Lower Values

Wanganui Chronicle, Volume 74, Issue 189, 12 August 1931, Page 7

Lower Values

AMERICAN COMMODITIES HEAVY WHEAT PRODUCTION [By Telegraph—Press Association —Copyright] Received Aug. 11, 5.15 p.m. NEW YORK, Aug. 10. The Department of Agriculture’s discouraging crop estimates enveloped the financial community in gloom to-day, and the commodity markets suffered the heaviest declines for many years;'One of the most drastic breaks in cotton’s history occurred as the result of the Government cotton estimate. October delivery sold at 6.7 per pound, a net decline of 142 points and lowest since 1898. Other futures dropped as much as 7.5 per pound. The Government’s general crop report issued to-day after the close of the markets .estimated the 1931 maize yield at 2,775,301,000 bushels, 681,301,000 over 1930. Wheat is estimated at 893,582,000 bushels, an increase of 31,000,000 bushels. Winter wheat is estimated at 775,000.000 bushels, an increase of 163,000,000 bushels, durum wheat at 23,000,000 busnels, a decrease of 34,000,000 bushels, and other spring wheat at 95,000,000 bushels, a decrease of 109,000,000 bushels.

The stock market, after a brief show of weakness in sympathy with the break in cotton, closed firm. Crude rubber, August contracts, dropped to 5 cents per pound, the lowest level in the industry’s history.