Wheat situation

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Title:
Wheat situation
Uniform Title:
Wheat situation (Washington, D.C.)
Physical Description:
v. : ; 26 cm.
Language:
English
Creator:
United States -- Dept. of Agriculture. -- Economics, Statistics, and Cooperatives Service
United States -- Dept. of Agriculture. -- Economics and Statistics Service
Publisher:
The Service
Place of Publication:
Washington, D.C.
Frequency:
quarterly
regular

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Subjects / Keywords:
Wheat trade -- Statistics -- Periodicals   ( lcsh )
Wheat trade -- Statistics -- Periodicals -- United States   ( lcsh )
Genre:
federal government publication   ( marcgt )
statistics   ( marcgt )

Notes

Statement of Responsibility:
Economics, Statistics, and Cooperatives Service, U.S. Department of Agriculture.
Dates or Sequential Designation:
WS-1 (Nov. 1936) - WS-254 (Nov. 1980)
Issuing Body:
Issued, 1936- by the Bureau of Agricultural Economics; <Oct.-Dec. 1953>-Feb. 1961 by the Agricultural Marketing Service; Apr. 1961-Nov. 1977 by the Economic Research Service, U.S. Dept. of Agriculture; Feb. 1978- by the Economics, Statistics and Coopertives Servie, U.S. Dept. of Agriculture; <Nov. 1980-> by the Economics and Statistics Service, U.S. Dept. of Agriculture.
General Note:
Cover title.

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University of Florida
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
aleph - 000349017
oclc - 04015593
notis - ABY6688
lccn - 78643652 //r812
issn - 0364-2305
Classification:
lcc - HD9049.W3 U66a
ddc - 338.1/7/3110973
System ID:
AA00012162:00014

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Full Text
S.b PIc; /2f?


BUREAU OF AGRICULTURAL ECONOMICS
UNITED STATES DEPARTMENT OF AGRICULTURE

MAY-


WHEAT SUPPLIES FOR EXPORT AND CARRY-OVER,
CONTINENTAL UNITED STATES, 1909-47*


BUSHELS
MILLIONSI


600



400



200



0



200


1940 1945 1950


ILIZATION


NEG. 46405 BUREAU OF AGRICULTURAL ECONOMICS


The prospective supply of wheat available for export and carry-over (based on May
I indications for winter wheat and an average spring wheat crop) was exceeded only in
1941-42 and 1942-43, following several years of very small exports. Exports in 1947-48
are expected to again be very large, but some increase in the carry-over in 1948 may
also occur.


THE


WS 100


FOR RELEASE
SJUINESA.M.




SITUATION


JUNE 1947


1910 1915 1920 1925 1930 1935
IEAR BEGINNING JULY
SC.a FA OV' F F PLU3 FP'h iL AUCTION LESS DOMESTIC IT
F .A L A fNA I"


U DEPARTMENT .:rF AGFI CULTURE


Lun! "1






MAY-JUNE 1947


Table l1-Wheat: Supply and distribution, Continental
United States, 1909-47


(Data for cover page )
Year Stocks New Total Total : Net : Stocks
beginning : July 1 : crop : domestic : domestic :exports : June 30
July : I supply :disappearance: 2/ I/
: Mil, bu Mil. Mil bu. Mil. bu.u M il. bu Mil. bu.


1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946


55
110
125
110
125
115
67
225
So
40
85
170
124
996
132
137
108
97
109
113
227
291
313
375
378
273
146
140
/ 83
153
250
2.0
385
632
622
317

100


684
625
618
730
751
897
1,009
635
620
904
952
843
819
847
759
842
669
832
875
914
824
837
942
756
552
526
628
630
874
920
741
815
942
969
844
1,060
1,108
1.156


739
735
743
b40
876
1,012
1,076
860
700
944
1,037
1,013
943
943
891
979
777
929
984
1,027
1,051
1,178
1,255
1,131
930
799
774
770
957
1,073
991
1,095
1,327
1,601
1,466
1,377
1,389
1.256


538
537
552
568
612
607
609
596
555
580
647
574
579
60o
620
613
584
611
677
656
617
750
754
718
629
655
662
689
701
714
66-3
676
667
946
1,219
985
900


91
73
81
147
149
338
242
184
!.'5
279
220
315
268
208
134
258
96
209
194
144
143
115
126
35
'8

3/ -8
2/-22
103
109
48
34
28
33
3/-70
111
389


110
125
110
125
115
67
225
80
40
85
170
124
96
132
137
108
97
109
113
227
291
313
375
378
273
146
140
103
153
250
280
385
132
622
317
281
100


17 Stocks 101'?-22 partly estimated to include same positions as currently reported,
2/ Includes flour in terms of wheat and includes shipments to territories of the
United States; the latter has usually been between 2 and 4 million bushels a year.
3/ et imports,
1909-36, some new wheat included in commercial and merchant mill stocks; 1937
to date, only old-crop is shown in all stocks positions.
/ Preliminary.


