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
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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:
AA00012162:00021

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Full Text

UNITED STAT'S DEPAP2T: .ET OF AGPICULTUURE
Bureau of Agricultural Economics
Vashin ton

WS-6 April 24, 1937

THE WHEAT S I T U A T I 0 N



Estimates of the 1937 acreage sown to winter wheat, representing

about 70-percent of the total wheat acreage in the Northern Hemisphere

excluding Soviet Ras.ia and China, indicate an increase of about 4 percent

in the winter wheat acreage. The large acr-a,-e planted in the United States

accounts for most of the increase, the Bureau of Agricultural Economics

reports. Estimates for European countries representing about 75 percent

of the total European wneat acreage, excluding Soviet Russia, indicate an

acreage about the same as a year ago. The condition of the crop in Europe

is only about average.

Estimates of winter wheat and rye acreage remaining for harvest in

the United States, the condition of these crops, and probable production

as of May 1 will be issued by the Crop Reporting Board on May 10. The

report also will contain the most recent estimates on acreage and condition

of winter wheat and rye in foreign countries.

A return to more normal yields in the 1937-38 season in NIorth America

and Europe from the extremely small yields of last season would be neces-

sary to check any further decline in world stocks. As a result of 3

successive years of small production, world carry-over stocks have been

reduced to below normal. If world production is well above average disappear-

ance, prices in 1937-38 will probably be lower than in 1936-37, unless

European countries purchase unusually large quantities to establish large

reserves or general commodity price levels advance materially. If production

is smaller than the usual disappearance, prices may be expected to average

higher than in 1936-37.





- 2 -


Wheat prices in domestic markets may be expected to continue to

adjust toward an export basis. With a winter wheat crop of 656 million

bushels as indicated on the basis of the April 1 condition, the total wheat

production, including spring wheat, is expected to be materially in excess

of domestic requirements for consumption and replenishment of carry-over

stocks. 1.Theat prices in world markets may be expected to fluctuate around

current levels with a seasonal downward tendency. Greatly reduced supplies

in surplus producing countries have caused markets to be especially

sensitive to the buying activity of importing countries and also to changing

crop conditions; as a result, fluctuations in prices probably will continue

to be wide.

ACRrEAGE AJND CONDITION OF FALL-SONT HEAT ADTP RYE

Present estimates of the winter wheat acreage sown for harvest in
1937 in 18 countries total 154.4 million acres. This is an increase of 4
percent over last year's total of 148.0 million accres for the same countries.
Winter v.heat sown in these countries in the fall of 1935 accounted for 70
percent of the total wheat acreage harvested last year in the Northern
Hemisphere, excluding Soviet Russia and China.

The fall-sov.w crop in Canada came through the winter with very little
damage.

The Berlin office of the Bureau of Agricultural Economics reports the
condition of winter -.-heat throughout Central Europe to be only average or in
some parts a little below average. Considerable winter damage is reported in
northeastern Germany and in western Poland. Re-sowing is hindered by cool
rainy weather and the generally late spring. It is probable that there will
be some shift from winter grains to potatoes, feed grains, and sugar beets.
The condition in Poland for both wheat and rye ranges from poor to fair. In
France, excessive moisture has been detrimental to the crop and has retarded
spring sowing.

Both wheat and rye are in good condition throughout the Danube Basin,
with the possible exception of Yugoslavia, .-:'here growing conditions have not
been favorable and some damage to early sown -:.heat by field mice was reported.
The crop in Italy has a promising appearance and sovings of spring grain are
proceeding normally. In Great Britain and Northern Ireland, early sown
autumn crops are in fairly good condition, but late sown wheat is poor, owing
to an excess of moisture; rye withstood the wet weather better than wheat.


WS-6





WS-6 3 -

In Soviet Russia, soil moisture was more favorable last fall than
in 1955.- The winter was shorter and colder than that of 1935, but the
sowings do not appear to have suffered much damage. Definite information
on crop conditions in Soviet Russia is still lacking except for scattered
provinces such as the Crimea, Odessa, and the Azor-Black Sea region, where
both the condition of the crop and growing conditions are said to be good.
Spring sowings of all grains, as of April 10, were reported to have caught
up with the sowings of the same date a year earlier. Average to good
conditions are reported for India. The condition in Japan is normal. The
condition in North Africa seems generally satisfactory. In the Argentine,
preparations for wheat sowings are proceeding actively and indications
point to an increased acreage.

