PEGGED WHEAT PRICES

Dominion, Volume 28, Issue 33, 2 November 1934, Page 11

PEGGED WHEAT PRICES

Winnipeg Grain Exchange DEALINGS IN FUTURES (Received November 1, 7 p.ih.) Winnipeg, October 31. It was announced to-night by the Winnipeg Grain Exchange that wheat prices will be pegged at 75 cents a bushel for December futures and 80 cents a bushel for May futures, the pegging to become effective on Thursday. The pegging was made at the request of lhe Federal Government. Mr. J. I. McFarland, general manager of the Central Selling Agency, declared that the renewal of outside selling recently complained of had been responsible for the action taken. The duration of the pegged price was not set. East year, from August 15 to September 14, a pegged price of 70 cents on October futures was in effect. October futures for this year terminated to-day and only December and May futures will appear on’Vhe board to-morrow. “While the Government has in mind certain restrictions that will prevent a recurrence of the heavy selling operations . witnessed in the past few months.” said Mr. McFarland, ‘‘it will take some little time to put these into effect. In the meantime the Government- is not .prepared to stand by and watch the demoralisation of the Canadian farmers’ market by interests outside the Dominion.”NO PRICE-FIXING Announcement in Argentina (Received November 1, 5.5 p.m.) Buenos Aires, October 31. The directors of the grain market on Wednesday announced at the opening of future trading in wheat and linseed for the new crop to be delivered in February that dealings in futures would be unsubjected to price fixing by the Federal Grain Board.