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:
AA00012162:00022

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Full Text

d7ITED STATES DEPARTh.ENT OF AGRICULT7:E
Bureau of Agricultural Economics
Washington

7WS-7 May 26, 1957


THE WHEAT SITUAT ION



About a 10 percent increase in wheat acreage for harvest in 1937

in the Northern -lemisphere, excluding Soviet Russia and China, is new

indicated by available reports, the Bur-eau of Agricultural Economics said

today.

The increase over the 1936 harvested acreage is due wholly to the

larger wheat acreage in the United States. A 1-percent decrease is indicated

for Canada, a 1-percent decrease for Europe and an 8-percent decrease for the

North African countries compared with last year. While acreage in India is

reported to be 1 percent less than in 1936, production is estimated to be

9 percent larger as the result of better yields.

Prospective yields per harvested acre in the United States as of Hay 1

were generally below average, with the exception of the far Southwest and

a few Eastern States. Precipitation in Manitoba, northern Saskatchewan and

northern Albcrta has been normal or above normal, but in the area centering

in southwestern Saskatchewan there is only about enough moisture for germina-

tion, and subsoil moisture is generally very deficient. Crop prospects in

many European countries are not favorable because of excessive moisture and

cool weather. The outlook for spring wheat in Soviet Russia is reported as

favorable, and the winter wheat condition as satisfactory.

The increase in acreage in the :c.rthern Hemisphere is expected to

offset the below avcra-c condition existing in many countries, and if pro-

duction in the Southern i.emisphere should turn out average or above, the

world production in 1937-38 may again be large enough to satisfy the usual




WS-7 -2 -

world requirements. World production during the past 3 years has not boon

as large as disappearance, and carryover stocks have been reduced to below

aver "ge.

If the total crop is not materially in excess of the average world

disappearance, 1937-38 prices in importing countries may be expected to

average about the same as in 1936-37. Another small world crop, increased

demand, or a materially higher general price level, however, would be ex-

pected to result in oven higher foreign prices in 1937-38 than in 1936-37.

In this event, the downward adjustment in domestic prices relative to world

prices, as the United States goes on an export basis, might be largely

offset by higher world prices.

With world stocks at the lowest level in recent years, domestic and

foreign prices may be expected to be unusually sensitive to new crop develop-

ments. Small stocks, however, even though they are now being supplemented

by early harvested new crop wheat, will continue to be a strong market factor.

New Indian wheat is now moving into world markets, and North African grain

will begin moving within another month.

On the basis of present and prospective stocks and disappearance, the

carryover of old crop cheat in the United States on July 1, 1937 is expected

to be below 100 million bushels.

TTE WORLD '!EAT SITUAr.'IO.T

Background.-Total world supplies of wheat, excluding
China and including only net exports from Soviet Russia,
averaged 4,100 million bushels for the 5 years, 1923-24
to 1927-23, increased to 5,013 million bushels in 1933-34,
then declined sharply as a result of successive years of
small production and increased 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 '-.hcat averaged 751 million
bushels for the 5 years, 1923-24 to 1927-28, increased to a
peak of 913 million bushels in 1928-29 (July-June), then
declined shc.rply, largely as a result of measures taken by








importing countries to reduce the use of foreign
wheat. Shipments were 613 million bushels in 1932-33,
525 million bushels in 1933-34, q36 million bushels in
19.'A4-35, and 489 million bushels in 1935-36. Net imports
by Europcan not importing countries in 1935-36 'amounted
to 355 million bushels. With imports by non-European
countries estimated at 124 million bushels, total imports
last year were about 10 million bushels less than total
shipments. Total imports in 1936-37 are estimated by the
Bureau of Agricultural Economics at about 590 million
bushels.

7World market prices of wheat have been moving
steadily upward pince the -spring of 1933, reflecting higher
world comrT.oJ.dity price levels, three successive below
average harvests in North America, and last season's short
Soflthorn I-cmisphere crops. -During the current season,
world prices have ad-snced sharply as a result of"incroased
demand aiid the smallest supplies in recent-years.

Crop prospects unfavorable in many countries

The acreage for the 1937 harvest l/ in the 21 countries for which
reports are available is 194.4 million acres, which represents an increase
of 17.5 million acres compared with last year's sown acreage in the
same countries. The increase is wholly accounted for by the increased
acreage in the United States 2/.

A decrease of 412,000 acres in the 1937 spring wheat acreage
sown in Canada is to be expected if the May 1 intentions of farmers are
carried cut. The intended acre-rgo of spring wheat is 24.4 million acres,
compared with 24.8 million acres sown in 1936, and 26.6 million acres
in the -'> y of 1932. Included in the spring wheat intentions is
an inr ie 'r ir r.rea o .'0,000 cross making a total of 1.7
million 7 :-.: i'1 for 7, Ct 'rea ."1-sown wheat r.mai.uing
for harvr' :i u.. .10 is 646,000 cc.'s, or 1.,000 acres more than the
area har' cstcrd i.n 19_..










