Evening star., 1933-02-28
WHEAT
ARE HOLDING WELL
Market Appears to Be Re-
sisting UnfavorabIe Trade
Influences.
BY FRANK /. WELLER,
Associated Press Farm Editor.

Wheat appears to be resisting unfa-
vorable outside influences very sa:isfac-
torily despite lack Of leadership pend
ing developments of nature to give
prices definite trend.
Foreign markets are mostly weak and
lower, with the large remaining world
supplies moving slowly into consumer
cnannels. Outside interest failed to
develop on bullish news, which seemed
to be offset by unsettled economic and
financial conditions and weakness in
securities. Heavy commission house
selling developed on the close Saturday,
carrying wheat down 2 cents a bushel
fer the lowest level since February 6.
while corn and oats for future delivery
broke bottom price levels for the season.
Receipts Smaller.
Receipts at the big Winter wheat
markets totaled only 1903 cars, COM
pared with $3.50 during the correspond
ing week last year. The condition OF
Winter wheat SO far as reported Is
somewhat less favorable than the poor
record a year ago. Fall-sown wheat is
in the poorest condition in history.
Further damage occurred in Western
Kansas from the recent cold weather
and soil blowing and a large abandon
ment is indicated in Western Nebraska,
where the crop is very bad.
The outcome of the Winter wheat
crop now is even more questionable
than a month ago. Reports from
Southwestern Nebraska said that for
the most part wheat is beyond recov-
cry. Light rainfall and high winds re-
duced the reserve soil moisture nearly
so per cent. The Eastern third of the
State started last Fall under favorable
conditions, but now is 20 to rs per cent
below normal.
For the present the weakness abroad
holds bullish domestic factors in abey-
ance but some in the trade count upon
them to stimulate support on recess
sions. Argentine wheat hiss been
pressed on the market at prices below
those of competitors and Australian
wheat is moving freely. The Southern
hemisphere, estimated to have 24O00,-
600 bushels more than last year.
shipped a total Of 12,000,o0 bushels
for the week compared with 100000
during the same time year ago.
The increase in the worlds supply in
January was 100000 bushels less
than in December, leaving the total as
Of February l about 100000 bushels
less than a year ago. Any sign OF
diminished selling on the part CT Ar
gentina some observers said. should
find quick reflection in European mar
kets because Canada is not pressing
sales and Australia is finding a good
outlet for her surplus in the Orient.
Export circles say Russia may be in
the market for seed wheat within the
next two or three weeks.
Corn Shipments.
One important cash grain and COM
mission house believes that only the
weakness in stocks and the fear that
Chairman Stones resignation from the
Farm Board may result in further
Liquidation by the Grain StabilizatiOu
Corporation precludes investment buy
ing of wheat.
Corn arrivals last week at principal
markets totaled 4,4380 900 bushels, the
largest weekly receipts for the season
to date Chicago supplies. largely from
Iowa and Southern Illinois, were nearly
double these of week ago 1t is O.
question now whether producers Will be
inclined to market at current prices.