- 2 -





WS-100


THE WHEAT SITUATI ON


Approved by the Outlook and Situation Board, May 27, 1947

StA ,I7W.,

Carry-over of wheat on July 1, 1947 is expected to be about 25 million
bushels less than last year's 100 million bushels because of the very large exports
during the present marketing season. Exports of wheat and flour is wheat, for the
year ending June 30, 1947 may total about 375 million bushels, only slightly below
last year's record of 391 milli n bushels.

While the carry-over will be smaller, a larger proportion of the wheat has
left the farm than last year. Flour in domestic channels is more evenlfydistributed
in relation to needs; also a larger quantity is en route for export.

May 1 conditions indicated a record winter wheat crop of 1,026 million
bushels. Seeding of spring wheat has been delayed by the late spring. However, an
average crcp of 250 million bushels would bring the total crop to 1,275 million
bushels, about 10 percent above the previous record of 1,156 million bushels for last
year. If the crop is this size and even if domestic disappearance reaches as much
as 800 million bushels, 475 million bushels will be available either for export or
for addition to carry-over in 1948. While exports again will be large, some in-
crease in carry-over also is desirable.

Cash wheat prices-for May averaged only slightly lower thin in April. While
a decline is expected as harvest approaches, it will be cushioned by the demand for
the limited remaining old-crop supplies. Even with a new record crop, the export
demand again is expected to be large enough to hold new crop prices above the sup-
port level. Prior to 1942, wheat prices following harvest declined considerably
below support levels.

Present prospects indicate that winter grain production in Continental
Europe mniy be somewhat smaller in 1947 than in 1946. Winterkill is reported to have
been severe in western Europe. In central ?nd eastern Europe, the winter acreage
was larger than that of the year earlier, and frost damage appears to-have been
relatively light. In North Africa, the crop is satisfactory, except-in Tunisia
where drought was only partially relieved by late rains. The crop in Soviet Russia
was protected by good snow cover and the condition is reported.to be favorable. T i
crop in some areas of India is reported to have suffered severe rust damage which
may result in total production as much as 20 percent below average.

Moisture conditions in Canada are reported to be favorable'.. In Argentina,
there is little incentive for increasing wheat acreage because of the unsatisfactory
level of prices received by'growers. Prospects, however, point to a larger acre-.ge
in Australia because of relatively higher prices to growers and the continued sus-
pension of acreage restrictions. Moisture conditions are crne-r.lly favorable in
both Argentina and Australia.


(For release June 6, a.m.)


- 3--





MAY-JUNE 1947


Wheat stocks on July 1 in the 4 principal exporting countries--United States,
Canada, Argentina, and Australia--may be slightly larger than a year earlier when
they totaled only about 372 million bushels. Even though there will be some in-
crease over 1946, stocks are expected to be smaller than in :any other year since.1938
when they were 353 million bushels.

While prospects for large exportable supplies are favorable,' especially in the
United States and Canada, present indications are that the foreign demand will agiin
greatly exceed supplies available for export.

Supplies of rye April 1 were.the lowest on record for this datd--only two-
thirds of those of a year earlier-and one-sixth of the 5-year April 1 average.
Disappearance of rye this se:-son has been only a little over half that of the
same months last year. A rye crop of 24.7 million bushels was forecast as of May 1.
This is 32 percent above last year's production, but 35 percent below the 10-year
average. Because of small supplies and the world-wide demand for grain, rye prices
have advanced to the highest levels on record.

THE DOMESTIC WEEAT SITUATION

BACKGROUND.- Record wheat crops were produced in the U. S..
in the past three years (table 1). This resulted from very
large yields per seeded acre. Acreages averaged no larger
than in 1932-41. Because of abnormal world demand for bread
grains, however, it was possible to move the domestic sur-
plus from these large crons and, in addition, reduce the
carry-over to very low levels.

