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

Subjects

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.

Record Information

Source Institution:
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:
AA00012162:00020

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UNITED STATES DPLART:.IIrT OP AGRICULTURE
Bureau of Agricultural economicss
W. 3`:.i-,-ton

3S-3 January 1937
L---- -

THE. "7HAT SITUATIOIC


StrenCth in world -.he..t prices during the next rionth will continue to

depend largely on the :..-iressiveness of Europe:.n buying. It is expected that

purchases by Italy and Germr- y, two countries which have played a very minor

role in DEuropean wheat trado in recent years, will continue active. The

relatively close adjustment this season between world supplies and consumption,

moreover, will tend to partially offset the price depressing effect of very

large early shipments of wheat from Argentina.

Domestic prices have continued higher than world prices throughout

the ze-tzon. During the next month this spread between domestic and world

prices is expected to rc..iriunc '' ,od or become slightly wider. Wheat sup-

plies in the United States are small rnc. the winter wheat crop is subject

to the seasonal hazards of freezing and ice covering in unprotected situations.

ITew crop Jtly futures in Chicago, reflecting prospects for a larger crop than

needed in the United States, are currently 16 to 1S cents below the old crop,

Ma.y delivery.

The world carry-over of wheat on July 1, 1937, is expected to be

materially less than last year, when the carry-over was somewhat above the

average prior tn the period of large surplus accumulations which began in

9329. During the past 6 months supplies frem Southern Hemisphere countries

were at very low levels, amd as a result a large proportion of shipments

have been premium Manitobas from Canada. World what shipments during this

period, however, were larger thr.n they were in the corresponding periods

since 1932.





W7S-3


The acreage of winter wheat in the United States for harvest in 1937

was increased 15 percent and that for CO.n-.da 20 percent compared with a year

earlier. It is expected that the area planted to fall wheat in Europe will

show a little increase.

The world production of wheat fcr 1936, excluding Russia and China,

is now estimated at 3,468,000,400 bushels compared with 3,565, 00, 000 bushels

in 1935. The only significant change since the Dece-Iber estimate was (

published is the revision for Canada, the 1936 production now being estimated

at 229,219,000 bushels and the 1935 production at 281,935,000 bushels.


PRICES

BACKGROTJ.TD:- World market prices of wheat have been
moving steadily upward since the spring of 1933, re-
flecting higher world corr.-odity price levels, three
successive belo,.'-averP.ge harvests in North America,
and last season's short Southern Hemisphere crops.
During this same period domestic wheat prices have
been unusually high relative to world market prices
as a result of four small crops caused largely by
abnormally low yields per acre. During the current
seaon, both world and domestic prices have a.dv-nced
sharply as a result of increased demand and the small-
est supplies in recent years.


World wheat prices advanced during December as a result of heavy
purchases by European countries l/, particularly Italy. Shanghai entered
the market and purchased two partial cargoes of Australian wheat for February
delivery.

7hec.t prices in domestic n-rrkets advanced about the same as world
prices. In late December Liverpool and Chicago futures reached the highest
levels since the winter of 1929-30, while No. 2 Hard Red Winter at Kansas
City was the highest since June 1928, and No. 1 Dark Northern Spring at
Minneapolis, the highest since July 1926.

During the first half of January, however, world wheat prices weakened


1J Italy purchased Argentine, Australian, Canadian and Danubian Wheat; Germany,
Canadian, Argentine and Danubian wheat; and France, Canadian durum.





ws-3 -3-

influenced by slackened inquiry from European countries and increased
offerings of Argentine wheat. Prices in domestic markets, on the other
hand, were only slightly lower than those of early January in spite of
improvement in prospects for next year's domestic wheat crop.


Table 1.- Spreads between domestic wheat prices and prices at
Winnipeg and Liverpool, specified periods,1933-37

: Price of cash.wheat Price of May futures
:Amount No. 2 :Amount oo.2 : Amount
Amount Amount
:Hard Winter :Hard Winter : C
Month Chica.o Chicago
and :(Kansas City) :(Kansas City) a :
and averaged averaged
:averaged above: averaged above
year above above
:No.3 Manitoba :above parcels:, .
: (Winnipeg Liverpool
: (,:innipog) : (Liverpool):

: Cents per Cents per Cents per Cents per
: bushel bushel bushel bushel
Month of Dec. :
1933............ : 26 15 21 22
1934 ............: 31 23 16 22
1935.............. : 35 18 10 9
1936............: 19 6 8 3
cekl ended Jan.16 :
1934'.......... 25 1/ 22 22
1935............: 29 / 15 24
1936............: 34 / 12 5
1937............: 16 1/ 7 .4

i/ Price of Liverpool )arcels not available.

