COTTON CRASHES TO NEW LOW LEVELS

Manawatu Times, Volume LIV, Issue 6626, 12 August 1931, Page 6

COTTON CRASHES TO NEW LOW LEVELS

Rubber’s Record Depth

GRAIN CROP ESTIMATES SHOW BIG INCREASES

United Press Association.—By Electric Telegraph.—Copyright. Received Tuesday, 5.5 p.m. NEW YORK, Aug. 10. The Department of Agriculture’s discouraging crop estimates enveloped the financial community in gloom to-day and the commodity markets suffered the heaviest declines for many years. One of the most drastic breaks in cotton’s history occurred as a result of the Government’s cotton estimate. October delivery sold at 6.7 per pound, a net decline of 1.42 points, the lowest since 1898. Other futures dropped as much as 7.5 per pound. The Government’s general crop report issued to-day after the close of tho markets estimated that the .1931 maize yield would be 2,775,301,090 bushels, or 681,301,000 over 1930. The wheat estimate is 893,582,000 bushels, an increase of 31,000,000. The winter wheat is 775,000,000 bushels, an increase of 163,000,000. Durum wheat is 23,000,000, a decrease of 34,000,000. Other spring wheat is 95,000,000, a decrease of 109,000,000. The stock market after a bri'ef show of weakness sympathising with the break in cotton closed firm. Crude rubber August contracts dropped to five cents per pound, the lowest level in tho industry’s history.