WHEAT PRICES

Wanganui Chronicle, Volume 72, Issue 92, 18 April 1929, Page 8

WHEAT PRICES

AMERICAN PRODUCTION INFLUENCES ON MARKET ( Australian Press Assn. ] Received April 17. 11 p.m. NEW YORK. April 14. The price of May wheat at s session of the Chicago Board of Trade is attributed in some circles here to ‘‘disappointment” at Mr Hoovers treatment of the farm question, in a message to Congress following Senator Capper’s revelation of a large surplus of Kansas winter wheat, where some 40.600.000 bushels await ship ment. Local brokers declared that the original depression of price as the market opened was precipitated by Senator Capper’s statement declaring that the amount of wheat in storage in Kansas was double that held at this time during any preceding year. The price de cline received a further impetus with the publication of -Mr Hooter’s inessago It is reported here that the message did not come up to all the market expectations; on the other hand Mr Hoover’s treatment, on the matter was received well in the capital, where it ia believed generally that discouraging developments in the wheat market are due to causes other than that of the speech. Senator Capper assorted that this is his opinion, but he failed to explain himself and did not attempt to clear Lhe drop in prices.