The average price of v.heat received at local United States markets
on December 15 was 114.5 cents compared with 106.5 cents on November 15, and
89.0 cents, the revised figure for December 1935. Prices of No. 2 Hard Red
Winter at Kansas City and No. 2 Red Winter at St. Louis were 16 cents higher
for the week ended January 2 than for the week ended December 5. For the weel
ended January 16 the former had declined 4 cents and the latter 2 cents
compared with the week ended January 2.

High wheat prices have resulted in heavy farm marketing during the
first half of the marketing season. Wheat stocks remaining on farms January
1, 1937, are estimated at 129,000,000 bushels, which is the smallest in the
10 years of record. January 1 stocks were 163,000,000 bushels in 1936;
146,000,000 bushels in 1935, and 249,000,000 bushels, the 1928-32 average.
These figures together with thosc of production indicate a disappearance from
farms, July through December, of about 540,000,000 bushels, or about
35,000,000 bushels more than for the corresponding period last season. The
total stocks on far-.s and in interior mills and elevators, together with
commercial stocks on January 1, 1937 1/, was 271,473,000 bushels compared wit
320,562,000 bushels in 1936, and 328,673,000 bushels in 1935.

1/Figuros for stocks in ",merchant mills and elevators" will he available
in late January.





-4-


Table 2.- Weighted average cash price of whe.t at stated markets
:All classes: No. 2 : Io. 1 : To.2 Hard : No. 2 : Western
:and grades :Hard W"inter:Dk.1. Spring:Amber Durum:Red winterr : White
:six markets:Kansas City:Minneapolis:Minnoapolis: St.Louis :Seattle 1/
Date ..
:1935-:1936-:1935-:1936-:1935-:1936- 1935-:1936-:1935-:1936-:1935-:1936-
36 : 37 : 36 : 37 :36 : 37 :36 : 37 :36 : 37 :36 : 37
:Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents
Month -
July : 97 110 99 111 113 136 105 143 87 106 76 90
Aug. : 98 127 104 122 127 147 115 149 92 117 75 97
Sept. : 103 125 115 122 133 146 111 137 103 119 80 95
Oct. : 107 129 119 122 134 148 117 153 110 121 87 98
Nov. : 98 127 113 122 128 144 113 148 105 123 83 ---
Dec. : l00 139 111 134 128 159 112 178 106 135 85 113

ended -
High 2/ : 112 150 123 143 139 176 122 183 113 143 90 115
Low 2/ : 96 126 109 120. 125 139 108 135 102 118 82 96
Dec.19 : 102 142 111 137 128 162 116 183 107 137 87 113
26 : 103 145 113 141 129 163 112 178 108 141 88 114
Jan. 2 : 107 149 118 143 135 176 119 180 111 143 90 115
9 : 10 150 115 141 130 167 122 180 111 143 90 114
16 : 105 148 112 140 132 166 120 168 107 141 88

I/ Weekly average of daily cash quotations, basis No. 1 sacked. 2/October 1 to date


Table 3-- Average closing prices of May wheat futures

: Kansas : : Winnipeg :Liverpool :Buenos
: Chicago City :Minneapolis: / : 1/ :Aires
Date
:1935-:1936-:1935-:1936-:1935-:1936-:1935-:1936-:1935-:1936-:1935-:1936-
S36 :37 : 36 : 37 : 36 : 37 : 36 : 37 : 36 : 37 : 36 : 37
:Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents
Month -
Aug. : 92 110 92 110 103 121 --- 102 2/79 2/105 -- --
Sept. : 97 111 98 109 112 121 94 105 2/37 2/111 --
Oct. : 101 114 103 110 115 123 93 110 2/90 .2/114 --- --
Nov. : 97 115 97 111 109 125 89 108 85 113 --- ---
Dec. : 98 128 97 123 108 136 67 121 89 126 --- ---
Week
ended -
High 2/ : 104 135 106 129 120 143 97 129 95 132 j/93 1/100
Low 3/ 96 112 96 109 106 122 87 107 83 110 J/71 4/ 91
Dec.19 : 99 131 98 125 108 139 88 124 92 129 i/91 i/ 99
26 : 99 133 98 127 108 141 87 125 92 128 5/92 / 97
Jan. 2 : 102 135 101 129 111 143 88 129 95 132 6/93 6/100
9 : 102 133 101 127 110 142 88 128 94 131 6/92 6/ 99
16 : 100 134 99 128 109 141 88 127 95 130 6/92 6/ 98

