GAMBLING IN WHEAT

Dominion, Volume 2, Issue 477, 8 April 1909, Page 7

GAMBLING IN WHEAT

AMERICAN OPTIONS. NEARLY A DOLLAR AND A QUARTER, . QUICK PROFITS. !nr TP.t.CGiurß-niiiss association— corriuciiT.. , New York, April 0. The American wheat'markets are excited, owing to the unfavourable crop. News from Chicago states that May options touched 122J cents. One speculator has sold 0,000,000 bushels since Saturday, making a profit of £500,000. [Nearly every year there if n Ramble in the wheat pits of (he United States, the last big gamble being in 1007. There must be very serious damage to the. crowing crops for May options to go up to 122J cents. The wheat markets liavo been tending upwards for some time, and if there is a real shortage in the American crop values must go higher, because the United States supply a considerable quantity of (ho world's requirements. The Argentine, Indian, and Canadian crops are factors in the situation, and t'lierc may be increases in these countries to offset any American shortage, in which case those gambling in options will lose money. New Zealand wheat-growers should do well this seaFon, as the harvest was a good one, and there should be a fair surplus for export.}