THE WORLD'S WHEAT

Poverty Bay Herald, Volume LV, Issue 17174, 3 February 1930, Page 7

THE WORLD'S WHEAT

BULLISH EFFORT FAILS PRICES AT LOW LEVEL (Elec. Tol. Copyright—United I'ras* Assn.) (Received Feb. 3, 10 a.m.) , NEW YORK, Feb. 1. The New York Times' Chicago correspondent states: — "The eight-month bullish effort by speculator's and the grain trade in general in the United States and Canada to ignore the supply and demand conditions in the world's wheat markets has collapsed in the last fortnight. Declines'in. all grains to the lowest levels of the present season without improving the demand have resulted, and at the same time a distrustful feeling has been created. "Foreign buyers of wheat, who have have been told by trade leaders as well as by members of the Government Agricultural Board, that they would have to come to America for supplies, have 'ignored the predictions so far and have bought leisurely on the declining market. They are in a position to dictate values rather than bo dictated to.

"Wheat prices here have declined around 10 cents on a seven-day continuous break, and aire 45 to 48 cents below the high point reached late last July and early in August.''The decline is the culmination of an effort to unload on to foreigners at higher prices, the. large surplus .of crops of 11)28 ami 1020 which were held in the.. United States and Canada, owing to the reduction of about 100,000,000 bushels in the Argentine and Australian crops compared with the previous season. The Argentine is estimated to have only 64,000,000 bushels for'export from-the present crop, of which .13,800,000 bushels i have been shipped • already;" ' ' ' N.S.W. WHEAT SYDNEY, Feb. 3. The Chamber of Commerce fixed fair, average quality standard current season's .wheat at (iljlbs per bushel.