CANADIAN WHEAT CROP.
SERIOUS EFFECT OF DROUGHT,
EVIDENCE OF POOR CROP. WINNIPEG, July 27. It is certain that the American grain trade thinks that the Canadian wheat crops, are hopelessly bad, but it is a question yet whether they may not turn out bettor than the Americans believe possible. Added factors in the situation include the wish of the American politicians to “boost” prices and get voters into a happy frame of mind, and to widely distribute the high proceeds of the American wheat crop throughout the country. This is why every bad report, from Canada is seized upon by Chicago speculators as a. pretext, for higher prices. This kind of fictitious market might, last for a few davs, but the fact that, the tendency is still strongly higher, and the inbailit-v of Canadians to show any real optimism, indicates that the situation must be regarded as fairly serious. Calgary is a great wheat shipping centre, and a leading exporter there today said: “I don’t know exactly what is behind the movement on the Amerienn market., but certainly our news is bad, how bad nobody can tell until the lapse of a month. Alberta, which had a 200,000,000 bushel c-rop last year, may have 50,000,000 this season. Western Canada exported more than 4;>0,000,000 bushels of wheat last year, and there is evidence now that this year’s crop will be less than half. A Winnipeg banking committee officially estimated the figures at not more than 22:>,000,000. Railway and Government, officials, at a meeting to decide what number of harvesters to bring in, decided that 35,000 would be sufficient, compared with 75,000 last year. Air. Kenneth McLennan, a Vancouver flour mill manager, accompanied by Mr. Shima.salei, ’ manager of the Japanese shipping firm Sesuki and Company, has just completed a careful tour. They estimate the crop in Alberta at 55,000,000 bushels, in Saskatchewan at 110,000,000, find in Manitoba at 40,000.000 bushels. Wheat shipments through Vancouver will lie cut down 5(1 per cent.
A message from Chicago skates that the wheat prices there advanced six cents yesterday, breaking all the season ’s records.
The Winnipeg pit was choked yesterday with buying orders, prices advancing seven cents to 1 dollar fid cents for July wheat, and 1 dollar 4fi cents for October. Winnipeg is the first market in America t.o cross the dollar and a half mark. Por the first time exporters were in the market buying everything that came. A leading exporter declared that foreigners are now realising that they have missed the opportunity to buy cheap supplies, and are now compelled to acknowledge that the world’s decreased production, with the serious condition of the Canadian crop, are all tending towards higher prices of foodstuffs. Re-sellers are all cleaned up, and British importers to-day were forced to come into the open market. Everything connected with both markets is extremely “bullish,’*
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Hawera Star, Volume XLVIII, 18 August 1924, Page 6
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476CANADIAN WHEAT CROP. Hawera Star, Volume XLVIII, 18 August 1924, Page 6
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