In 1932-41, the supply of wheat in continental United
States averaged 982 million bunhels consisting of carry-
over old wheat, 235; production, 738; and imports for
domestic use, 9. The total disappearance averaged 721,
consisting of food, 475; feed, 122; seed, 81; and exports
and shipments 43.

Wheat prices have advanced since 1940. Until 1943-44, the
loan program was the most important factor in domestic wheat
prices. Beginning in that year, however, the extra demand
for wheat resulting from the war became the important price
factor (table 9).

Carry-over July 1, 1947 to be Below
100 Million Bushels; Distribution
Better Than Last Year

On the basis of April 1 stocks and prospective disappearance, the carry-over
on July 1, 1947 is expected to be around 75 million bushels, 25 million less than
a year earlier. In addition, flour equivalent to ;bout 15 million bushels of wheat
is expected to be in transit to ports or in ports for export. This will not be
accounted for until it is included in the exports for July. On July 1, 1946 and
Aptil 1, 1947, flour equivalent to about 9 million and 20 million bushels of wheat,
respectively, was in these positions.





WS-100


- 5 -


Of total stocks of 310 million bushels on April 1, about 170 million bushels
were in c.ff-fnrm positions and about 140 million bushels on farms. Last April 1,
stocks totaled 332 million of which 134 million were off farms and 198 million were
on farms (t-.ble 8). April 1 stocks in merchant mills totaled 73 million bushels
compared with only 56 million a year earlier. Stocks in interior mills, elevators
and warehouses totaled 61 million this year compared with only 36 million April 1,
1946. Commercial stocks at terminals were 33 million bushels, only slightly smaller
than the 34 million in 1946. Flour in relation to domestic needs is more evenly dis-
tributed than last year. Also, a larger quantity is en route for export.

About 046 million bushels of the 1,256 million bushel supply on July 1, 1946
disappe-..red in the first 9 months of the season. This is' second only to the 1,055
millicn-bushcl disappearance from July 1, 1945 to April 1, 1946. Stocks on January
1 were about 6i4 million bushels. Disappearance for the January-March quarter was
333 million bushe.ls, compared with 350 million in the same period of 1946, about 270
million in 1045 and 273 million in 1.944. Domestic disappearance for April-June may
total about 15: million bushels and exports about 90 million.

Exports in 1916-47 May Total
About 375 Million Bushels

Exports of wheat and flour in terms of wheat for the year ending June 30,
19L7 may total about 375 million bushels, second only to the 391 million bushels
a year earlier. Estimr~tes of a few months ago have bean increased because of emer-
gency allocations and improvement in the transportation situation.

Estimated exports for July 1946-April 1947 for military relief, UNTA,
foreign governments, and commercial exports, compared with the previous year, are
shown in table 4. Destinations by countries for the same periods are shown in table
3. In response to a number of requests, table 2 has been prepared, which shows
(1) the 1934-38 averages by countries for production, net imports or net exports,
and quantities available for domestic use, (2) estimated 1946 production by countries
and (3) 1938-39 exports from the United States by countries of destination.

All-Time Record Cron Likely;
Large Exports A-gain in Prospect

A winter wheat crop of 1,026 million bushels was indicated by May 1 conditions
This would be bout 17 percent larger than the previous record crop of 874 million
bushels produced in 1946. Seeding of spring wheat was greatly retarded by wet
fields, ond it is likely that the wheat acreage will fall below the acreage planned
in March. If an aivorage spring wheat crop of about 250 million bushels is produced,
the crop would be r.bout 1,275 million bushels, about 10 percent above the 1946 record
of 1.156 million bushels.

If the crop is this size and even if domestic disappearance is as much as
800 million bushels, 475 million bushels will be available either for export in
1947-48 or addition to carry-over July 1, 1948. Exports will again be large-but some
increase in the carry-over in 1948 is desirable.

Progress of wheat toward maturity has been delayed by wet weather in the'
southern Great Plains. As a result, harvesting will begin considerably later than
last year, althouCh not much later than average. Movement of wheat in volume is
not expected before June 10 in north-central Texas and southern Oklahoma, June 20
to 25 in the Texas-Oklahoma Panhandle, and after July 1 in southern Kansas. In parts
of the Pacific Northwest and California there has been some lack of moisture -not
fully alleviated by mid-May showers.





MAY-- JIE 1947


There are fewer box cars available for transportation of grain this year than
last. With heavier grain production indicated, It appear transportation difficul-
ties will not be any less than in 1946. The very large winter wheat crop will
require that the period of maximum car-loadings be longer than last year.

