WORLD'S YIELD OF WHEAT

Press, Volume LXX, Issue 21120, 22 March 1934, Page 9

WORLD'S YIELD OF WHEAT

♦ 1933 FIGURES ABOVE ESTIMATE REDUCTION IN THIS YEAR'S sowings i'UXITED MESS ASSOCI.II K>X—lii* ELECTBIC TLLEGRAWi L'OrvlUailT.) (Received March 21, 8.5 p.m.) LONDON. March 20. The agricultural editor of the "Daily Telegraph'' states that the official estimate of the 1933 world wheat crop is l.uoo.OOO.OOOcwt, excluding Russia, compared with the original estimate of 1,359,000,000 : cut. The carry-over will probably bo about 30U.000,000ewt. The ligures moan a reduction of 30,000,000c\vt to 40,000,000c\vt on the 1932 yield. The first official Russian estimate is 540,000,000cwt. The sowings for 1934 indicate a I tendency towards reduction. The United States is 4 per cent, down ' and European countries 3 per cent. AMERICAN GRAIN NEW CODE TO PREVENT FLUCTUATIONS (Received March 21, 7.30 p.m.) WASHINGTON, March 20. The code of lair competition for grain exchanges, after months of negotiation, was approved to-day by President Roosevelt. It seeks principally the prevention of extreme market tluctuations by the continuance of the present daily limits. The code is considerably less

itringent than wluil \v;is desired by (he more radical members of (lie Department of Agriculture, and i.-: regarded as a victory for the highly speculative markets, such as "the Chica.no Board of Trade. f Tiu' report of the committee which m\estimated the collan.se ol' tile grain market last .Inly revealed that on June M! at least 7! per cent, of traders in wheal and corn futures en the Chicago board of Trade v. ii e spccula'rors. Of more than !H)0() trailers operating al Dial, lime considerably more than half wire in the short side of the market. si.\ unnamed operators being short to the extent of I!), 710.000 bushels. The icport mentioned a number of trading practices which were believed to be responsible I'm- 111-; sharp price decline at thai time. I I ...