The Shanghai office of the Bureau reports that rainfall during the
past 2 weeks over much of North China was beneficial to the 1937 crops.
Some important areas, however, did not receive sufficient rain to promote
normal development, and it is still expected that the yield in North China
will be below that of 1936. Unfavorable planting conditions in this
district last fall probably reduced acreage materially below that of 1936.
Conditions in the Yangtze Valley and South China have remained relatively
favorable. Above normal rainfall and temperatures,, however, are causing
rank growth of plants which, if continued, might result in low grain yields
in this area also. For all China it is expected that the crops will be
at least 15 percent below those of last year.

Table l.-Winter wheat: Acreage sown in specified countries,for
harvest in 1935-37


Country


1935


Year of harvest
1936


1937


: 1,000 acres


United States ..............:
C anada ....... ............... .. :
Total (2) ...............
Belgium ....................
Bulg- ria ...................
Czechoslovakia .............:
Engl-.n and Wales ..........:
Fr.ance ..... ................ ..
Germany ....................
Greece ............. ......
Hungary .....................
Italy .....................
Lantvia ..................... .
Lithuania ................... ..
Poland .....................
Rumrania ... ...... .%........ ..:
Yugosl-.via .................:
Total (14) .................
India, 2nd estimate ........:
Algeria *.................... :
Total (18) ...............


47,067
685
47,752
380
3,010
2,250
1,772
13,007
4,735
2,091
4,154
12,165
210
414
3,756
7,740
5,354
61,038
33,774
4,095
146,659


1,000 acres

49,688
585
50,273
420
2,595
2,206
1,704
12,536
4,741
2,011
4,045
12,478
145
349
3,737
7,719
5,456
*60,142
33,331
4,287
148,033


1,000 acres

57,187
702
57,889
431
2,845
1,969
l/ 1,754
12,772
4,578
2,076
2/ 3,706
12,647
154
388
3,647
2/ 7,413
2/ 5,436
59,816
32,490
4,191
154,386


I/ Based on a reported 3 percent increase.
2/ Estimate of the Belgrade office of the Bureau of Agricultural Economics.


j ....






- 4 -


Table 2.- WTinter rye: Acreage sown iT specified countries,for harvest
in 1935- 3t

ount Year cf harvest
Country :__ : 1935 : _1936 : 1937...
: 1,000 acres 1,000 acres 12000 acres


United States .............
Canada ..... .....
Total (2) ...............
Belgium ...................
Bulgaria ..................
Czechoslovakia ............
France ..................
Germany .......... ........
G3reece .................... .
Hungary ...................
Latvia .....................
Lithuania ..................
Poland ....................
Rumania ..................
Ygoslavia ..............
Total (12) ..............
Algeria ..... ......... ..
Total (15) ..............


: 6,312 6,547 7,673
; 652 483 464
: 6,964 7,330 8,137
529 384 385
455 402 426
: 2,464 2,465 2,447
: 1,607 1,611 1,620
11,088 11,006 10,403
: 181 203 160
: 1,525 1/ 1,616 1/ 1,483
: 658 637 682
: 1,258 1,205 1,269
: 14,229 14,347 14,247
940 1/ 1,021 1/ 1,013
: 544 1/ 675 1/ 667
35,478 35,572 34,802
_ 3 4 4
: 42,445 42,606 42,943


i/ Estimate of tihe .elrrade Office rif the Bureau of Agricultural Economics.
Includes meslin.

UNITED STATES STOCKS AHID 'RO'.-PECT'E SULLIES

BACKGROUNTD.- The carry-over of wheat in the United
States for the 5-year period (1924-28) averaged
115 million bushels. In 1929, stocks began to ac-
cumulate until in 1933 they reached the record peak
of 378 million bushels. Four sBall wheat crops since
that time, however, reduced stocks to 136 million
bushels by July 1, 1936 and it is expected that stocks
will be down close to 100' million bushels on July 1,
1I37.