Prices for New Crop Expected to be
Above : ,s,-t L. ver

Cash wheat prices for May are averaging only slightly lower than in April.
While prices are expected to fall as harvest nears, demand for the remaining old-
crop supplies will tend to cushion the decline. Even with a record crop in pros-
pect, the export demand is expected. to be large enough to hold new-crop prices
above the support level. Prior to 1942 wheat prices following harvest declifued
considerably below support levels.

The tentative export program for July calls for 17.6 million bushels of
Heat and 19 5 million bushels of flour in wheat equivalent. However, allocations
will be effective after June 30 only if Congress extends the President's power to
control exports of scarce coanmodities. If this power is not extended, buyers for
foreignn countries will be free to purchase any quantity.

If parity on June 15, when the loan rate is determined, is the same-as in
Aay, the average loan rate to growers for 1947 crop will be $ 1.82 (about $2.00 for
Jo. 2, ordinary protein, at Kansas City), This is considerably more than the loan
rate of $1.49 for the 1946 crop, but less than the mid-May price of $ 239.

With market prices considerably above the loan rates, only about 22 million
bushels of 1946 wheat were placed under loan compared with 60 million bushels in
L945. All wheat loans matured on April 30.

TBE WORLD WHEAT SITUATION

BACKGROUND.- On July 1, 1943, stocks in the four principal
exporting countries were at a record high of 1,740 million
bushels. By July 1945, however, they had been reduced to
824 million bushels, and by July 1946, to about 372 million
Greatly increased disappearance was caused by an accumulated
demand brought on by the war and poor crops in Southern Hemis-
phere countries, and elsewhere. Stocks on July 1, 1946 were
the smallest since 1938, and about a fifth less than the 1935-
39 average of 458 million bushels.

Cop Prospects in Europe Below 1946;
Moisture Condition.in Canada Favorablej

Present prospects indicate that winter grain production in Continental Europe
may be somewhat smaller in 1947 than in 1946, largely because of'abnormally heavy
winterkill in parts of western Europe, unfavorable weather which hampered reseeding
to wheat and rye, and drought in parts of the Mediterranean region. The crop in
the United Kingdom is also expected to be considerably smaller than a year ago. Un-
favorable fall weather prevented seeding the full acreage planned for winter wheat.
Since that time an unusually severe winter, together with a late spring, also have
contributed to the poor crop prospect.

Acreage loss from winterkill- in western Europe is reported to range from
a third to one-half for some countries. Even though it is too early fully to assess


- 6 -






this damage, there seems to be little doubt that production will be considerably re-
duced. In central and eastern Europe, the area sown to winter wheat and rye in the
fall of 1946 was larger than that of the year earlier, and frost damage appears to
have been relatively light. In the Danubi':n basin, acreage goils for fall sown
grain were nearly reached and the region apparently suffered only the average amount
of winterkill. Parts of this area, however, are now reported to be suffering from
drought as are somen.areas in the Mediterranean region. In North Africa, the crop
is satisfactory, except in Tunisia, where drought has persisted. The winter crop
in Soviet Russia was protected by good snow cover and is reported to be better
than last year... While acreage has been increased, it is still below prewar. The
crop in some areas of India is reported to have suffered severe rust damage which
may result in total production as much as 20 percent'below average.

In Argentina, there is little incentive for increasing wheat acreage because
of the unsatisfactory level of prices received by growers. The'soil condition is
mostly favorable for the new crop for which seeding will'become general in June.

Prospects point to an increased wheat acreage in Australia as a result of
relatively high prices and the continued suspension of acreage restrictions. Good
rainfall over -most' of the wheat area favored pr-par- ion'of the land and seeding is
now.general. Increased supplies of superphosphate are available.

July 1 wheat stocks in the 4 p'i'ncipal exporting countries--United States,
Canada, Argentina, and Australia--mr.,' be slightly larger than' a: year earlier when
they totaled only about 372 million bushels. Even though stocks in the four
countries will increase over 1946, they will be smaller than in any other year since
1938 when they totaled-353 million bushels.

Export Demand Prospects Again Likely to Take
All Available Exportable Supplies

iWhile prospects for large exportable supplies are favorable, especially
in the United States and Canada, present indications are that 'the'foreign demand
will again exceed supplies available for export. World expodrts 'in'1946-47 will
total about 725 million bushels, but will fall considerably short of meeting demand.
They're made up about as follows: United States, 375; Canada; 230; Argentina,
65;Aiustralia, 40; and other countries, 15.