1/Conversions at noon buying rate of exchange. 2/March futures.
I/October 1 to date. j/February and March futures. k/February futures.
6/ March futures,





- 5 -


Table 4.- Averp -e price per bushel of wheat at specified mranrkets
in terms of United States currency, 1936-37


: Kansas :Minne- : Winni-:Buenos :Liver- : Great
Date : City :anolis : pe : Aires : pool : Dritain Berlin


: Cents Cents Cents Cents Cents Cents Cents

July ...........: 111.0 135.5 88.0 98.54 100.4 94.4 233
Aug. ...........: 122.0 146.6 97.4 107.9 112.0 104.6 220
Sent. ...........: 122.1 146.5 99.7 99.7 116.3 99.2 210
Oct. ...........: 122.0 148.4 106.54 99.4 123.7 110.9 212
Nov. ............: 121.9 144.3 104.54 94.8 118.1 112.4 214
Dec. ...........: 134.2 159.0 115.3 97.7 137.9

7Week ended :

Nov. 7 ....... : 120.9 148.7 104.8 93.8 116.7 114.54 214
14 ....... : 121.2 144.4 104.1 95.1 117.1 113.3 214
21 ....... : 123.0 144.5 104.9 95.6 117.5- 111.3 215
28 .......: 122.9 141.4 104.2 93.0 119.7 110.4 214

Dec, 5 ...R.... 127.7 139.0 106.5 96.0 128.2 110.6 223
12 .......: 129.8 155.4 109.1 96.1 132.8 112.7 223
19 .......: 137.0 161.7 119.3 98.9 139.8 116.2 223
26 .......: 140.7 153.2 120.9 97.5 130.0 119.5 223

Jan. 2 .......: 143.3 176.3 124.8 100.0 134.4 125.0
9 .......: 140.8 167.5- 123.7 98.9 132.1
16 .......: 139.6 166.4 123.2 98.0 129.9




Prices are averages of daily prices for the week ending Saturday except as
follows: Berlin and Paris prices are Wednesday quotations. Prices at
Winnipez, Buenos Aires, Liverpool, Great Britain, Berlin, and Paris, are
converted to United States money at the current rates of exchange.

I/ No. 2 Hard Red Winter.
2J/ No. 1 Dark Northern Spring.
3/ No. 3 ,anitoba Northern.
4/ Near futures.
5 Home-grown wheat in England and T'ales.
6/ Central German wheat, wholesale trade rice free Central German Station.


WS-3






WS-3


WORLD WHEAT STRPLUSES AND TRADE

BACKGROUND: Total world supplies of wheat, exclulin.
China and including only net exports from Soviet Russia,
averaged 4,100,000,000 bushels for thd 5 years, 1923-24
to 1927-28, increased to 4,986,000,000 bushels in 1933-34,
then declined sharply, as a result of successive years of
small production. 'Total world sunplies for 1936-37 are
estimated at 4,226,000,000 bushels compared with
4,685,000,000 and 4,507,000,000 bushels for 1934-35 and
1935-33, respectively.

Total world shipments of wheat avernyed 751,000,000
bushels for the 5 years, 1923-24 to 1927-28, increased
to a peak of 913,000,000 bushels in 1928-29 (July-June),
then declined sharply, largely as a result of ricasures
by importing countries to reduce the use of foreign wheat.
Shipments were 613,000,000 bushels in 1932-33, 525,000,000
bushels in 1933-34, 536,000,000 bushels in 1934-35, and
489,000,000 bushels in 1935-36.