The April 1 farm stocks of all wheat are only 71.7 millianbushels com-
pared with 99 million bushels on April 1, 19i6, and the 5-year average (1928-32)
of 127.8 million bushels. Stocks of wheat on farms on April 1 are -the smallest
for that date in the 12 years for which records are available. The indicated
disappearance of wheat from farm stocks since January 1 was 56.9 million
bushels compared with an average of 64.4 million bushels in the same period last
year -and with the 5-year (1928-32) average of 121.7 million bushels. Favorable
wheat prices, and the use of wheat as a feed for livestock in some-areas have
been factors contributing to the small holdings of wheat.


WS-6







WS-6


The total of farm stocks plus commercial stocks as of April 1 this
year was only 106.5 million bushels, which was also the smallest in the 12
years on record. Last year it was 148.9 million bushels, and 2 years ago
15C .6 million bushels. No figures are as yet available for stocks in
merchant mills or in interior mills and elevators, which totaled 121.4
million bushels last year and 140.0 million bushels in 1935.

The condition of winter wheat on April 1 indicated a winter wheat
crcL of 656.0 million bushels, compared with the 1936 crop of 519.0 million
bushels and the 5-year (1928-32) average production of 623.2 million bushels.

Conditions on April 1 indicate an abandonment of about 17 percent,
leaving about 47.5 million acres for harvest. The acreage harvested in 1-36
was 37.6 million acres, and the 5-year (1928-32) average was 39.7 million
acres. The condition of the crop on April 1 was reported at 73.8 percent of
normal, comrVred' with 68.5 percent on April 1, 1956, and the 10-year (1985-32)
April 1 avera-e of 78.9.

The April 1 condition report indicated yields per seeded acre below
average quite generally except in the far Southwest. The poorest prospects
were in the Pacific I:orthwest and in the Iorthern Great Plains. yields con-
siderably below average also were indicated in the northern tier of Corn Belt
States, in Texas and Oklahoma, and in ITe- York. The reduction from ave-ra.e
prospects was attributable largely to the drought conditions of the past summer
and fall, as the winter weather conditions were more favorable than usual in
most areas. iAn exception was ncted'in the area east of the Missouri River and
north of the Ohio, where winter-killing of wheat wvas somewhat above normal.
These losses, however, were more than offset by improved prospects in the tier
of States extending from Nebraska to Texas, wh6re timely moisture brought the
crop throurih the winter in better condition than was expected last fall. Pre-
cipitation since April 1 has been generally below normal both in the winter
and sprinri wheat states. There are no indications, however, of deficiency in
subsoil moisture in the winter wheat belt except in the area extending frcr2
Western South ,Dakota and Eastern T'ontana to Western Oklahoma and the Te:xas ran-
handle. .Moisture in the Pacific :Icrthwest is now generally ample, and in the
Spring .Ineort Belt it is sufficient for present needs, except in Western South
Dakota arnd Eastern ,,ontaiia.


- 5- .-





- 6 -


WMEAT PRICES

BACKGC-0UID.- World market -Prices of wheat have been
moving steadily up':.,rd since the spring of 1933, re-
flecting hi.hcr viorld c-orm.odit, rice levels, throe
successive below-avers::e harvests in North America,
and last season's short Southern Hemischere cro-.s.
During this same period, domestic wheat prices have
been unusually high relative to world market prices as
a result of four small domestic crops caused largely
by abnormally low yields ner -cre. During the current
season, both world and domestic -rices have advanced
sharply as a result of increased demand -.nd the small-
est supplies in recent years.

"heat'prices in both world and domestic markets started upward at the
beginning of March and continued until e.rly April. The rise in world prices
was considerably greater than that in domestic markets (table 5), however,
.?.nd more than offset the adjustment of domestic prices toward -n export lasis.
Since April 6 both world and domestic prices have declined, but vorld prices
have declined more than domestic.

For the week ended April 10, the prices of No. 2 i.ed winterer at St. Louis
and No. 2 Hnrd Winter at Kansas City aver- ,ec 4 and S cents higher, respectively
than for the week ended 2arch'20. Prices were influenced by continued heavy
purchases by Eurooecn countries and raid.l, : diminishing sunolies of old crop
w'-heat in the principal exporting countries. Durin the week ended A-oril 17,
hp':ever, these same prices declined 2 and 9 cents, respectively, as a result
of liquidation after a falling off in European inquiry and an upward revision
in the Australian crop estimate. I/ Comnarative vh "at prices are shown in
tables 3, 4, and 7.

