WHEAT MARKET.

Evening Post, Volume CIX, Issue 28, 3 February 1930, Page 12

WHEAT MARKET.

DKCLIXE IN PR I CBS

United Press Association— By Electric Telegraph— Copyright. '.(Received 3rd February, 11 a.m.) <•'■-■ NEW YORK, Ist February. "According" to-the Chicago correspondent of the "New. York Times," the eightmonth bullish effort by speculators and the grain trade" generally in tlie United States' and. Canada to ignore^the supply and demand conditions of the world s wheat markets has"collapsed in the last fortnight.' , Declines in all grains to the lowest levels of the present season, without improving the demand, have resulted, and at the same time a feeling of distrust- has ■■'been created with '' foreign j buyers T>f wheat, who have been told by trade leaders,- as well as by members ot the Government Agricultural.Board, that they would have come to. America. for j supplies. They have, ignored the predictions so far, and have bought leisurely on a declining market. They are in a position to dictate values rather than to be dictated to. ' , ' ' : Wheat prices licre have, declined around ten cents, on a ..seven-day continuous break, and are 45 to',4B.cents below the high point reached late last July and early in. August..'; The decline is '.the culmination of an effort to' unload on foreigners at higher prices the large surplus of the 1928 and 1929 crops which were held in the United States and. Canada. 1

Owing to the reduction of about 100 million bushels in the Argentine aud Australian crops, compared with the previous season, Argentina, it is estimated, have only 64 million bushels for export from the present>crop\ of which 13,800,000 bushels have been shipped already.