WHEAT MARKET.

Manawatu Standard, Volume L, Issue 303, 18 November 1930, Page 7

WHEAT MARKET.

STABILISATION OPERATIONS. PREVENTING" ‘‘PANICKY SELLING.” Received November 18, 8.30 a.m. WASHINGTON, Nov. 17. Air Alexander Legge, chairman of the Farm Board, announced to-day that the Grain Stabilisation Corporation was buying wheat both in the cash and futures markets in its stabilisation operations. _ Air Legge declared that the decision of the corporation to enter the wheat market again was made in order to stop ‘‘panicky selling” and “to prevent further unwarranted declines” in domestic prices. “Demoralisation in the world grain markets again exists,” he said. “Comparatively, wheat is lower in price than agricultural products. The price of flour fully reflects the wheat price, which, no doubt, is increasing the per capita consumption. While tho visible supply of wheat is large, there is no congestion at any of the terminal markets. The receipts at the primary markets are unusually light, which suggests the extent to which farm stocks are being used for feeding purposes. A further price decline would be in sympathy with foreign marktes, and not justified by domestic conditions.”

SITUATION IN CANADA

PREMIERS AND BANKERS CONFER.

Received November 18, 8.30 a.m. TORONTO. Nov. 17.

A conference of Premiers to-day consulted with the banking interests regarding the wheat price situation. It was stated that “successful interviews” had been held. “We have come to save the economic structure of Western Canada,” Air John Bracken, Premier of Manitoba, said.. A SHARP RECOVERY. BANKS’ REASSURING ANNOUNCEAIENT. Received November 18, 10.50 a.m. WINNIPEG, Nov. 17. A sharp recovery from Saturday’s low levels was made to-day, when wheat advanced 3 to 8| cents a bushel. Trade was active at the close, and exceptionally firm. November closed at 63| cents, December 625, May 675, July 69£. 'lhe main factor in the recovery was the reassuring announcement from the lending banks that the Wheat Pools would not be forced to dump supplies on the market. CONDITION OF GRAIN. COAIAIISSION ORDERS INVESTIGATION. Received November 18, 10.40 a.m. OTTAWA, Nov. 17. Suspecting that Canadian grain consigned to tho British Isles is being tampered with, the Dominion Grain Commission has ordered an investigation. British millers complain that the wheat has been found to contain an insectide. A preliminary investigation indicates that the chemical was not used in Canada,