Evening star., 1933-02-20
GRAIN PRICES HOLD
AT PRESENT Level.
Trading Remains Dull, but
Market Displays Resistance
to Selling Pressure.
BY FRANK /. WELLER.

ASSOClaIBQ fTeSS Farm Editor.
Although trading was dull. domestic
grain markets were fairly steady during
the last week, No. 2 hard Winter "a
per cent protein wheat moving up TO
4434-4512 cents at Kansas City and the
May future closing at 475s cents at
Chicago. Corn and oats remained weak,
with prices near the seasons low point.
Steadiness in the cash article ard
Shghtly nrmer premiums on the milling
types was credited to reports of further
crop deterioration in Western Nebraska
and Kansas, in Oklahoma and Eastern
Colorado and also in Eastern WASH
1ngton and Oregon, together with very
small current receipts. Only 979 cars
of wheat we're received at the principal
Winter wheat markets during the week,
compared with Alta cars during the
corresponding week year ago.
Selling Wen Absorbed.
The trade was surprised at the man.
ner in which the persistent selling of
May wheat was absorbed fair class
Of absorption developed on the setback
and there was said to be decided evi-
dence that outside interest in wheat Is
broadening. The bread grain is mani
Testing stubborn resistance. The news
daily is of bullish character, with pros
poets of a Winter wheat crop scare,
continuance Of broad demand from i'm
porting countries and the lessening Of
pressure from the Southern Hemisphere.
Selling credited to the Grain Stabili-
zation Corporation has been on for sew
eral weeks, the alleged openness of it
suggesting to some that there is not
much more liquidation to come from
that source. 1t was pointed out that
al Nf fl1A 1aN n1e IT,
Chicago have taken a bullish stand and
that they have big followings. How
ever, outside interest still is not suf-
fcient to carry advances forward and
consequently the appearance Of any i'm
portant profit taking sales or other
opposition tends to halt impressive
upturns.
Some said broadening in the wheat
trade easily could bring about higher
prices, but that there Yas no indication
of export demand developing at current
price levels. At the middle Of February
the deprecated British pound sterling
would buy about 8la bushels Of Argen-
tine wheat, about 2 bushels Of No.
6 bushels of No. hard Winter In the
United States
1t was said that one thing encourag-
ing friendly sentiment in wheat was
the growing firmness in the undcrtone
whenever the market exhibits rallying
tendencies. Several farmer visitors in
Chicago from the Ohio valley were re-
ported to have purchased wheat on the
poor crop outlook in their territory.
World Situation.
Little change has occurred in the
world wheat situation. Southern hem
ispherc marketings continue fairly
heavy, totaling 5000, 900 bushels for the
week from Argentina and 6,500,0 900
bushels from Australia. Indications
were for a weekly total of 100000
bushels in world commerce, the largest
weekly total made so far this season.
World stocks are still large, although
somewhat smaller than a year ago, re-
fiectings reduced supplies in the United
States, Russia and the Danube Basin.
United States stocks at the first of the
year were apparently 100000 bushels
less than a year ago.
The futures market for corn at Chi
cago declined to within IA cent of the
seasons low, influenced by large do
mestic supplies, lack Of export outlet
and the approaching new Argentine
harvest. There appeared to be little In
the situation to stimulate fresh trade.
Senate action on repeal of prohibition
was regarded as bullish, but profit
taking. privilege selling and some hedg-
ing haltSd the rise.