WHEAT POSITION

Evening Post, Issue 51, 2 March 1931, Page 12

WHEAT POSITION

AMERICAN FARM' BOARD VIEW

United Press Association—By Electric Tel*. graph—Copyright. NEW YORK, 28th February. "With' the wheat market responding by lowered prices yesterday, and a protest from' European houses that the step savours of Russian dumping, a Federal Farm Board announcement "of intended exports" of wheat has received a varied reception. Mr. Alexander Leggo, chairman of the board, characterises the European com-1 merit as "bunk," and says that the Kussian sales were far below the prevailing world, prices. "But it is "certain that auy wheal exported from the United States will not be sold for less than the prevailing world price." He insisted that .it probably would command an even higher prices because of "the high quality o£ the wheat now held exclusively by the United States and CanThe general manager of the Canadian Wheat .Pool has called the export announcement "tlie most constructive and reassuring slalemcnt that has been made so far," in tnat it fixqs the amount to be exported. The announcement lias had a depressing effect in Chicago, where wheat prices were bolstered up to-day only by I 1 arm Board purchases. CHICAGO, 2(>th February. Forward prices for wheat: —March, 79% cents per bushel; May, 83% cents; July,l 03% cents; September, CC% cents. I RAW MATERIALS PRICES. LONDON, 28th February. Closing prices .on Friday tor raw mate-' rials, asicompared with those of 21st February shown in parentheses, were as follow:— Cotton.—Liverpool quotation, American middling upland. March delivery, 5.91 d per lb (u.92d). ] lubber.—Para, 4 3-8 d per lb, \same); plantation binoked. 3%d per lb (3 13-10 d). Jute.— March-April shipment, £15 Ss 9d per ton (£ls). Hemp.—None offering. Copra. —March shipment, south aen, Hi 12s Cd per toil (£l4 10s); plantation, Rabaul, £M 17s Od per to.i (£l4 12s Cd). Linseed oil, £20 10s per ton (same). Turpentine, 37s 9d per cwfc (375). bamii-idium.—The market is weak. T;isinanian, £13 to £14 per ounce (£14); South African, £12 (same).