AMERICAN WHEAT PRICES.

New Zealand Herald, Volume LXVI, Issue 20420, 23 November 1929, Page 9

AMERICAN WHEAT PRICES.

DROUGHT IN ARGENTINA. " BULLISH " TENDENCY CAUSED. WINNIPEG, Nov. 21. .An announcement is made by the Government of Argentina, that inoro than 3,000,0 CX) acres of standing wheat will have to be abandoned as a result of the excessive drought in that country. This will leave only 16,000,000 acres to be harvested. The news caused "bullish" sentiment on the American markets to-day. The Winnipeg market closed 2 to 2£ cents up, November wheat being quoted at 1 dollar 35 3-8 cents per bushel. CHICAGO WHEAT MARKET. CHICAGO, Nov. 21. Wheat.—December, 1 dollar cents per bushel; March, 1 dollar 30£ cents; May, 1 dollar 34 3-8 cents; July, 1 dollar 34£ cents. CANTERBURY MARKETS. POTATO SEASON ENDING. [by telegraph.—press association.] CHRISTCHURCH. Friday. Tho potato market apparently is practically endod for tho season. Tho Waipahi is leaving for Napier to-morrow, and may tako a small consignment, and tho ferry boats may take small stocks to Wellington for a few days. After that it would appear that tho market will be confined to local orders. Nominally tho price is £5 f.0.b., s.i. A few small lots have been bought from farmers at £3 10s. The prospects are that most classes of soods will bo short this season. The scarcity of pasture food will have caused paddocks to bo closed up for seed much moro restrictedly than usual. Tho yield of cocksfoot and perennial and Italian ryegrass from tho provinces will probably lio much smaller than usual, as stocks of old season's seeds are scarce and hold at high prices. This would soem to point to a baro supply for next season's necessities. Information from tho south is to tho effect that a good perennial ryegrass crop is expectod, so that in this branch of seed tho local scarcity may bo offset. The dry weather, it is considered, is likely to affect the oats yield very markedly, but so far this opinion is not roflectcd in any hardening of values. As a matter of fact nobody is disposed to sell oats. Forward values for stocks on hand are from 3s 7d to 3s 8d f.0.b., ■.!«;