I/ Wlint;r wheat acreac.o sown or remaining for harvest in the Northern
Hemisphere, excludin- So:ict Russia and China, and intended spring
wheat acreage in the United States and C~.nado.
2/ See page 5 relative to United States acreage.


- 3 -


WS-7





WS- 7


The acreage in 15 European countries is reported at 59.4 million
acres compared with 60.1 million acres harvust sowr1936. The exporting
countries of the Danube Basin now report 59.4 million acres, representing
a decrease of 3 percent from the 1936 total. Decreases in Rumania
and Hungary of 466,000 acres and 339,000 acres, respectively, more
than offset an increase of 249,000 acres in Bulgaria. The acreage
in Yugoslavia has been virtually unchanged. The total acreage for
the 3 North African countries reporting is placed at 8.3 million acres,
compared with 8.9 million acres in 1936.

India no=v reports an acreage of 33.4 million acres, which
represents an increase of 869,000 acres over the March estimate. This
compares with 33.7 million acres last year. Yields are higher this
year, ho..ever, and the first estimate of production in India, issued
in April,- showed 582.3 million bushels compared with 352.2 million
bushels in 1936. The May forecast of production in the Punjab, which
produces almost one-third of the total crop in India, was decreased
to 142.5 million bushels from the April forecast of 146.5 million
bushels. The final estimate for 1936 was 127.8 million bushels.

In a report dated i'ay 14, the Shanghai -ffice of the Bureau states
that despite some improvement in the new crop prospects for China, reports
still indicate that production in 1937 will be at least 15 percent
below that of 1936.


- 4 -





WS-7


Table 1.- Wheat acreage sown in specified countries, 1935-37


Country


United States:
Winter I/ ..................
Spring .....................
Canada (total) ...............
Total (2) ................


YO.r of harvest
.1935 : 1936
S1.000 aEces 1.00Q0cres


33,402
17, 27
24,116
75. 345


37,605
11, 212
25,289
74.109


: 1937
1,000 acres

47,410
2/ 20,918
25.014
93,342


Euroine:
Belgpiunm 3/ ........... ...
Czechoslovakia 3/ ........
England and Wales ............
France 3/ 4/ .. ..... ..... :
Germany ] ... ....... ... :
Greece .................. .
Italy 3/ ...................
Latvia 3] .................. :
Lithuania 3] ...............

Poland 3] ................. .
Total (11) ............... :
Bulgaria 3] ................ :
Hungary 3] ................. :
'.uoan i a. 3. / .................
Yugoslavia 3/ ............. .
Total (4) ................. :
Total Europe (15) ......
Africa:
Algeria .................... :
Egypt ...................... :
Morocco .................... :
Total Africa (3) .......
Asia:
India (April estimate) ..... :
Total 21 countries ..... :
ussia 3] .................... :

Estimated Northern Hemi-
sphere total acreage, ex-
cluding U.S.S.R. and China:


' 2,387
1,772
13,007
4,754
2,091
12,142
210
414
43
3.756
40,956
3,010
4,154
7,740
5- 3,67


420
2,296
1,70o4
12,536
4,741
2,011
12,424
S146
349
44

4o. 4o5
2,596
4,045
7,719
F. -68


431
2,123
1,754
12,772
1_/ 4,263
2,076
12,647
154
38S
44
3.647
40,299
2,845
5/ 3,706
7,253
5 "342


20,271 19,728 19,146
61.227 60,133 59,445

4,095 14,287 4,169
1,463 1,463 1,415
3,616 ..3,194. 2,669
9.174 8.9 444 .,253

33,955 33,666 _33 _59
179.701 176,852 194,-399
32.506 34,721 6/ 36,797


216,200


211,6oo


Compiled from official sources, -::cept as otherwise noted.

iJ/ Winter acreage remaining; for harvest.
2 Indicated for harvest.
3/ :Tinter --rheeat.
/ Area sorn up to January 1.
51 Estimated. in the Belgrade office of the Bureau of Agricultural Economics.
G/ Area provided for in the Plan.


- 5 -


: Zc',r f have:,





:-s-7


6 -


The-seedin .of sprin,:-..heat. in anada is the earliest since 1931,
and is considerably advanced over' that of last year. In Manitoba, northern
Saskatchewan and northern Alberta .precipitation has been normal or above.
In the area centering in.southwestern Saskatchewan, ho-3ver, there is only
enough surface moisture for germination of the seed, with sj-bsoil moisture
generally very deficient. The condition of fall-sown wheat on April 30 was
94 compared with 90 on the same date a year ago.

