WHEAT PRICES

Otago Daily Times, Issue 21831, 19 December 1932, Page 9

WHEAT PRICES

FALL ON WINNIPEG MARKET WINNIPEG, December 16. The sudden advent of immense stoploss selling orders at 10.45 a.m. on Friday plunged wheat prices .to even deeper low levels and losses of nearly 4 cents under Thursday’s close were chalked up before the panic-stricken grain exchange floor. December fell to 38 cents, May to 40$, and July to 42. The weakness at • Liverpool and the bearish United States crop report were the chief factors in promoting the descent. Liberal hedging ran the market into stop-loss selling. Fair support was encountered on the way down, but this was very mixed in character and not sufficient to check the decline. A fair amount of export trade was re : ported early in the session, and fair stabilisation support came into the market, but proved insufficient. Wheat rallied somewhat to show losses of 2*J in all three futures at noon. A GOOD RECOVERY. WINNIPEG, December IC. Substantial purchases of Canadian wheat by overseas came to the rescue, bringing back prices to close at 2| lower in each future. Quotations: December, 39$ cents per bushel; May, 41$; July, 43J. WINNIPEG, December 17. (Received Dec. 18, at 6.30 p.m.) Encouraged by renewed pledges of faith in the shape of a substantial export trade, wheat staged a smart comeback to-day to close 1$ higher in all three futures. The surprising upswing appeared to reflect the complete halt in liquidation which swept the market yesterday. Brokers reported good buying from both Atlantic and Continental seaboard houses. There was also some good investment buying, and Vancouver has reported the clearance of several cargoes for the Orient.