WHEAT BOOM

Hokitika Guardian, 28 June 1933, Page 5

WHEAT BOOM

WAR TIME PRICES SURPASSED. U u.ted. Press Association —By Electric Telegraph—Copyright.) CHICAGO, June 26. Excited trading, which in volume surpassed that of war time, accompanied prices that soared more than's’dveh cents a bushel to-day for wheat. Widespread conditions approaching crop failure, seldom equalled in the United States, were reported as the result or the three weeks’ abnormal heat and drought. Approximately one hundred and fifty million bushels of all grains changed hands. July closed at 69J, September 91$, December 945, May 99i.

TORRENT OF PROFIT TAKING. WINNIPEG, June 26. As the culmination of the wildest “Bull” market for two years, a torrent of profit-making swept the pit in the closing stage of the grain market to-day, sweeping values from extreme height,, to close 4.) cents higher than Saturday’s finish. A steady stream of buying was kept up until the close, thus holding selling in check. Less than .t">vo cents were pared from the day’s high levels. July clcGcd 1 4i cents, October 771, December 781.

LOWER ACREAGE PROPOSAL. MELBOURNE, June 27. The Deputy Prime Minister, Air Latham, submitted to the Premiers of the States a tentative proposal for restricting wheat acreage. The Premier of South Australia (Mr Butler) announced definite opposition to any scheme which restricted wheat production. It i,, expected that Victoria and Western Australia will also opno.se the scheme. Government Icidoiv; having previously declared their opposition to re'friction.