Present estimates indicate that the surplus of wheat available for
export or carry-over on January 1, 1937 in Canada, Argentina, and Australia,
together with United Kingdom port stocks and quantities afloat, was about
419,000,000 bushels, or 57,000,000 bushels smaller than on January 1, 1936.
Estimates by countries are shown in table 5.- Wheat supplies available for
export or carry-over in Danubian countries on Jrnurry 1 totaled about
42,000,000 bushels. No exports of significance are expected from Soviet
Russia this season; thus far a total of only 88,000 bushels has been shipped.

World wheat supplies for the current marketing year appear ample to
take care of the net deficits in importing countries and also to build up
substantial reserves in certain European importing countries in the event
that purchases are actually made beyond current-year needs.


l/ See "The Jheat Situation", December 1936, pages 7-8 and 14.






- 7 -


Table 5.-Wheat surplus for export or carry-over in the three
principal exporting countries and United Kingdom port
stocks and stocks afloat, January 1,
1934-37 1/


Position : 1934 : 1935 : 1936 : 1937
: Mil.bush.Mil.bush. Mil.bush. Mil.bush.
Canada: .
In Canada ....................: 289 270 250 115
In United States ..............: 14i 28 35 25
Argentina ...................... .... ...: 197 164 63 154
Australia ...................... .........: 134 110 97 80
Total .......... ............: 634 572 445 374
United Kingdom port stocks .........: 19 16 11 9
Stocks afloat to:
United Kingdom ................: 11 11 12 15
Continent .....................: 5 7 6 14
Orders ............. .... : 5 7 2 7
Total ............... .......: 40 41 31 45
Total above .................: 674 613 476 419


_/ Carry-over at the beginning of the year (Canada, July 31; Argentina,
January 1; Australia, December 1 of the previous year) plus production,
minus domestic utilization for the year, minus monthly exports to date.

World wheat shipments, July 1936 through January 16, 1937, totaled
304,000,000 bushels, which represent a material increase over the
266,000,000 bushels for the same period a year earlier, and a slight increase
over the shipments of 293,000,000 bushels made in the same period 2 years
ago. Argentina's new crop movement has started and early shipments are
extremely large.

Area and Condition of Fall-sown Wheat

Estimates of the acreage sown to winter wheat have been received
for only seven countries. Of these countries only one, Czechoslovakia,
reports a smaller acreage than for the previous year. Winter wheat sow-
ings in the.United States are reported at 57,187,000 acres, or 15 per-
cent above the acreage planted last year. The acreage sown in Canada is
estimated at 702,000 acres compared with 585,000 acres sown for the 1936
harvest. Winter wheat acreage in Canada, however, is only about 2 per-
qent of the total wheat acreage in that country. In the Punjab district of
/ songs are reported at 10,612,000 acres, or 6 percent above those of last
year.


WS-3





WS-3


Table 6.- Acreage sown to winter wheat, 1935-36 to 1937-38


Country 1935-36 : 1936-37 : 1937-38
: 1,000 acres 1,000 acres 1,000 acres

United States .........: 47,067 49,688 57,187
Canada ...............: 685 585 702
Total (2) ..........: 47,752 50,273 57,889
Czechoslovakia ........: 2,246 2,217 1,969
England and gales ....: 1,772 1,703 1,754
France l/ ............: 13,007 12,536 12,772
Lithuania .............: 403 349 388
Punjab, India 2/ .....: 9,709 9,983 10,612
Total (5) ..........: 27,137 26,788 27,495
Total, 7 countries .: 74,889 77,061 85,384


1/ Sowings to January 1.
2/ The Punjab sowings represent, ordinarily, about 30 percent of
the total wheat area in India.

The condition of the domestic winter wheat crop in the Ohio Valley
States the middle of January was mostly fair to good, but continued rains
have resulted in much standing water, which probably will result in some
damage. An ice blanket was causing some apprehension in northern Illinois,
northern Missouri, and most of Iowa, but in the eastern half of Kansas it
was not thought that the cover of sleet was materially harmful. In the
southwestern portion of the Great Plains, including western Kansas, eastern
Colorado, and western Oklahoma, the soil continued dry and was subject to
drifting. In other parts of Oklahoma and in Texas the condition remained -
generally satisfactory. The Plains States from central Nebraska northward
and northwestward have a fairly good snow cover and there is ample snow
protection in wheat sections of the Pacific Northwest.

