RISE IN WHEAT.

Auckland Star, Volume LXVI, Issue 297, 16 December 1935, Page 4

RISE IN WHEAT.

ARGENTINE ACTION. TRADERS CAUGHT SHORT. NEW YORK, December 13. Wheat prices on the United States and Canadian markets soared to-day on published reports from Buenos Aires that the Argentine Government had unexpectedly established a minimum price for that grain equivalent to 76 cents a bushel, which is over 50 per cent above last year's guarantee. As a result, wheat prices on the open market, there advanced by 14% cents a bushel, to the consternation of short traders, many of whom suffered heavy losses. In the Chicago and other American markets the action is interpreted as the virtual elimination of Argentine wheat from the world market, and quotations advanced by full 5 cents a bushel, as allowed by law, and in Winnipeg by 3 cents. In Buenos Aires flax seed advanced 1 dollar 33.4 cents, as the Government has likewise established a minimum price for that commodity of 14 pesos per quintal. EXCITEMENT IN SYDNEY. SYDNEY, December 15. The wheat market is excited in view of the substantial rise in prices overseas. Yesterday's quotations represented a rise of about 2d a bushel compared with the previous day.