THE WHEAT MARKET

Otago Daily Times, Issue 20962, 27 February 1930, Page 11

THE WHEAT MARKET

POSITION IN AMERICA

STEADY RECOVERY RECORDED,

(United Press Association.) (By Electric Telegraph—Copyright.)

' NEW <■' 25. (Received Feb. .26, at 5.5 p.m.) The steady recovery in Chicago continued f un til the close, when prices showed fractional gains’ over yesterday’s close. Other American grain markets* taking their cue from the Chicago pit also showed price recoveries. All markets, with the exception of Kansas City, showed, fractional gains over yesterday. The late, rise is " ’terally crcrUt-a --oorts that Japan is buying heavily on the break, coupled wit!) a short covering. Chicago wheat for March rallied four cents in the final 15 minutes. Trading at Chicago closed: March, 104 cents per bushel: , 1084 J July, 110 A; September,

BEFORE THE RECOVERY)

EFFECT ON STOCK MARKET. NEW YORK, February 25. (Received Feb. 26, at 5.5 p.m.) Bad breaks throughout the continental n heat markets, which made dollar wheat an actuality—in fact, March wheat xeached 98 cents at Chicago before it rallied to a dollar—were reflected in the stock market, where, added to the general news of a grain decline in other world markets and the sympathetic fall of commodity prices here, there was a sharp break in United States Steel, and a general sagging throughout the list. While the losses of the stock market were not _ large,, nevertheless irregularity continued throughout the day. The wheat; position was strikingly bad, The fall in prices represented 3 cents to 8 cents, the break reaching the lowest figures in 16 years.

. the POSITION IN CANADA.

POOL OFFICIALS OPTIMISTIC,

NEW YORK, February 25. (Received Feb. 26, at 10 p.m.) Officials of the Canadian wheat pool who lire returning homeward from a conference with British Government officials and representatives -of British millers regarding the situation eonfionting the Canadian wheat growers through the failure of European buyers to take Canadian wheat at prevailing prices, were non-committal as to the outcome. They said tha J hoy found that millers still prefern- uadian wheat and were prepared to pay more than for wheat from other sources. “We have no doubt that the ultimate outcome will be that the market will right itself.”