WHEAT UNCERTAIN

Sun (Auckland), Volume III, Issue 905, 24 February 1930, Page 10

WHEAT UNCERTAIN

“GREAT HOLD UP,” PREDICTS BIG TRADER MANY RUMOURS CURRENT United P. A.—By Telegraph—Copyright LONDON, Saturday. The position in the wheat market is a difficult one. There are all sorts of rumours current on both sides of the Atlantic about heavy purchases of Manitoba wheat for shipment to England in the spring, but no one can confirm them. If correct, these sales may be taken as an indication that the Canadian wheat pool has changed its policy of holding up wheat. It is suggested that this may presage “the end of the greatest hold-up since Joseph,” as a leading wheat trader described it in the “Daily Telegraph.” He proceeded: “There is no one conversant with the grain market who will hazard an opinion regarding the future. The situation is too artificial. It is unique and, therefore, no sort of precedent counts. What end can be predicted to the operation which has been going on for two years? Some grain stocks in North America have been there since August, 1928. All that time carrying charges have been accumulating, and are now estimated at about 12s a quarter, or 39 per cent, of the present price.” MARKET RISES An earlier message from Winnipeg dated Friday stated that unexpected strength in the market in sympathy with Liverpool sent the price of wheat up today by to cents. Closing prices were: May, 1 dollar 17 5-8 cents; July, 1 dollar 19 3-8 cents; October, 1 dollar 21 cents. In the Chicago market prices managed to hold their strong gains today in spite of the reaction from the early strong points, when “bearish” news from the winter wheat belt increased the selling pressure. Reports of slight damage from the south-west were offset by glowing reports from other sections of the country. Wheat closed: March, 1 dollar 10 cents a bushel; May, 1 dollar 143 cents; July, 1 dollar 16i cents; September, 1 dollar 183 cents. Tomorrow is a holiday and the wheat market will not be held. LONDON MARKET STEADY A London message dated Saturday quotes the following prices for wheat: Cargoes are steady. Sellers are asking 6d to 9d advance, but buyers are holding off. Parcels are firm at 3d to 9d dearer. Small business is being done.