WORLD GRAIN SUPPLIES.

New Zealand Herald, Volume LXI, Issue 18771, 26 July 1924, Page 9

WORLD GRAIN SUPPLIES.

=-.-:■■■ ■■.:■■■ v. w-!-,-'- .' ' ■■■■~■■■■ ■.■■','' CONFLICTING- REPORTS. WHEAT MARKET IN CHI€AGO. EtUOTUATIONS IN PRICES. ACUTE .SHORTAGE PREDICTED. PROSPECTIVE PROFITS. By •Telesnaph-.-Prasß ■ Asßooiaiion— CopyriKlit. ; V (Received 9.6 p.m.) ■'.; A. and N.Z.—Beuter. -CHICAGO. July 24. Wheat prices, which in the past week have been sharply in the ascendant, suddenly dropped Overnight because.of conflicting reports from Canada regarding the extent of the damage done by drought And black rust. these rumours had ■■ ■ caused July wheat to reach 133;!; cents ■per hush el, September "131£ cents, and ; December 134£ cents.";'. These figures re- <• presented an average gain of 5 cents pea ; ' bushel over the rates quoted on July 16. However, these prices ebbed respectively to 131 cents, 128 cents and 133. id cents. The downward drift of prices became, a rent when Mr. Hoadley, Minister for Agriculture for Alberta, announced that the estimates of damage to the Canadian crops were quite unfounded. : He admitted that there had been certain crop failures, but .said that the situation was being redeemed by fortunate rains. Nevertheless, it is estimated that the United States will sell abroad J!3 per cent, of its 1924 crop; against 17 per cent, in 1923. This increase in already being reflected in the better conditions in the mid-West, notably at Kansas. There the huge crop grown within a short time has raised many farmers from the verge of bankruptcy to the dawn of vast riches. - t According to the opinion of Mr. J. E. . Carney, an official in toe largest "grain house, in Chicago, the world for the first time ,L in its history, is facing an -acute shortage of all bread and food grains. He Bays he believes that the farmers will get 2 dollars per bushel for their wheat, . li dollars, for their corn, and 75 cents for their oats.- .: if A linessago tram London sitates that * wheat;• cargoes ar* very strong on. the American rise, but the buyers are reserved. Parcels. are from Is; ; 6d to 2s higher, hut little--business is being done. , The market closed easy.