Wheat Conference Refers Draft Proposal
.Back to Council Without Reaching Agreement

The International Wheat Conference, which met in London to consider a
draft proposal, adjourned.April 23 without coming to'an agreement: The'Conference
unanimously accepted a-United-States motion to refer the draft back to'the Council
and to invite countries-not at present members to join the Council and participate
in future discussions. Delegates from Argentina, which earlier had declined to
participate in the proposed agreement,attended.the final session of the pl-n'.ry
session as observers.
Footnotes For Table 3, Page 9.-1/ Wheat equivalent. Does not include Canadian wheat
milled in bond. 2/ Total of all shipments to UNRRA countries including Non-UTJEA
shipments to these countries. 3/ For 1946-47 includes U.S. and U.K. zonns of Germany
now combined and U.S.. zonesin Italy and Austria. Includes soie procured commercially
and shipped by British to combined zone. Doos:not include quantities used by military
forces. 4/ Quantities for following are included in "Other Exports": British Hondur-
as, Bahamas, Jamaica, Barbados., British West Africa and British East Africa. 5/ In-
cludes French occupied zone of Germany, Portugal, Finland,' Eire-, Sw!.d.-n, and Spain.
6/ For 1945-46 small quantities in "Other Exports". 7/ For 1946-47 includes Malaya,
song Kong, Ceylon end British Borneo.


- 7 -


WS-100





wMY-JUTE 1947 8-

Table 2,-Wheat, world by oonmtries~: 1946 production; 1934-38 average of production,
trade and. qantitiesavaiiable for domestic use; and 1938-39 exports from


the United

Country


States and other countries
:T:-9iro 93-38 average : 1938 -39
: Pro- :-'Fro- -:Net imports:Available: Exports froa
: duc- : duc- : rr net fbr domes-: U. S.
: -tion : tion :exports 1/ :tic use / 3/
: Mil, bu. Mil.bu. 1i:, bu. Mil. bu. Mil. bu.


importing countries-
219 25 36,1
62 93 31.0
23 191 '2,7
18 288 0.7
16 44 0.3
8 10 0.4
3 312 0.9
_5 320 3.3
385 153 75.
37 42 0o1
1 15 2.5
5 5 2.2
21 29 3.6
19 804 11.6
4 4 4.6
11 257 67
1748T983 2,6o99 106 f7
Exports froL


Net exporting countries


other than
U.S,
159.9


99 llb.1
55 96.4
684 -
94d 0372 3-5.
296- 78.7
80 4.1
"76- b2.9-
130-7 ---
57 8.1
41 4.9
354 10.1
122 2.0
985 5T1778_ 3


NET J31iK'i.TlG COUTIP.IES Net
United. iangdoa and Eire ....: 78 71
Belgium and Netherlands ..,o 29 33
Germainy o. .....co. .o -- 174
Italy o.. ...... : 245 268
Greece oo.,..o.. o e... 29 28
Norway 3 2
France ,.,, .,...0,o 250 302
Other Eurone ocaoo : --- 282
Total European .. a o....o .o --- l160-
Brazil 9 5
Brazil o,.....,,o..o......o... 9 5
Mexico oi...or..*. 14 14
Cuba coi.e?......cO: --- ---
Other American ........~.. : 8 8
China and Manchuria 8,,.. ,,.: 874 785
Philippine Islands oo o --- ---.
Other non-European o.. .,, o 233 247
Total net importers .,, .. --- 2,219


NET EXPORTING COUNTRIES _
Canada 5/ ,,........: 421 263 173
Argentina ........ o.. c. 221 244 122
Australia ,. o. .... 117 154 103
United States 6/ 76s..,..o.: 1,156 716 32
Total (4) ......o. ... 1,915 1,377 430
Danubian 7/ ....., o.....o : --- 352 53
Poland and Lithuania o..... : --- 85 5
Total (6) .o.......37 5___
USoS.,R, .o......o.o...ooe.: --- 1,102 15
French North Africa 8/ .o:,.: 72 72 14
Chile and Uruguay .. ..... : 43 45 4
India ........: 332 366 8
Turkey ..n .:coo. 180 125 3
Total net exporters (18) --- 3,524 97 532_


I/ Includes flour in terms of wheat.
2/ Inclides adjustment for change in stocks,.
3/ Includes flour made from US, wheat,
1/ Total net imports do not equal total net exports, principally because of
unassigned quantities afloat and differences in marketing years.
5/ Canadi-an stocks include Canadian grain in the United States.
r/ Net exports sharply reduced because of small crops. United States stocks.
include United States grain in Canada.
7/ Hungry, Yugoslavia, Rumania, and Bulgaria.
8/ Algeria, French Moricco, and Tunisia.
/Net exports by regularly net-importing countries average 27 million bushels
and are not included.




