observers estimated that market
for 75.9OG.00O bushels of corn could be
created by the placing of an embargo on the
imports For number of days corn has
been showing an independent weakness
compared with wheat. Purchases of 1O2 900
bushels to arrive were reported yesterday.
Open interest in grain futures, on the
Chicago Board Of Trade
Wednesday. 15s,6S7.OOO; week ago, 1885,
Corn-Thursday. 81. sol 900: Wednesday,
9S.1S0.00O; week ago. 96,327.000.