CANADIAN WHEAT CROP.

Otago Daily Times, Issue 19248, 12 August 1924, Page 9

CANADIAN WHEAT CROP.

SERIOUS EFFECT OF DROUGHT. 1 ; . EVIDENCE OF POOR CROP.' - , WINNIPEG, July ,27./ It is certain that the American grain' trade thinks that the Canadian .wheat crops are hopelessly bad,, but it is a question vet whether they may not turn out better than the Americans believe possible. _" ' ■>: Added factors in the 'ipchwl* the wish of high American politicians-;*!® ” boost” prices and get voters into a'fasjsey frame of mind, and to widely dfetribtmp the high proceeds of the American-'', crop. throughout the country. This _is ' why every bad repbrt from Canada is ■ seized upon bv Chicago speculators as a ,pretext for higher prices. This kind of -fictitious market might last for a few days, bat 'the fact that the tendency is still, strongly higher, and the inability of Canadians to show any real optimism, indicates thftt-the situation must be regarded as fairly'seriOUSi Calgary is a great wheat shipping retitt'#, and a leading exporter there to-day‘^rajd: , “I don’t know exactly what is behiOd the movement, on the American market;/ b3t certainly our news is bad, bow bad nob&fy can tell until the lapse of a month. AJbfeHßii Which had a 200.000,099 bushel crop last year, may have 50,000,000 this season. Western Canada exported more than 450,000.000 bushels of wheat last year, and there is evidence now that this year’s crop will be less than half. A Winnipeg funking committee officially estimated-*- 1 -'thA figures at not more than 225,000,000. Railway and Government officials, at a, meeting to decide what number of harvesters to bring in, decided that 35,000 would hq sufficient, compared-with 75,000 last year, Mr Kenneth. M'Lenman, a Vancouver flour mill manager, accompanied by Mr Shimasoki, manager of the JapanCaij shipping firm Sesuki and Company, has just completed a careful tour. They estiiMte the crop in Alberta at 55,000,000 bushels; jn Saskatchewan at 110,000,000 bushels, and in Manitoba at 40,000.000 bushels. Wheat shipments through Vancouver will be out down 50 per cent. ■ A message from Chicago states that the wheat prices there advanced six cents -yesterday, breaking all the season's records. The Winnipeg pit was choked yesterday with buying orders, prices advancing . 7 eontis to 1 dollar 55 cents for Jmy wheat, and 1 dollar 46 cents for October; Winnipeg is the first market in America. : to cross the dollar and a-half mark. For the first time exporters were in the marketbuying everything that came. ‘ A leading exporter declared' that foreigners are now realising that they hava missed the opportunity to buy cheap supplies, and are now compelled to acknowledge that the world's decreased production- with the serious odhdition of tha'• Canadian crop .are all tending toward . higher prices of foodstuffs. Re-sellefs aro all cleaned up, and British importers today were forced to come into thcr openmarket. Everything connectedwith both markets is extremely •’bullish.” ■ '