WS-100 9 -
Table 3.- Destinations of United States exports of wheat and flour 1/
year ended Juno 30, 1946, and preliminary estimates for 30 months,
July..1946;-. April.1947.

Yoer erded -..- 10 months, 7Jly 1- 4.,.-April '7
30 ..... ..... .: .
De tinations : Juno 30, i5: Wheat --Four i ./..
___... w-vheat iand flour: .. : _. *
..1 .. u. Mil bu. Mil, bu.
EUROPE ... '
UIN.P.F..A. countries. 2/ 73 2 28 .0;-- .b 20.6 18,6
Military civilian relief' 67.1 28.7 25,8 54.5
United Kingdom 4/ -- 11.8 22.5 7. 30.4
Netherlands 11.0 10.4 5.2 15.6
Belgium 20.5 6.5 66 3.1
France and Fr. N. -Africa : -80.8 3.7 1,8 '5-5
Switzerland 0.2 3.7 2.0 5.7
Norway 0.4 3.1 1.7 52
-Other Europe 5/ 41.6 8.5 5.9 144
Total Europe : 30 11 775 12.9
FAR EAST .
United Kingdom Pacific 6/ o 00 7/ 6.0 6.0
.TJ.N.R..A. 12. 9 2.9 2.4 5
Military civilian relief 13.5 22.4 6.2 28.6
India 5.8 18. 2,0 20.3
Philippines __ 56 0,0 6.9 6.9
Total Far East 37 43b 23.5 71
LATIN P ME: ICA I REPUBLICS
'Brail : 772 1.3 16 9 18.2
Mexico 12,4 9.5 2.4 11.9
Cb : 7.9 --- 6.3 6,3
Other Latin Am. Rep. 7.3 2.3 0.9 3.2
Total Latin Am. Eep. -3.7 13.1 2.5 :
OCHE EXPORTS 8.0 1.4 12,9 14.3
Total for all countries n 377:2 173.5 !0.-4 31 ,9
Footnotes on bottom of Page 7.

Table 4.- Exports of wheat and flour 1/, United Statos, year ended j ine 1946
S and preliminary estimates for 10 months, July 1946-April 1947
: Year ended 10 months, July 1946 April 1947
: June 1946 :
~Item -- --
: Wheat and : heat Flo
A heat Flour 1/ Total
flour
T: If fT Miu.l T~ ~?ilh. 55 T I TUT
Military civilian relief 2/..: 80.6 51.1 2 2.0
U.N.NR .A' coiurntrris /3 .:"... ': '85 .8 32.1 2.8 D5 9
Foreign Governments,
by U.SD.A. 4/ ............: 137.1 81.0 2,9 83.9
Commercial exports ..........: 83.7 9.3 81,7 91.0
Total ...................: 5/ 7.2 173.5 6 l 7 -~ ~ .733.9
I/ Wheat equivalent. 2/ For 1946-47 includes U.S, and lUJ, zones of Germ'any, now
combined, U.S. zones in Italy and Austria, and U.S. Pacific area (Japan, Korea,
Ryukyus). Includes some procured co~nercially and shipped by British to combined
zone. Does not include quantities used by military forces, 3/ Total of all ship-
ments to UTRRA countries, including non-UNRRA shipments to th)so countries. 4/ USo
Department of Agriculture also largely handled the exports for military zones and
UNERA countries. 5/ Does not include 4.0 million bushels of shipments to U.S. terri-
toril- nor 12.7 million bushels of Canadian wheat milled in bond for export. 6/ Does
rot include about 3.3 million bushels of shipments to U.S. territories nor 5.8 mill-
ion bushels of Canadian wheat milled in bond for export.






