AMERICAN WHEAT.

Waikato Times, Volume 107, Issue 17963, 7 March 1930, Page 8

AMERICAN WHEAT.

STABILISING THE MARKET. EFFORTS OF THE CORPORATION EXTENSIVE PURCHASES. United Press Assn.—Klee. Tel.—Copyright. (Received -March 7, 1.35 p.m.) WASHINGTON, March 6. Mr Legge announced that the Grain Stabilisation Corporation will continue buying wheat at the market price, and will remove from ihe market whatever additional quantify is necessary io relieve the surplus, and prevent prices declining. The Farm Board would, if necessary, spend as much as £30,000,000 to take up all surplus wheat, the board lias £15,000,000 on hand for the purpose, and Congress would be asked to appropriate more if the grain crisis continued. Mr Legge added that both the House and Senate leaders had assured Hie board of more money if the situation warranted it. In the meantime Hie Grain Stabilisation Corporation would continue to buy May futures and visible stocks in an endeavour to support the market. The Corporation expected to hold its May futures until after the new crop of winter wheat is marketed at the beginning or middle of June. It is understood Ihe Grain Corporation now holds considerably above 25,000.000 bushels of wheat, and it has future -contracts for 10,000.000 bushels more. At Chicago I lie closing prices were:—March deliveries, idol. 7 3-8 cents: .May. idol JJ 5-8 cents; July, idol. 9 7-8 cents; September, idol li 7-Seonts.