Crop prospects in many Taropcan co.in-;ries are not favorable, owing
to excessive moisture and cool weather. In France, the general outlook is
considered unsatisfactory. While prospects in Italy seem unfavorable, re-
ports are conflicting. In Germany, also, warmth is needed to develop the
crop satisfactorily. The abandonment of winter wheat in Germany is estimated
at 6.9 percent, which is the largest reported since 1922. The condition of
the crop in the Danube Basin is considered generally favorable, but, as in
other parts of Europe, warmth is needed; some areas report excessive moisture.
Sprin", seeding in Soviet Russia is reported to be progressing satisfactorily
and the outlook is favorable. Winter crops are reported in satisfactory
condition.

leather conditions in April in China -"ere considered favorable for
spring planting and an increase in acreage is probable. In Argentina, the
wheat land is reported to be in good condition for working. In Australia the
continued dry spell is causing some concern as well as grasshoppers.

Suroluses and Trade: Stocks low, shipments heavy

The May 1 surplus of wheat available for export or carryover in the
3 principal exporting countries, together with the United Iingdom port stocks
and quantities afloat, is estimated at 239 million bushels compared -ith 347
million bushels a year earlier, 456 million bushels in 1935, and ",34 million
bashels in 1934. Surplus stocks remaining in Canada for e.-port or carryover
on Ma:- 1 are estimated at 77 million bushls, and Canadian wheat in bond in
the United States at 12 million bushels. The surplus in Australia -as about
54 million bushels and that in Argentina 33 million bushels. Comparative
figures for recent years are shown in table 14.

'7orld- whe4t shipments for the period July 5, 1936 to 'Ma 14, 1937,
totaled 535.5 million bushels compared with 427.4 million oushels for the
same period. last r..ar, and 472.6 million bushels in 19-5-3K. Shipments from
Argentina have been very heavy since the latter part of December, but owing
to small remaining stocks they fell off sharply during April iand early May.
Shipments from Australia have not been heavy this year, but during th- past
month were larger than in any similar period since 1931.

India has again entered th world wheat market this y .ar, shipping
about 9 million bushels since July 1, 1936. This is the largest quantity ex-
ported since 1927-28. Moreover, on the basis of the large harv.:st which is
no- being completed, it is possible that this countr- m.'r h.ve '1-O million
bushels of the new crop available for export. Indian wheat is generally sold
at a disadvamtage, because of the presence of a relatively nign percentage
of other grain and foreign matter.





WS-7 7 -

Soviet Russia continues to- remain out of th market. 'Shipments from
that country during th.- current season have'amounted to only 88,000 bushels.
The total amount of wheat available for export in the Danubian countries iJ
at the beginning of the crop -year was estimated at about 100 million bushels,
of which 66 million bushels `;ere shipped by May 14. The large exportable
surplus resulting from a record Danubian crop prevented overseas countries
from participating 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.

The grain movement for the principal countries this season compared
with that of the corresponding periods during the past 2 years is shown in
tables 10-and 11, and 15 to 17.

Prices 2/: Largely dependcn. upon crop prospects

Declines in Liverpool July futures during April, largely the result
of an upward revision in the Australian crop and an adjustment to new crop
prospects, more than half offset the sharp rise which took place from late
January to early April. Vor the week ended May 1 the daily closing prices
of Liverpool July futures averaged 134 cents compared with 151' cents for
the week ended April 10; for the week ended January 30 they averaged 123
cents. During May, however, dominated largely by -unfavorable crop factors,
Liverpool prices again rose, averaging about 4 cents higher for the week
erre. May 15 than for that 'ended May 1.-

July futures at Winnipeg have remained mostly 6 to S cents below
those at Liverpool, while the spread between June futures at Buenos Aires
and July futures at Liverpool has narrowed from around 23 cents in mid-April
to 16 cents in mid-May. Futures prices at these markets together with those
at Chicago, Kansas City, and Minneanolis are shown by weeks in table 2.

Tith stocks of old grain in both exporting and importing countries
greatly reduced, wheat prices will continue to be highly dependent upon the
prospective size of the 1937-38 world crop.



l/ "The 'Theat Situation" for March 1937, pages 11-16, contains a discussion
on available supplies an3 import requirements by countries.

2/ Domestic prices are discussed on page 8; see also table 13.





