Evening star., 1937-07-01
PUBLIC IS BACK
IN GRAIN MARKET
AS PRICES JUMP
Revival of Interest Seen
After Two Broad Up.
ward Swings.
BY the Associated Press.

CHICAGO, July l.-Soaring grain
prices, humming brokers' offices and
the roaring pits at the foot of canyon
like La Sale street were evidences
today that the public is back in the
grain market
Carrying the load Of commercial
selling that accompanies the harvest
OF a big wheat crop, spectators re-
Gently have been giving the world S
greatest grain market its biggest
business in years, widening smiles
of brokers who fretted through the
lean days of the past few years.
Revival Of public interest in grain,
considered by many observers a KEY
to economic conditions. accompanied
two wide upward swings in wheat
prices since the first of the year.
World Supplies Low.
The first upturn, generated by
small world wheat stocks with war
tearing European importing nations
scraplng exporting nations bins for
supplies, got under way early in March
and brought a swelling volume of
trade as spectators all over the
world participated. Before the force
OF this buying movement was spent
wheat had reached the highest price
IN eight years In Chicago this
peak was SASS a bushel for Nav
wheat.
Then. prospects that the United
States would harvest the biggest crop
since 1881 appeared. As drought con-
dltlonS in the Southwest were mini
mlzed by timely rains. this crop be-
came a virtual reality and wheat
plunged downward almost 25 cents 4
buShel.
Black Rust Spreads.
1t the last few weeks. spread of
black rust has dimmed crop prospects
to some extent, bringing the second
broad rise which began IN mid-June.
Serious crop loss from draught in
Canaoa also has affected the market.
July wheat the first Of January was
quoted around sl.18. Late that month
1t fell to Sl.10, rose again to sl.l9 in
February and then shot up to an
elght-year peak of sl.30 the last of
March. By the middle of this month.
however, it had worked down to s1.O6.
The current quotation is around S12l.
Kenneth S. Templeton, president of
the Board of Trade, said today that
for the Iirst time in many years this
country is facing IAN old-time export
trade in wheat" He said that with
production of normal crops indicated
by current forecasts, situation
brought about the importation of a.
1000 bushels in wheat and 55,541.-
900 bushels Of corn in the 10 months
ended May l, would be changed.
Prices Differ Sharply.
present differences between the
United States and foreign wheat
prices are the greatest in years. While
current exports are light, wheat is
being worked from the gulf with every
prospect of trade reaching liberal pro-
portions.
1T is true Argentine corn is being
TuSned IN 10 supply summer needs, Dut
with an average crop. corn imports
will be thing of the past
Generous crops, he said, not only
would bring prosperity to farmers, but
their marketing would accrue to the
substantial benefit of all business.
Corn and other grains largely paral-
leled the price movements in wheat the
past six months. Domestic shortage OF
corn as a result of two droughts IL,
three years caused May corn to soar
to sl.40 a bushel, the highest price
since 1926. May oats rose to 5614
highest since 1895, and May rye to
sl23l2, highest since 1923. Compared
with these highs which were reached
the last Of May, current prices for the
old crop grains are considerably lower