WHEAT BOOM

Hokitika Guardian, 4 November 1931, Page 2

WHEAT BOOM

U.S.A. EXPECTATION

(United Press Association.—By Electric

Telegraph.—Copyright.)

NEW YORK, November 3.

Regarding the wheat position, it is reported that the remaining exportable- Argentine- wheat surplus is below sixty million bushels, of which most is of such a low grade that it will have to be mixed with the new crop. The critical per,tod for which will be the next three weeks, whereon much interest centres, . due to damage by heat.

rrivate reports estimate that the United (States winter wheat- acreage in 1932 will be decreased by at least', fifteen per cent, thus indicating that, lie crop will approximately by 476 million -bushels).

Meanwhile', on Wall Street, there is trade in wheat on a large scaur. Wheat buying is being done by one powerful financial group under Mr Arthur Cut ten, a speculator and grain operator, whose interest in operations through Chicago and Winnipeg, allegedly hold the most important position in wheait of any of the .interests except that of the United Sltates Farm Board. The. latter is reported to be encouraging Mr Cutten’s group but Mr Stone of the Board has denied that the Farm Board has any understanding with any private operators. Mr Cutten’s. groups of brokers have stated that they have no idea truen Mr Cuitten intends to begin to sell, but they have represented him as predicting “dollar wheat.”

AT CHICAGO

END OF RUSSIA’S EXPORTS

CHICAGO, November 2

Despite immense .selling for profit realisation, the price of wheat lias continued to advance, following on reports that 11-ussita has admitted that she lias now withdrawn as an export wheat competitor for this year, and perhaps tor next year. There has been • »•!exceptional rushes to buy win-ai , which have advanced the prices far as three cents per bushel. .'With a gain in values of about forty per cent, in less than a mouth, the wheat market closed with funds uncontrolled and swinging wildly from one and a. half to two cents per bushel above Saturday’s closing level. GREYMOUTH SALE. The National Mortgage Co. report having held a successful sale of fat cattle at the fortnight stock sale at the Greymouth yards on Monday, when they submitted to auction a line of 20 head of extra prime quality Hereford cattle, on account of Mr W. F. Diedriehs, of Lower Ivokatalii. The price per IOOIbs ranged from 28/- for heavy ox beef, 30/- for prime medium weights and to 32/- per IOOIbs for prime quality two year old baby beet. The following were the sales made: 1 prime heavy bullock at £l3/17/6, 1 ditto at £l2/5/-, 2 ditto at £ll 17/6, 2 medium weight bullocks at £ll/10/-, 2 ditto at £ll/5/-, 1 ditto at £lO/5/-, 2 two-year-old bullocks at £lO, 2 bullocks at £9/17/6, 2 ditto at £9, 2 light weights at £B/12/6 a-pieee, 2 medium heifers at £6/10/-, 1 light heifer at £5/5/-.