PANICKY WHEAT SELLING

Taranaki Daily News, 18 November 1930, Page 7

PANICKY WHEAT SELLING

EFFORTS FOR STABILISATION. “FURTHER! DROP NOT JUSTIFIED.” By Telegraph.—Press Association. Wellington, Last Night. Rec. 7.10 p.m. Washington, Nov. 16. Mr. Legge, chairman of the United States Farm Board, declared, that the decision of the grain stabilisation corporation to enter the wheat market again has been made in order to stop “panicky Selling” and “to prevent further unwarranted declines” in domestic prices. He said, “Demoralisation in world grain markets again exists,” and added that “Comparatively, wheat is lower in price than other agricultural products. The price of flour fully reflects the wheat price, which no doubt is increasing the per capita of consumption. While the visible supply of wheat i« large there is no congestion at any of the terminal markets. Receipts at the primary markets are unusually light, which suggests the extent to which farm stocks are being used for feeding purposes. A further price decline would be in sympathy with the foreign markets and not justified by domestic conditions.”