1,AY-JUNE 1947


T-ble 5.-Wheat: Weighted average cash price: specified markets
and datas, 1946 and 1947

:All classes: No. 2 t No. 1 Dk. : No. 2 Hard: No. 2 : Soft
Month :and grades :Hard winter: N, Spring :Amber Durum :Ped Winter : White
and :six markets:Kansas CityVMinneapolis- :Minneapolis :St, Louis :Portlandl/
date :1946: 1947 :1946 : 1947.1: 197: 19 96 : 1947. 19_6:1467 :1946.1947
:Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents Cait
months:


April
Week
ended


:175.5 261.6 172.1 267:,6 176,6 26.8 178.2


April 5....:176.2 260.1 --- 261.3 177.5 263.8 178.0
12....:176,2 264.5 --- 271,1 176.4 263.9 178.0
19....:175.6 264.0 172,1 268,6 177.0 267.0 ---
26....:174.2 262.6 --- 269,3 175.6 264.4 178.0
May 3.,,:175.2 257,4 --- 2665 176.5 261.1 178.0
10.... 175.6 258.9 --- 265.5 177.6 262.8 1780
17,...:188.9 260.5 --- 264,4 191.4 265.7
24....:189.8 265.6 --- 269.4 195.0 269.3 -
1 Average of daily cash quotations.


247.1


243.5
2=9.5
251.4
246.7
233.6
235.4
241.8
25"?.=


-- 274.5 166.6 233.5


291,0
281.5
281.9
271.3
266.8

267.0
27"3 .


166.6
166.6
166.6
166.6
166.6
166.6
181,.6
181.6


230
230.0
25.2
213.0
23. 3
2343
2380
2-!.0


Table 6,- Wheat: Average closing price of July wheat futures,
specified markets and dates, 1946 and 19147

Period: Chicago Kansas City : Minneapolis
Period ---- -I-
____ 1946 : 1947 : 1946 : 1947 : 1946 : 1947
:Cents Cents Cents Cents Cents Cents
4onth:
March : 183.3 227.6 173.4 220.0. 175.3 236.0
April : 183.5 222,3 173.6 215.1 175,5 230.9
Week
ended


April 5
12
19
26
May 3
10
17
24


183.5
183,5
183.5
183 .5
183.5
183.5.


224,0
219.2
220.0
225.4
225.4-
224.6
226.9
233.2


173.6
173.6
173.6
173.6
173.6
173.6


216.0
211.9
213.1
S218.0
S219.0
217.6
219.2
225.6


175.5
175.5
175.5
.175.5
:175.5
:175.5


2238.6
229-.0
230 .0

233.6
236.4
235.3
237,7
244.9


For summary of actions by grain exchanges in 1946 see.Wheat Situation September-
October 1946 p, 18.


- 10 -





WS-100


-. 11 -


Table 7.- Wheat, Irices per bushel in thr-ee exporting~ 1ari, Friday nearest
midLonth. Jan.-May 19+t,. anC weekly Apr-ir.y 19,74'
--_ --- -- ~' TSiwEe~aT ~ :TiM ^TEaT "T~~ -Efcea -
Date : united Gla.te1 Cjad-a ^Unitd St"tc.-s:'Jitd States~Austr1alia
(Frrd3y) :o. 1 T ,,D.l. Sp 0No, 3 Canaiano. 1 DW. No 1 j
:13 pct.'protein ;No.Spg,.at Fordo Galveston : Prtlan -
: at Dlutbh 1/ : William 2/ ? : 1/ / i_
i'. ia' ay 4icrmtL Gt: oEnt-b' Cent s ~ ~Centds Cents' eents


;an. 17 ......0:
Fcb. !4 ..o.o..:

Apr. 18 (.,.. .
Mey 16 ..a,5.>
Wcekly .
Apir- 3 J,. BO. Ja
Alw. 11 c.@eject .0
Apr. 25 .......
May 2 ......,.;
May 9 ..... .
May 23 .,o, ,,.:


221
227
280
274
268

259
275
266,
268
268
276


223
239
292
284
276

270
288
284
281
28b
284


244
301
284
277

275
285
287
279
278,5
287


188.5
200
233
237
238

227
232
239
234
2315
241


219.4
227,2
235.5


---
---

--r
---


17T.o-.B-. pot -,: 3to6 rive. 27~Fort-lTrEi- quotiEon Tis ina stoe. No- 1= heavy
Dahr crthern s'.ri.g. 13 per-cont .rolt:on (-Uuith) ". lti 1/2 eent(for in-stare basis
ir assumed e be f, irly comparable with No, 3 Cana'c.ian HI-rthern Spring wheat fFa't
William-in tMore.)