A production of about 600,000,000 bushels was forecast by the Crop
Reporting Board on the basis of the winter wheat condition on December 1
and the very large acreage planted to winter wheat. Moisture in the spring
wheat area is very short and the crop will be dependent upon rains at
planting time and during the growing season. Even a very small crop of
spring wheat would provide enough additional grain to bring the prospective
total above the amount of the usual domestic disappearance, which is about
650,000,000 bushels.

In Southern and Central Europe conditions at present are generally
satisfactory, but crops are somewhat too advanced in the Scandinavian coun-
tries and snow cover is needed in the Balkans and Soviet Russia. Present
information from China indicates that the continued drought will probably
result in the 1937 wheat production being materially below that of 1936.
The crop in India is reported to be in satisfactory condition.


- 8 -





- 9 -


Table 7.- '!oveaent of v-heat, including flour, from princi.r.l exporting
countries, 1933-34 to 1936-37


: Exports as given by official sources
Country : Total : July 1 to date shown Date
Country : Date
:1933-34.1934-35.1935-36.1934-35 .1935-36 .1936-37 .
_____________ -- ^ _, ^ n, -,,, -1L ;^ _^ nnn ^ ^^ i, .ni ^ l__ ^ ^ .11 il, m m1* 1 ^______________________________ -________ -


: 1,000 1,000 1,000 1,000
:bushels bushels bushels bushels


1,000 1,000
bushels bushels.


United States ......: 37,002
C ana a .............:198,555
Argentina ..........:144,854
Australia ..........: 86,509
Russia .............: 33,787
Hungary ......... ...: 29,615
Yugoslavia ..........: 39
Rumania ............: 248
Bul-aria ...........: 4,236
British India ...... 2,084


Total ...........:537.729


Iorth American / ..
Canada, 4 markets 2/
United States ......
Argentina ..........
Australia ..........
Russia ............
Danube & Bulgaria .]
British India ......
Total 5/ ........
Total European
shipments 1/ .....


Total ex-European
shipments l/ ..


21,532
169,630
187,000
108,010
4,286
12,499
4,401
3,432
375
2 ,318
513.483


15,930
237,447
76,577
102,258
29,704
14,644
728
9,996
987
2,529
.49o. g00


12,062
114,532
91,151
33,540
2,692
4,86o
2,*09Q
0
7
139


6,920
132,539
50,464
29,328
18,207
5,234
79
8,894
577
176


9,1855
159,959
36,509
20,206
1,290
12,426
7,490
5,042
3,161
9 5


Nov.
Dec.
Dec.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
July


Shipments as given by trade sources
Total Week ended :July 1 Jan. 16
:1934-35:1935-36.Jan. 2 Jan. 9 :Jan. 16 :1935-36 .1936-37
,0 o 1,000 1,00Voo- 1,000 1,000 1,000 1,000
:bushels -bvhecls bushels bushels bushels bushels bushels

:162,832 219,688 3,976 3,051 2,827 102,440 152,836
:176,059 246,199 1,5S8 1,133 1,398 169,489 157,298
: 20,997 14,207 16o 108 70 4,189 5,335
:186,22s 77,384 4,103 3,926 5,711 53,189 44,862
:111,628 110,060 1,844 1,990 1,712 50,361 40,022
:1,672 30,224 0 0 0 25,504 88
: 4,104 8,216 944 928 1,400 7,512 43,416
:4/2,318 4/2,529 0 112 0 256 7.604.
:465,782 44,.101 239,262 288,288


:387.752 355,032


3.5756


...:147,938 133,528


175.392 211,736

6/66,664 6/69,632


Hf Broorhall's Corn Trade :Te-.7s.
2/ Fort William, Port Arthur, Vancouver, Prince Rupert, and New Tostminster.
Black Sea zhi:.ments only.
/ Official.
5/ Total of trade figures includes North America as reported by Broomhall'st
but does not include items 2 and 3.
6/ To January 2.


