BUYERS IN PANIC

Timaru Herald, Volume CXLII, Issue 20613, 30 December 1936, Page 7

BUYERS IN PANIC

UNCERTAIN COMMODITY MARKETS United Press Association—By Electric Telegraph—Copyrlgb t (Received December 29, 5.5 p.m.) NEW YORK, December 28. Commodity trading turned fullfledged buyers to panic and rubber, hides, silk, cocoa, sugar, rye, barley, maize and wheat climbed to the highest prices speculative furore combined with the rising demand. The radical reversal of the market was due apparently to an unfounded report that the United States will reduce her wheat import duties. This caused December wheat prices during late trading, to fall nearly 6 cents. Other commodities are also affected. PRICES ARE HIGHER REPORTS FROM ENGLISH MARKETS United Press Association—By Electric Telegraph—Copyrlgh t (Received December 29, 5.5 p.m.) LONDON, December 29. The market for wheat cargoes is firm and prices are higher. Parcels are from 6d to 2/- dearer. Manufacturers and processors of raw materials, holding scanty stocks, put the markets in sellers hands and gave them a commanding position for the first time in 16 years. Wheat especially is reflective of the position. December options in Chicago, at 143 cents a bushel, are just below the level in October, 1929. The high danger of war is considered to be playing an important part in the speculation in commodities generally and the smallness of the carry-over is held responsible for the wheat prices.