RALLY IN WHEAT PRISES

Taranaki Daily News, 26 September 1930, Page 7

RALLY IN WHEAT PRISES

INFLUENCES OF RUSSIANS INVESTIGATION PROMISED MARKET SOON RESPONDS LOWEST POINT JN 23 YEARS By Telegraph— Press Assn.—Copyright. ,Ncw York, Sept. 24. Chicago wheat prices rallied unexpectedly at the close of to-day’s trading after September futures had dropped to 76 3-8 cents, the lowest for 23 years, and closed with all months showing advances which more than eliminated the day’s recessions. The recovery occurred after the American Farm Bureau Federation had announced that its board of directors would meet on October 2 to investigate any influences the Soviet Government might have had on the market. Winnipeg wheat prices, after falling to the 1906 level on the Exchange, rallied to score fractional gains.-; October wheat has drifted to 71£ cents. Good support was encountered around the bottom levels, however, and prices came back to wipe out the losses. Meanwhile the executive council of the Exchange is continuing its investigations into a fraudulent wheat pool message that the Canadian Wheat Pool was in a shaky financial condition and would be taken over by the Western Provincial Governments. SCAREMONGERING DISCOUNTED. POSITION ON LONDON MARKET. London, Sept. 24. There has been a decided easing in Russian wheat chartering to-day. The London Grain Reporter says that the moderate decline in values during the week may be taken as a criterion of the actual position. Scare statements can be discounted when the present outlook for Russian supply is 6,000,000 quarters, which is relatively insignificant compared with the pre-war average of 20,000,000 bushels. FINANCE. FOR SEASON’S CROP. AMPLE FUNDS AVAILABLE. Rec. 5.5 p.m. Washington, Sept. 24. Coincident with the news of th© prevailina- depression in wheat prices the Federal Reserve Board has announced that ample funds were available for marketing and financing the season’s crops. The board asserted that it will render farmers all possible assistance and will place at their disposal credit facilities at exceptionally low rates.