THE WHEAT MARKET

Otago Daily Times, Issue 20966, 4 March 1930, Page 9

THE WHEAT MARKET

POSITION IN AMERICA. GOVERNMENT OPERATIONS. (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, March 1. _ The Chicago correspondent of the New York Times states that the Government is running the wheat market, and gave it aggressive support to-day, taking about 3,000,000 bushels of futures during the day, when the market had broken early, thus being instrumental in advancing the old crop as much as 2f cents. Deliveries of 4,268,000 bushels on March contracts early were paid for largely by houses that have been identified with the Government operations of late. The professional traders show more disposition to get in new crops in fields in which the Government is not in operation.

PAYING ON LOAN BASIS. '

TO BE DISCONTINUED

NEW YORK, March 2. Thu Chicago Wheat Stabilisation Corporation was ordered on Saturday to discontinue paying on a loan basis value for wheat, but may continue buying at the market.

DECISION GIVES SATISFACTION. CHICAGO, March 2.

(Received March 3, at 11 p.m.) Agricultural leaders expressed satisfacat the Farm Board’s decision to stop paying an arbitrary wheat price. They stated their belief that the move will return stability to the grain industry, Mr Logge stated: “ The suspension will relieve the panicky feeling and stabilise-the entire grain industry. As we have already stated, however, the National Grain Corporation will continue "to make loans to co-operatives on the present crop until July 1.”