Table 8.- Whcat; Stocks in the United Scates on April i, average
1942-46 V/


Stocks position


1938-42 and annual


SAve age 1 ; 9 4
S1938-42 2 193 : 1944 : 1945 1946 : 1947

. 1,000 1,000 1,000. 1, 000 1,000 1,000
:- bushels bushels bushels bushels lushcls bushels


Farm ;
Interior miils;, C.'c va-
tors, anrd ia&rc-oeUL'es c C1
Cemmercial ..
Merchant mill s and mill
olevvtcr ... ..:
Commodity Credit Ccr. .
wheat in transit ranl in,
stool and woci linr .,:,
Total : ............


183,651

112,814
124,438


326,327 219,13,7 233,856 194,481 139,855


176,591
212,131


66,535
123 .00


130/386
99,6J44


364,477
;,317


61,443
32,838


91,291 123, 55 .96,388 78,788 55,899 72,605


512,194


62,712
901,216


38,515
544,275


15,770
558,444


6,971
332,135


3:2,04
3(9,644


l7 Includes stocks owned, by the Governmenoi or still outstanding unidr Goverme-E
loan.






U. S. Department of Agriculture Pnalty for private use to void
Washington,D. C. payment of postage $300 ._
OFF ni.CIAL E ili OF FiLORDA
OFFII I lII--I- -I ii 111. i1 lllIIlIII II i IIIIII II I lli
3 1262 08862 6238
BAE-ws-100- May-June 1947- 3900 3 1262 0886223


,
PEiT 6..001- 1












19.:. -46
__ '- "_ __ ... ..... -B




Year:
b eightt. d cash priic of !o. 2 1m. Winter W. .t at Kansas City 1/ ;val
in-:
nin'g:Jujly .: ue. :Tept', : 't.a: 'T".: 'e'.: JA.n,: >e'b.: far.: Apr.: Pay:June ;Fan
July:. : : : : : : : : : ci
..Pc. : 7 .;2
Cent CentsC Cent: ;' Cens n':-- tiJ"'TRs snts Ten:Tz Cnts C ents Ct e C
1937:122.5 111.8 109.E 10C.0 94.9'. 6 ? 102.7 u.6 21.5 84.6 79.7 T7.7
1938: 70.0 65.5 65.7 .?I,7 6.2. *E., 70.C Sq.r &. :9.6 75.7 70.9
1939: 66.7 64.P 5. SS. Sc.. 98. .. 4 102.1 1'.7 94.7 76.3

1940: 70.7 0 9.. 75. 51.6 ..ES 83.0 L-4.7 77." 85.1- 87.2 9C.4 97.3
1941: 98.3 106..6 114.1 112.? 115.4 trC0.1 S1.6P 1u3.1 121.0 114-.6 114.9 110.9
1942:107.9 111.2 120.3 120.5 121 1,0.5 136 .8 137.0 139.9 1?5.4 132.1 137.0 .1.
1943:140.1 139.8 145.8 152.3 156,4 1%.? 164.P 1 :5.0 1-5.2 164.0 163.2 155.6
1944:152.1 150.S 153.0 161.3 189.1 1 16.0.163. 15.8 166.3 165.7 1..7 168.2 7
1945:1E .5 1E9 .CI 16?2.1 1 F.2 168.c 1. ;9.2 19-:2 19.l1 172.0 172.1 --- 186.1 '
1946l197.S 1;;,3 19Pr.o 2020.9 210.4 207.2 709.0 '229.1 2e9.4 267.6 1


1/ Computed by t.ei- .tin- -ellijn pri:e ',:-r .nu.ier of crlots sold Cts reported in'-
the Kans: s Ci;ty ir-in *.'.:.~et .?'viev:. Tn 7 hi ori c, :wher t: of' Pbove as well as
below 13 nc-rornt Drotcin iss n lud. -
2/ Loan rrct is foI r h.: -: o-i l:s: thn 15 percent. 'e-ilirn bece-ie effective Jaq
T944 at 1.-2 incl:.:in 1-1/2 gent: ri :scion, basic protein of loss than 13 p
On Dieomber 11, 19,14 1' -. r-aicsd to .,1.:-., on I'? r 30, 1945 t.o :,.691, on March
1946 to 41.721, nd on I:'r 13, -1.946 to:$l.74. On Jiue 3j 0, 1946 ceiling. expired'
193966. 64 .9 + 5.S9 .; 0'. q.41,22.1I 5. 947 7.3 ] 'i

194070. 9 v5.8 51. 4 8+0 5.7 7.685." 872 9.4"97- i


% ,f .




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