SURPLUS OF WHEAT

Grey River Argus, 13 May 1929, Page 5

SURPLUS OF WHEAT

CANADIAN LOSSES Prices Falling * (Australian & N.Z. Cable Assn.) WINNIPEG, May 10. Under the marketing conditions prevailing in Canada for the past year, the grain men estimate that the Can adian. farmers have lost five cents pe* bushel on all of the unsold stocks, approximately 130 million bushels, whether in Storage or in transit during the winter and spring congestion. They estimate that the eighty million bushel s shipped out during the winter from Vancouver meant a cash saving to the farmers of four million dollars, China and Japan taking millions of bushels through Vancouver, thus materially easing the situation as regards the excess in the world’s production, and greatly easing the disposal of the Canadian surplus Statistics up to May 3rd reveal that Canada has done well in marketing her bumper crop, selling 804 million bush els more than in the previous year. BIG PRICE SLUMP IN ENGLAND LONDON, May 11. Reviewing the past week’s slumpin wheat prices, the London 11 GrainReporter” explains that owing to forecasts of the increased River Plate shipments, and more favourable accounts of the American winter crop, as well a s the surplus still in hand in Canada, there was a rush of American selling orders on Wednesday. It is obvious that Canada is willing to undersell the United States and Argentina, rather than miss the market. Australian cargoes on the week are down by 1/6 to 2/- per bushel, and parcels are down 1/9.