WVheat prices in world markets during the next month may be expected to
fluctuate around current levels with a seasonal tendency downward, anC those
in domestic markets to continue to adjust toward an export basis. Prices in
June in both world and domestic markets are usually lower than in 1Iay.

Small crops during the past 4 'ears h-ve caused domestic prices to be
generally higher than world prices. '.ith a return to an exYort basis, prices
of hard winter wheat in the Southwest and white wheat in the Pacific North-
west, which types ordinarily constitute our export classes, would adjust so
as to allow a freight differential between the United States and importing
countries. While we do not ordinarily export much hard red sorinz -:.heat,
prices, which have been on an import basis, would adjust to about the normal
relationship to export types. Tuhrin the first half of Airil the price of

i/ According to a cable from the International Institute of Agriculture on
April 14, the estimate of the new Australian crop was placed at 150 million
bushels coarpared with 137 million bushels reported on April 3 and 134 million
reported o'n January 22.









No. 2 Hard Winter '.,'he-t at Kansas City averaged 5 to 10 cents under the esti-
mated rrice of. parcels at Liverpool comr'red with Harch when they averaged 2
cents above the Liverpool price.. Based on present ocean freight rates, Kansas
Cityr prices .would have to decline-from 10 to 15 cents further relative to
Liverpool before significant quantities of hard red winter wheat wo-uld be
exported. Prices are now on an export basis in the Pacific Northwest, where
there are at present surplus supplies of old crop white wheat.


- Table 3.- Average price per bushel of wheat, specified markets


and dates, 1937

S-Kansas : 1inne- : .Vinni- : Buenos : Liver- : Great ': erlin
DE.te : City : apolis : peg : Aires : pool : Britain : "
: / : 2/ .. : 3/ : 4/ 4/ : 5/ .
:' Cents Cents Cents,i- Cents -Cents Cents Cents

Jan ......: 'i138.0 165.9 120.2 91.3 126.7 129.0 2.23:
eb. ......: 136:5 159.4 121.1- 99.5 124.7 119.4 2.23
Mar. .......' 1386 153.0 130.3 114.2 133.0 19.1 2.23
,Teek ened- .
Mar. 6 ....: 138.0- 151.5 122.0 103.6 126.9 116.7 2.23
13 ....: 138.3 154.4 125.1 108.6 130.2 116.6 2.23
20 ....: 136.9 153.5 130.7 116.3 134.7 117.8 2.23
27 ....: 140.9 147.6 138.2 127.0 140.8 119.9 2.23
Apr. 3 ....: 140.5 --- 143.1 130.0 147.4 124.5
10 ....: .14.5 169.8 142.2 127.6 152.7
17 .... 135,9 155.3, 131.7. 118.4 141.2

Prices are averraees of daily prices for the wee.: ending Saturday except as
follows: Berlin-prices are 'Je.nesday quotations. Prices at foreign nar;:ets
are converted to United St.'tes money at the current rates of exchange.
IJ Io. 2 Hard. ed Winter.
2/ No. 1 Dark ITorthern Spring. No. 1 Heavy for v:eek ended February 6.
J o. 3 1innitoba NHortherm.
4/ !Hear futures. ...........
5j Home-grown wheat in England and 'Wales.
Ej Central German wheat, wholesale trade price free Central-German Station.


WS-6


- 7 -


- 4




WS-6


Table 4.- Weighted average cash pfite of wheat specified markets
and dates, 1936 and 1937


:All classes: No. 2 : No. 1 : No. 2 Hd. : No. 2 : Western
and grades;Hard Winter:Dk.N.Spring:Abber Durum: Red Winter: White
Date I six markets:Kansas City:Minneapolis:-Minneapolis: St. Louis : Seattle i/
:1936 :1937 :1936 :1937 :1936 :1937 :1936 :1937 :1936 :1937 :1936 :1937
:Cents Cents- Cents Cents Cents Cents Cents Cents Cents Cecnts Cents Cents
Month- : "


