WHEAT INDUSTRY MENACED.

Timaru Herald, Volume CXXXIII, Issue 18762, 29 December 1930, Page 9

WHEAT INDUSTRY MENACED.

Sharp Fall In Prices. LOW RECORDS IN AMERICA. United Press Association—By Electric Telegraph—Copyright (Received December 28, 5.5 p.m.) NEW YORK, December 27. At Chicago, July wheat fell to 623 cents—the lowest point since July 1. 1896. This brought sagging maize prices. Considerable selling by local professionals, with little support, depressed the wheat, until a slight support appeared near the close. Despite the break in maize, July wheat, at the lowest price, was 61 cents below July maize. Wheat futures closed: December 761 cents, March 80 cents, May 81 i cents, July 62 7-8 cents. News from Winnipeg states that wheat slumped as low as 50 cents on Saturday, but with meagre offerings, and the entry of investment buyers, it snapped back to higher levels. December closed at 52 7-8 cents, May 551 cents, July 561 cents. BUYERS OF WHEAT. ITALIAN'S VISIT TO AUSTRALIA. United Press Association—By Electric Telegraph—Copr right (Received December 28, 5.5 p.m.) ADELAIDE. December 28. A leading Italian milling merchant, Signor A. Fattorini, who is visiting Australia, says, owing to the failure of the Italian crop, it is quite likely Italy will buy as much wheat as Australia is prepared to sell.

HELP FOR CANADIAN GROWERS. GUARANTEED PRICE VIRTUALLY ARRANGED. United Press Association —By Electric Telegraph—Copyngnt, (Received December 28, 11.30 p.m.) NEW YORK, December 28. The ‘New York Times’ states that what the Chicago wheat grain trade regards as virtually a guarantee minimum price is now in effect, for wheat in three Canadian provinces as the result of a decision reached by Line Elevator interests, operating there to meet the Canadian pool’s basic figure of 50 cents for No. 1 northern wheat, delivered at Fort William.

The feeling was more confident among speculative buyers here, due to this step, and the announcement that the country owned wheat would not be sold out in case December dropped below 50 cents, while December wheat at Winnipeg sold off to 50 cents early. It rallied nearly three cents late and other deliveries followed suit. DIRE PLIGHT OF WHEATGROWERS. United Press Association —By EPectrlc Telegraph—Copyright PERTH, December 27. The Wheat-Growers’ Union Executive states that most of the farmers are in a condition of high, nervous tension. There is a grave danger of serious disorder unless steps are taken to stop the harassing tactics of certain creditors, who are allegedly endeavouring to obtain more than a fair share of the crop proceeds. If the threats to carry out the execution of writs are put Into effect, trouble is almost certain, and the Government is urged to declare an immediate moratorium for all farmers’ debts, also to make provision enabling farmers to sow fresh crops, and appoint a board to hold the balance of wheat until an equitable plan of distribution is introduced. Five thousand farmers need assistance, and storekeepers have decided to refuse credit after January 1.