139


WS-3





J7S-3

10


Table 8.- Shipnents of -.heat, including flour from principal ex-orting
countries, specified dates, 1935-36 and 1936-37


: Argentina Anstralia Danube :"North kierica
Date : : : :
:1935-36:1936-37: 1935-3: 1936-37:1935-36:1936-37:1935-36:1936-37
: 1,000 : 1,000 : 1,000 : 1,000 : 1,000 : 1,000 : 1,000 : 1,000
:bushels:bushels :bushels :bushels:bushels:bushels:bushels: bushels

July-Nov. : 45,992: 23,692: 38,328: 27,724: 6,584 : 35,040: 75,256: 123,638

Week ended : : : :
Dec. 5 : 17?36: 1,336: 1,584: 1,812: 224 : 1,648: 5,136: 6,608
12 : 1,368: 1,048: 1,872: 1,600: 288 : 432: 3,672: 4,824
19 : 924: 1,828: 1,680: 1,272: 312 : 1,680: 5,088: 4,216
26 : 656: 3,;36: 768: 2,068: 0 : 1,344: 3,264: 3,696
Jan. 2 : 792: 4,116: 1,620: 1,844:- 0 : 944: 1,496: 3,976

Compiled from Broonhall's Corn Trnde News.


Table 9.- Exports of wheat and wheat flour from the United States,
1935-36 and 1933-37 IJ


Date v7heat Wheat flour
: 1935-36 : 1936-37 : 1935-36 : 1936
: 1,000 : 1,000 : 1,000 : 1,C
bushels :,bushels : barrels : barr

July-Nov. : 131 : 1,383 : 1,385 : 1,

Week ended : : :
Dec. 5 : 24 : 0: 15:
13- 2 : 0 : 41
19 : 0 : 17: 8:
26 : 0 : 0 : 15
Jan. 2 : 2 : 0 : 32
9 : 0 : 0: 13:
16 : 1 : 0 : 22

Compiled from reports of the Department of Commerce.


-37
00
els

596


31
8
49
9
34
23
15


W1Theat including flour
1935-36 : 1936-37
1,000 : 1,000
: bushels : bushels

: 6,920 : 9,185


94
.195
38
71
152
61
104


146
38
247
42
160
108
70


L/ Includes flour milled in bond from foreign wheat.


I! I





- 11 -


Table 1C.-Net imports of wheat, including flour, into European countries,
year beginning July 1, 1935-36 to 1936-37


: ;: Net imports reported
Country : 1935-36 : 1936-37 : July 1 : 1935-36 1936-37
_:: forecast-: to ::
: Million : Million : : Million : Million
: bushels : bushels : : bushels : bushels


Austria .........
Belgium .........
Czechoslovakia ..
Denmark .........
Finland .........
France ..........
Germany .........
Greece ..........
Irish Free State.


Latvia ...........: 2
Netherlands ......:
":orway .. ........:
Poland ...........: 2,
Portugal .........: 2
Spain ........... :
Sweden ...........: 2
Switzerland ......:
United Kingdom ...:
Total imports :
of above ......:
Italy ............ :
Total .........:
Total exports ..;
Total, net
imports .......:


7
39
1
-I
4
7
I/
15
15
/ -2
21
8
/ -8
/-3

/ -2
17
205

348
7
355
15

340


: 10
: 40
:2/ -7
: 10
: 3
41
: 11
17
S 14
: 1
: 22
: 8
: 2/ -6
: 4
*: 6
: 1
S 17
: 220

: 425
: .
: 470


Oct. 31
Sept. 30
Oct. 31
Oct. 31
Oct. 31
July 31
Oct. 31
July 31
Oct. 1I
Oct. 31
Nov. 30
Nov. 30
Oct. 31
Oct. 31
June 30
Oct. 31
Oct. 31
Oct. 31


3
10
2
: 3
: 1

: I/
1
:
S2/ -2
10
: 3
2/ -3


2/ -2
: 7
: 664

108


: 3
12
:2/ -1
3

: 4/

2
5
: .3/
: 8
: 2
2/ -3
: 4/

2/ -1
2
64

102


: 13 : : 7 : 5


457 :


: 101


: 97


Compiled from official sources, except as otherwise stated.
S rvice
1/ Based largely on estimates of the Berlin Office of Foreign Agricultural .
2/ uet exports.
3/ Net exports of less than 500,000 bushels.
4/ Less than 500,000 bushels.


WS-3






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