S... :106.6
... :107.1
....: 98.1


Week ended-:
High 2/ .:108.4
Low 2/ ..: 92.2


112.6
110.0
105.9

118.0
99.0


138.0 132.6
136.5 131.1
138.6 123.9

144.5 135.4
133.4 115.5-


165.9
159.4
153.0

169.8
147.6


119.9
121.4
113.8


171.3
170.0
183.2


123.1 206.2
103.2 153.7


108.7 139.6
109.0 143.2.
107.9 143.0

110.9 147.4
102.0 13:6.6


88.9
86.3
86.4

90.2
83.5


112.2
114.4
117.0

122.0
109.5


Mar. 6 ....:104.4 139.2 108.2 138.0.130.0 151.5 123.1 153.7 109.8 142.1 87.7 112.6
13 ...,: 99.9 138.8 108.8 138.3 124.7 154.4 114.8 206.2 108.0 142.3 87.7 116.0
20 ....: 97.1 139.8 105.2 136.9 124.2 153.5 116.2 169.7 105.5 140.3 86.4 117.1
27 ....: 92.2 146.2 102.4 140.9 117.9 14.7.6 106.2. 188.0 103.5 146.7 84.6 118.9
Apr. 3 ....: 93.8.145.5 101.8 140.5 115.5 --- 105.6. 199.2 104.0-147.4 8.3.5 121.4
10 ....: 93.6 145.5 99.0 144.5 123.0 169.8 106.5 164.2 102.0 144.7 83.5 122.0
17 ....: 94.5 138.4 103.8 135.9 12_4.0 1jO.3 103.2 160.8 106.6 142.3 85._2
I/ Weekly average of daily, cash quotations, basis No.1 sacked. 2/ January 1 to date


Table 5.- Spreads between domestic wheat prices and prices at
Winnipeg and Liverpool, specified periods, 1934-37


: Cash wheat per bushel


Futures .per bushel


Month and year


: Amount No.2 Hard Winter
: (Kansas City) averaged
above


Amount Chicago
averaged
above


: 1o.3 Manitoba : Parcels : Winnipeg : Liverpool
: (Winnipeg) : (Liverpool) :. May : July : May : July.
: Cents Cent s Cents Cents Cents Cents


Month of Jan.
1934 ... ....
1935 .........
1936 .........
1937 .........
";onth of Feb.
1934 .........
1935 .........
1936 .........
1937 .......
Month of Mar.
1934 .........
1935 .........
1936 .........
1937 .........
Week ended Apr. 17


...:
Suu.
9..
S..

* *..




S..
S6S


1-934 ............: 13 /
1935 ....... ...: 26
1936 .... ....... : 29 1/
1937 ............. 4 1/
./ Price of Liverpool parcels nt available.


21 18 20
15 8 23
13 1 6
7 -5 4

22 20 25
14 8 25
14 4 8
7 -5 7

19 17 21
11 8 22
15 4 8
2 -10 2

12 11 13
12 11 21
17 8 7
-3 -12 -6


Jan.
Feb.
Mar.


-144.3
138.5
141.6

149.6
134.9:


18
13
-5
-12

21
15
-3
-12

18
16
-4
-15

1C
17
-2
-19


- 8 -








WORLD T7HET SUPPLIES ATrD TPADE

BACKGROC'-TD:- Total world supplies of wheat, excluding
China and including oAly net exports from Soviet Russia,
averaged 4,100 million bushels for the 5 years, 1923-24
to 1927-28, increased to 5,013 million bushels in 1933-34,
then declined sharply as a result of successive years of
small production and increTse world demand. Total world
supplies for 1936-37 are estimated at 4,287 million bushels
compared with 4,520 million bushels for 1935-36 and 4,696
million bushels for 1934-35.

Total world shipments of wheat averaged 751 million
bushels for the 5 years, 1923-24 to 1927-28, increased to
a piak of 913 million bushels in 1928-29 (July-June), then
declined sharply, largely as a result of measures token by
importing countries to reduce the use of foreign wheat.
Shipments were 613 million bushels in 1932-35, 525 million
bushels in 1933-34, 536 million bushels in 1934-35, and
499 million bushels in 1935-36. Net imports by Europcan
net importing countries in 1935-36 amounted to 355 million
bushels. Tith imports by non-European countries estimated
at 124 million bushels, total imports last year -as about
10 million bushels less than total shipments. Total imports
in 1936-37 rre estimated br the Bureau of Agricultural Economics
at about 590 million bushels.

