WHEAT MARKETS.

Ashburton Guardian, Volume 50, Issue 125, 8 March 1930, Page 6

WHEAT MARKETS.

AMERICAN SUPPLIES. CORPORATION STILL BUYING. /United Press Association—Copyright.; WASHINGTON, March 6. 'Mr A. Legge announced that the Grain Stabilisation Corporation will continue to buy wheat at the market price, and remove from the market whatever additional quantity is necessary to.relieve the surplus, and prevent price declines. Mr Legge stated that the Farm Board would, if necessary, spend as much as 150.000,000 dollars to take up surplus wheat. The Board now had 75,000,000 dollars on hand for the purpose, and Congress would be asked to appropriate more if the grain crisis continued. He added that both House and Senate leaders had assured the Board of more* money if the situation warranted it. In the meantime, the Grain Stabilisation Corporation would continue to buvi May futures jand visible stocks in an endeavour to supoort the market. The Corporation expected to hold its May futures until after the new crop of winter wheat was marketed at the beginning or the middle of June. It is understood that the Grain Corporation now holds considerably above 25,000,000 bushels of wheat and. has future contracts for 10,000,000 more.