WHEAT PRICES FALL.

Timaru Herald, Volume CXXV, Issue 18500, 22 February 1930, Page 19 (Supplement)

WHEAT PRICES FALL.

LOSSES ON AMERICAN MARKETS. (United Press Association—By Electric Tel egraph —Copyright.) NEW YORK, February 20. Wheat closed with sharp losses on all American markets, with both local and foreign news generally discouraging. Chicago prices were affected, especially by the Winnipeg news, and traders watched .the market expecting a further sharp break at any time. The local situation is indicated by the fact that prices are now 504 cents lower than last July, and 8 cents under the figure at which the market stood when the Farm Board organised the Stabilisation Corporation. To-day’s local wheat movements w r ere characterised by extremely heavy short coverings, which brought back the market several times after the selling wave had forced new loifr figures, but more selling appeared whenever the market threatened to move above the previous close. Chicago quotations are:—March, 1082 cents a bushel; May, 113 s; July, 115; September, 117.

WINNIPEG REPORT. DECLINE CONTINUES. (United Press Association—By Electric Telegraph—Copyright.) WINNIPEG, February 20. After a valiant battle against the decline, wheat closed at 2i to 2i cents down to-day. [Earlier this month is was reported that a Wheat Stabilisation Corporation w'as to be set up in order to relieve the position on the market.]