The 1936 world wheat production is now estimated at 3,531 million
bushels, compared :.ith 3,571 million bushels in 193y. T.is represents an up-
ward revision iA:t 3 million bushels since the January estimate was published.
The most sl ii:''.t revisions are those for Australia and Turkey, where the
official e>tr?.tcs were recently increased 12 million and 58 million bushels,
respectively; and %ermany, -here a decrease of 7 million bushels was reported.

The A1ril 1 surplus of wheat available for export or carry-over in the
3 principal exporting countries, together with United- Kinr.don port stocks and
quantities afloat, is estimated at 276 million bushels compared with 378
million bushels a year earlier, 491 million bushels in 1935 and 565 million
bushels in 1934. Surplus stocks remaining in Canada for export or carry-over
on April 1 are estimated at 79 million bushels, and Canadian wheat in bond in
the United States at 12 million bushels. The surplus in Australia was about
62 million bushels lJ and that in Argentina 52 million bushels. Comr.parative
figures for recent years are shown in table 6.

World wheat shipments for the period July 5, 1936, t, April 16 this year
totaled 488.7 million bushels compared with 390.1 million bushels for the
same period last year and 430.6 million bushels in 1934-35. The what trade
this season 2/ has been distinguished by the absence of exports from Russia

1_ Production revised from 134 million bushels to 150 million bushels.
2/ "The Wheat Situation, March 23, 1937;," pages 11 to 16, contains a
detailed statement covering supplies, import requirements, and trade.


rS-6


- 9 -







WS-6 10 -


and the virtual absence until late December of exports from Argentina. Since
December, however, Argentina has been an exceptionally heavy shipper. The
record Danubian crop in 1936 has prevented overseas countries from partici-
pating in a considerable part of the benefit of increased trade this season,
although had it not-been for these surplus supplies a very tight situation
would have prevailed in some countries. Miscellaneous countries have
diminished in importance this year, although exports from British India
have been significant.

The movement from the principal exporting countries for this season
together with the corresponding periods during the past 2 years is.shown in
tables 8 to 10.




Table 6.- Wheat surplus for export or carry-over in the three
principal exporting countries, United Kiingdom port stocks
and stocks afloat, April 1, 1934-37 1/

Position 1934 1935 1936 1937
:Mil. bush. M il. bush. uil. bush. Hil. bu-sh.
Canada:
In Canada ................... : 259 243 210 79
In United States ............ : 6 16 17 12
Argentina .................. 147 111 46 52
Australia ..................... : 11 80 59 62
Total ................. : 513 450 332 205
,United Kingdcm pcrt stocks ... : 15 12 8 13
Stocks afloat to:
United Kingdom .............. 16 13 16 16
Continent ................... 8 12 25
Orders .......... .. ...... : 13 9 10 19
Total .......... : 52 41 46 71
Total above ........... : 565 491 378 276
I/ Carry-over at the beginning of the year (Canada, July 31; Argentina, Jan-
uary 1; Australia, December 1 of the previous year) plus production, minus
domestic utilization for the year, minus monthly exports to date.









- 11 -


Table 7.-Average closing prices of May wheat futures, specified m-.rkets
and dates, 1936 and 1937


.: ". : Kiansrs : n: Winnipeg : Liverpool : Buenos
Se Chic-go .t Minneapolis / : i7 Aires
Date : : City : : 1/ : 1/ : Aires
: 1936: 1937: 1936: 1937: 1936: 1937: 1936: 1937: 1936: 1937: 1936: 1937


:Cents Cents Cents Cents


Month-


Cents Cents Cents Cents Cents Cents Cents Cents


Jan. :101.0 131.2
Feb. : 99.0 133.4
Mar. : 98.6 137.7
Week ended
High 2/ :102.0 143.1

Low 2/ : 94.9 127.6

Mar. 6 : 99.9 134.0

13 :100.0 136.3

20 : 98.4 137.5

27 : 96.9 140.8

Apr. 3 :*95.5 143.1

10 : 94.9 140.8

17 : 98.4 134.8


99.6 124.7 109.5
96.7 125.6 108.4
96.9 129.2 105.5

101.1 134.6 110.6

93.6 120.7 99.0

97.4 125.2 107.8

97.7 127.8 107.7

97.4 129.0 105.9

95'.7 132.5 101.9

94.0 134.6 99.4

93.6 133.2 99.0

97.3 127.4 102.6


138.4
139.4
141.9

147.0

133.8

139.0

140.7

141.7

143.9

147.0

145.1

139.1


88.0 124.3
84.8 126.1
83.5 135.4

88.4 147.5

79.8 120.0

83.8 127.6

84.9 130.6

83.8 135.8

82.1 142.8

80.3 147.4

79.8 147.5

81.5 137.8


94.5 127.2 --- ---
91.1 126.5" 91.9 99.3
90.9 135.4 -- --
3/ 3/
95.1 152.7 93.1 129.0
3/ 3/
90.0 122.0 89.8 94.7

