Evening star., 1935-06-30
VOLUME IN GRAIN
MARKETDW|NDLES
Drop of 80, 900, 900 Bushels
Shown at Chicago in
Trying Six Months.
BY JOHN p. EOUGHAN,
Associated preSa Markst FAiAoy

Associated Press Market Editor.
CHICAGO. June 29-Six months
rarely paralleled for trying expert
ences In grain trading ended today
with Chicago Board of Trade busi-
ness volume showing approximately
10000, 900 bushels shrinkage.
The comparison is with the identi-
cal six months Of 1894. A typical
month, May, exhibits roundly 81 per
cent curtailment.
Whether significant or not, the
fact is that lowest prices In most
grains during the last half year
have been reached In the present
month. Differences between the half
years high and low prices we're:
Wheat about 231a cents bushel, corn
and oats each IS cents, rye, AZ, and
barley. 1872.
U. S. Experiments Blamed.
President Robert P. Boylan Of the
Chicago Board Of Trade said today:
"The grain market developments In
this country the past six months have
shown graphically the disturbing ef-
fects Of too much interference with
the free play Of supply and demand;
the uncertainty created by new and
untried political and economic ex-
periments. and the world trade revo-
luton, which has made this country
an importing instead of an export
ing Nation" He added:
Cash prices for all grains have
held at premiums, which partly re-
nected the small size of all the major
crops Of 1884, but future contracts
failed signally to manifest any sus-
tanned activity.
During the Winter months prices
Tor grain futures held fairly well, al
though markets were Influenced for
several weeks at the beginning of
the year by uncertainty over the Su-
preme Courts ruling in the gold
clause cases."
President Boylan continued: with
steadily decreasing stocks of cash
grain at visible supply points, the mar
kets moved up quite sharply during
the forepart of April. Drought con-
1 a
constructive influence but, from the
middle Of May on, continuing rains
and declining cereal prices were CO.
incident.
Lows reached In June.
Lowest prices for the six-month
period just ending were made in June
by wheat, oats and rye, these being
a reflection Of the generally promising
outlook for crops, although there was
some modification Of sentiment, due
to the threat of a late Winter wheat
harvest and the delayed planting of
corn"
Open interest figures on wheat.
Boyland stated, show the low ebb of
trade volume. This interest amounted
to 1l9,288,000 bushels at the begin
ming Of January. On June 19 the
total was 75,384,000 bushels, and a
year previous the total was l27, ,89l 900.
Three of the features" President
Boylan said in conclusion, which
have served to minimize the effect of
the major crop calamities Of 1884.
may be cited as follows:
81. The uncertainty resulting from
political and economic experiments.
2. The price ceiling placed over our
markets by actual and threatened i'm
portations of grain.
g. The hangover wheat surplus in
Canada which has been held above
the world price level.
| Imports Big Influence.
The matter of importations has
been tremendous influence. Actual
imports have been moderate COM
pared to the shortages in this coun-
try in all the major crops, but the
effect has been deadening on efforts
OF our markets to advance beyond a
price level at which grain can be
imported"