THE WHEAT MARKET

Poverty Bay Herald, Volume LV, Issue 17452, 29 December 1930, Page 7

THE WHEAT MARKET

PRICES STILL DEPRESSED LOWEST SINCE 1890 NEW YORK, Dec. 27. At Chicago .July wheal; fell to 62J cents, the lowest point since July 1, Jc.96. Sagging -maize prices and considerable selling by local professionals, with little support, depressed wheat, until slight support appeared near the close, despite the break in maize. July wheat at its lowest was 6j points below July maize. Wheat closed as follows: December 76j cents, March 00 cents, Mav fill cents, July 62£ cents. News from Winnipeg states thnt wheat, slumped as low as 50 cents on Saturday, but with meagre ollerings and the entry of investment- buyers, it snapped back to higher levels. December closed at 52 1 cents, May 56J cents, Julv 56! cents.

The Times Chicago correspondent says that the grain trade regards as virtually a guarantee the minimum price which is now effective for wheat in three Canad an provinces, as a result of tlie do"ision reached l>y the elevator interests operating there to meet the Canadian nod’s basic figure of 50 cents for No. 1 northern wheat delivered at Fort William. Feeling is more confident among speculative buyers, due to this stop and an announcement that countrv-owned wheat would not be. sold out in case December dropped below 50 cents. Wlnle December, at Winnipeg, sold off at 50 rents early, it rallied: nearly three cents and other deliveries followed su't.

HOPE FOR AUSTRALIA ITALY AS PURCHASER ADELAIDE, Dec. 28. A leading Italian milling merchant, Sin,nor A. Fattouini. who is visiting Australia, says that owing to the failure of the Italian crop, it is quite likely that Italy will buy as much wheat as Australia is prepared to sell. VICTORIAN CROP DAMAGED MELBOURNE, Dec. 28. Violent winds, followed by the heavy rain of the past week, caused serious damage in tlie wheat areas. Some farmers are already turning their stock into the crops, which have been spoiled for harvesting. Tobacco crops are suffering from blue mould, and irsis blight lias appeared in many districts.