90.7 129.3 91.3 104.0
4/
92.2 132.2 91.9 108.5
4/' 4/
90.7 136.5 91.5 115.2
4/ 4/
90.1 142.2 90.8 126.1
4/ 4/
90.1 1-17.4 90.4 129.0
4/ 4/
90.2 152.7 89.8 127.0

91.0 141.2 90.1 118.4


1/ Conversions at noon buying rate of exchange. 2/ Janu-ry 1 to date.
3/ March, May and June futures. 4/ June futures.







- 12 -


Table 8.- Movement of wheat, including flour, from principal exporting
countries, 1933-34 to 1936-37


Country


: Exports as given by official sources :
: __ Total : July 1 to date shown :
:1933-34:1934-35:1935-36:1934-35:1935-36:1936-37 :
: 1,000 1,000 1,000 1,000 1,000 1,000
:bushels bushels bushels bushels bushels bushels


Date


United States .......: 37,002 21,532 15,930 16,130 10,446 14,010 Feb. 28
Canada ..............:198,555 169,630 237,447 141,215 172,574 184,593 Mar. 31
Argentina ..:.........:144,854 187,000 76,577 -144.,343 64,625 130,861 Mar. 31
Australia ...........: 86,509 108,010 102,258 62,102 49,933 43,502 Jan. 31
Russia .............: 33,787 4,286 29,704 3,699 28,026 34994 Feb. 28
Hungary .............: 29,615 12,499 14,644 6,407 8,359 19,026 Jan. 31
Yugoslavia .......... 839 4;401 728 3,390 115 10,226 Jan. 31
Rumania .............: 248 3,432 9,996 0 9,996 5,042 Jan. 31
Bulgaria ............ 4,236 375 987- -7 -943 4,922 Jan. 31
British India .......: 2,084 2,318 2,529 1.34 1,331 10,589 Dec. 31
Total ............. :537,729 513,483 490,800-
: Shipients as given by trade sources
: Total : Week ended. (1937) : July 1 Apr. 17
:12343_5:1935-36: Apr.3 : Apr.10: Apr.17: 1'935-36 : 193.6-37
1,000 1 ,000 1,000 1 ,000 1,000 1,000 1,000,
bushelss bushels bushels bushels bushels bushels bushels


North American i/ ...:162,832 219,688 2,096
Canada, 4 markets 2/ :176,059 246,199 711
United States .......: 20,997 14,207 226
Argentina ...........:186,228 77.384 6,476
Australia ...........:111,628 110,060 2,448
Russia .............: 1,672 30,224 0
Danube & Bulgaria 3/ : 4,104 8,216 272
British India .......:4/2,318 4/2,529 112
Total 5/ .......... :468,782 448,101
Total European :
shipments 1/ ......:887,752 355,032 361,824
Total ex-European
shipments 1/ ......:147,938 133,528 101,312


2,208
370
164
7.536
1,992
0
488
352


2.590

56
5,499
2,043
0
1,392
176


158,216
192,836
5,979
67,592
94,044
28,104
8,024
256
356.236


186,748
.164,272
. 7,141
141,969
77,027
88
50,240
8,696
464,768


4/273,712 V/361,824

/l102,040 6/101,312


Broomhall's Corn Trade News.
Fort Willianm, Port Arthur, Vancouver, Prince Rupert, and New Westrinster.
Black Sea shipments only. 4/ Official.
Total of trado figures includes North America as reported by Broomhall's,
but does not include items 2 and 3. 6/ To April 3.


ws-6


I






WS-6


Table 9.- Shipments, of wheat, including flour from principal exporting
countries, specified dates, 1935-36 and 1936-37


