In Chicago Wheat Pit

Horowhenua Chronicle, 28 June 1933, Page 7

In Chicago Wheat Pit

I EXCITED TRADING. PEAK OP CROP FAILURE CHICAGO, June 26. Excited trading, which in volume surpassed that of war time, accompanied prices that soared more than seven cents a bushel oa Monday for wheat. Widespread conditions approaching a crop failure seldom equalled in the United States were reported as the result of three weeks' abnormal heat and drought. Approximately 150 million bushels of all grains changed hands. July closed at 89 3-8 cents; September at 91 5-8 cents; December, 94J cents; and May, 99i cents. Wildest for Two Years BULL MARKET AT WINNIPEG PROFIT-TAKING TORRENT As the culmination of the wildest bull market for two years a torrent of profit-taking swept the pit in the closing stages of the grain' market on Monday, sweeping values from extreme heights to a close at 4J cents higher than, Saturday's finish. The steady stream of buying kept up until theclose, holding selling in check. Less than two cents were pared from the day’s highs. Jdly closed at 744 cents; October at 77 1-8 cents; and December at 78 5-8 cents. Wheat Acreage —— i PROPOSED REDUCTION MELBOURNE, June 27. The Deputy-Prime Minister, Mr. J. G. Latham, submitted to the Premiers of the States a tentative proposal for restricting wheat acreage. The Premier of South Australia, Mr. Butler, announce definite opposition to any scheme of restricted wheat production. It is expected that Victoria and Western Australia will also oppose the scheme, their Government leaders having previously declared their opposition to the restriction.