j&fii V ,f -«». V'A ty) W&2 I V<oiiHe BriitigWlWttWe^
sssfflsassES^^
XT(EJLI*. - XJL XJWsJ-XjrJSL“ In hisspeech to the Penn- could be facing a critical a co ™ r * c * J rt
IContinutdfraniPaeTl which had been evident in Ag group. Herder said, food “SSSS?SSSLaSSS
• ®e past few weeks, and said “We’re winding up the wheat ahead. If that shortage
much affectodby swings in that the wheat market now is marketing year, and we are should develop, the U.S.
com prices, because most of In a state where it reacts not running out of wheat. The would probably export a lot
the com raised here goes emotionally to anvthinc carryover will probably be of wheat to India, with ®° rn ® eK
“One theorj I’ve hmrd t more than 200 million resultant upward pressure gjjjjj?SnSefrc™!
tight gram market would that wheat futures will go the bushels, obviously better onpnceshere. _ StaSlJ SShSL?!?
tend to put a floor under limit when it rains on than the zero carryover that One possible mitigating S SE“jf
soybean meal prices, but taSaUe Street in Chicago, millers and bakers were factor in this situation, thiH niSSL
added that, even so, he felt Some of the market reac- loudly predicting back in Herder noted, is that the {he
protein was going to get tlons have nothing at all to do January. At that time we USSR may be in a position to
cheaper in £ the months with the actual condition of were exporting about 20 export wheat this year. Of J™}r" 7~
ahead. the crop. I think the wheat million bushels per week. By course, it’s impossible to say 1116 ror 1,118 cr °P year. i
He commented on the prices we’re seeing now are now, weekly shipments are whether or not Russia would
upsurge in wheat prices emotional reactions to things closer to ten million bushels, export to India, even if they
“Exports dried up as it did have a wheat surplus,
became increasingly clear “The key to the com
that we are going to harvest outlook,” Herder said, “lies
a very large crop. Six in the weather and the size of
months ago, it was just a the new crop. And, until we
. prospect for a large crop, get a firm idea on how much
and foreign users wanted to com will be available next
be covered in case prospects fall, we will be living with a
deteriorated.” highly unstable situation.
Herder noted that the “The story behind this is
affect on prices from experts found in the record low level
couldn’t be estimated too of com stocks that now exist,
well at the moment. India is the recent difficulties in
a big question mark. With a getting the new crop in the
current shortage of some 150 ground, and the largely
million bushels of wheat, and unknown current demand for
y
Si
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