Ar-getina


Australia


Danube


* North America


:l935-36:193-37:1935-36:1936-37:1935-36:1936-37:1935-36:1936-37
: 1,000 : 1,000 : 1,000 : 1,000 : 1,000 : 1,000 : 1,000 : 1,000
:bushels :ushetls :bushels :bushels:bushels :bushels:bushels:buchels


July-Feb. :59,472 91,712 72,620 58,548
Week erded:
Mar. 6 : 1,664 9,108 3,816 3,736
13 .: 1,l68 7,232 3,480 2,524
20 : 1,028 8,420 2,964 3,428
27 : 1,368 5,984 2,880 2,308
Apr. 3 : 1,220 6,476 3,952 2,448
10 : 1,296 7,536 -2,392 1,992
17 : 376 5;499 -1,940 2,043


7,880 46,664 132,928 171,478


136
176
38s4
728
272
S392
1,392


3,376
3,672
3,664:
4,312
3,672
3,280
3,312


2,344
1,808
2,192
2,032
2,096
2,208
2,590


Compiled from Broomb'all' s Corn Tra:.e >ews.


Table 10.- Experts of wheat and ;,he:t flour from the United States,
.1931-36 and 1936-37 1_/


Date


July-Fe-b.
Week ended
Mar. 6
13
20
27
Apr. 3
10
17


Wheat


: 1937-36
: 1,000
bushel s

206


Wheat flour


: 1936-37 : 1935-36 : 1936-37
: 1,000 : 1,000 : 1,000
: bushels : barrels : barrels


1,80g4


2,119


38
36
22
53
23
29


2,597

37
30
36
18
4s
35
12


Wheat
including flour
1935-36 : 1936-37


1,000
bushel s


: 1,000
: bushels


10,446 14,010


75
179
186
104
249
108
145


194
154
169
105
226
164
56


Compiled from


reports of the Department of -or.'imerce.


l] Includes flour milled in bond from foreign wheat.


Date :


- 13




UNIVERSITY OF FLORIDA
i11111i I 1111111111261 111111 11111 77llll111111Jil
3 1262 088618177


WS-6


Table 11.- Net imports of wv.heat, including flour, into European
countries, year beginning July 1, 1935-36 to 1936-37


:: Net imports reported
Country : 1935-.6 : 1936-37 : July 1 : 1935-36 : 936-37
:forecast l/ : to :
: millionn : million : : Iillion : Million
: .ushels : bushels : : bushels : bushels

Austria ..........: 7 10 : Feb. 28 : 5 5
Belgium .........: 39 42 : Jan. 31 : 24 : 25
Czechoslovakia...: 1 : 2/ -7 : Feb. 28 : 1 :/ -4
Denmark .........: 9 10 : Feb. 28 : 6 5
Finland .........: 4 3 : Jan. 31 : 2 : 2
France .........: 7 : 22 : Nov. 30 : 5 2
German .........: 3/ : 18 : Feb. 28 1 : 1
Greece ..........: 15 17 : Jan. 31 : 8 : 5
Irish Free State.: 15 : 11 F: eb. 28 : 10 : 10
Latvia ..........: 2/ -2 : 1 : Dec. 31 :2/ -2 : 3/
Netherlands .....: 21 : 22 : Jan. 31 : 14 : 14
I'or ay ..........: 8 8 : Feb. 28 : 6 : 4
Polnd ..........: / -8 : 2/ -6 : Feb. 28 :2 -6 : 2/ -5
Portugal ........: 2 -3 : 3 : Jan. 31 : 4 : 4/
Spain ...........' 4] : 6 : June 30 : 4/ ---
Sweden ..........: 2/ -2 : 1 : Feb. 28 : 2/ -1 :/ -1
Switzerland .....: 17 : 17 : Mir. 31 : 12 13
United Kingdom...: 205 : 220 : Feb. 28 : 131 : 133
Total imports :
of above ... .: 343 411 : : 225 : 219
Italy ........... : 7 : 62 : : --- ---
Total imports..: 355 473 : : 225 : 219
Total exports..: 15 : 13 : : 9 : 10
Total, net :
imports ......: 340 460 : : 216 : 209

Compiled from official sources, except as otherwise stated.


IJ/ ascd largely on estimates of the Foreiln Offices of the 3ur.eau
cultural Economics.
2_/ let ex.orts.
3/ ITet exports of less than 500,000 bushels.
4/ Leas than 500,000 bushels.


of Agri-




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