7S-7 8 -

Table 2.- Average closing prices of July wheat futures, specified markets
and dates, 1936 and. 1937


Date : Chica : Kansas :1Minneanolis: ',inni eg : Live ool : Buenos
Date Chicao City : : 1 : : A ,t
1936: 1937: 1936: 1937: 1136: 1937: 1936; 1937: 1936: 1937:1936 : 1937
:Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents
Month-
Jan. : 89.4 114.6 86.5 110.1 104.1 131.9 88.5 120.0 91.6 127.0 -- -
Feb. : 89.4 116.0 86.7 111.2 103,0 131.1 85.6 121.7 92.6 127.9 -- -
l:ar. : 88.8 121.9 86.0 117.0 100.7 135.0 84.4 131.9 93.1 137.2 -- -
A-r. : 88.3 122.4 86.5 117.9 97.3 133.6 81.6 134.9 91.9 142.0 -- -

Week enled: 3
High 2/: 91.8 128.2 90.6 123.0 105.9 141.4 88.9 143.1 95.2 151.2 3 1.9 29.C
Lov 2/: 85.2 111.6 80.9 107.1 91.0 125.0 78.0 116.6 89.4 123.1 49.8 '17.7
Apr. 3 : 85.2 128.2 32.5 123.0 95.4 141.4 81.2 143.1 91.8 147.6 ,0.4 4-29.C
10 85.7 127.2 83.8 122.5 95.6 138.9 80.9 142.4 0.8 151.2 9.8 -427.C
17 90.4 122.1 89.0 117.4 99.1 133.6 82.6 133.6 92.C 140.7 90.5 117.7
24 : 91.8 119.7 90.6 115.4 99.6 130.2 82.6 131.1 9: .2 138.8 90.6 120.2
May 1 : 87.0 117.6 84.2 113.7 96.0 127.6 80.0 127.7 91.3 133.9 90.4 119.2
8 : 87.2 118.2 83.8 113.9 94.8 127.6 78.6 129.8 90.2 138.4 90.2 121.E
15 : 85.6 116.2 80.9 112.8 91.0 125.0 79.0 127.3 89.4 137.7 90.1 119.4

1/ Conversions at noon buying: rote of exchange.
2J January 1 to date.
3/ June and July futures.
4/ June futures.

THE DOIMSTIC WHEAT SITUATION

Background.- The carryover of wheat in the United States
for tho 5-yoer period (1924-28) aver;-ed 115 million
bushels. In 1929, stocks began to accunxulate until in
1933 they reached the record peak of 378 million bushels.
Four small wheat crops since that tine, ho'.;ever, reduced
stocks to 138 million bushels by July 1, 1936.

Domestic wheat prices since the spring of 1933
have been unusually hi.h relative to world market t -rices
as a result of four s.ll domestic crops caused largely
by abnor:.ially low yields per" acre. During the current
season, both world and domestic -rices have advanced
sharply as a result of increased demand .nd the smallest
su-pplies in recent years.

Crop Prospects: Moisture needed in western Plains area

The condition of winter wheat as of :,ay 1 indicated p production of about
654.3 Lillion bu-shels connared with the forecast of 456 million bushels a Month
earlier. The pros--ective crop is 26 percent above the sr'all production of 519
million bushels last year. The abandonment of acreage seeded for the 1936 crop
was estimated at 17.1 percent, compared with the 10-year (1923-32) average of






- 9--


12.6 percent, which leaves 47.4 million acres remaining for harvest, compared
with 37.6 million acres harvested in 1936, and the 5-year average of 39.7
raillioh acres. The condition of the crop remaining for harvest was reported
at 77.4 percent of normal, compared with the 10-year (1923-32) average :ay 1
condition of. 81.2 percent. Spring wheat indicated for harvest on the basis of
farmers' intentions to plant was 20.9 million acres, or 9.7 million acres
above t e acreage harvested in 1936.

Since May 1, rainfall has continued below normal throughout the hard
red winter and spring wheat belts. Rains are needed especially in the area
extending: from eastern Montana and western North Dakota, through considerable
sections,of Iebroska and central and southwestern Kansas, in which area subsoil
moisture is very deficient. Since May 1 rains also have been 'generally below
normal in the soft red winter wheat States, but in this area moisture was mostly
considerably above normal during April.

July 1 Carryover Prosnects: Less than 100 million bushels

Wheat stocks in the United States on April 1 are estimated at 213
million bushels, which is 58 million bushels less than a year earlier and 81
million bushels less than on April 1, 1935. Table 8 shows figures of estimated
stocks in the different positions as of April 1 for the past 5 years. January 1
stocks were estimated at 374 million bushels and net imports durin-, the
January-'.lrch period at 3 million bushels, making a total sunply of 377 million
bushels. Jith April 1 stocks at 213 million bushels, a January-M:arch disap-
nearance of 164 million bushels is indicated. The disan'earance during the
July-December period was placed at 414 million bushels 1/.

For the (July-June) year as a whole, total supplies are now -placed at
about 797 million bushels. July 1 old crop stocks were 138 million bushels,
and production 626 million ':ushols. It now appears that imports ;:.;; be less
than 35 million bushels. Based on seed require;..ents, together with flour
grindinjs and quantities estimated fed to date, the total disappearance for the
year a.; be ex-pected to be slightly less than 700 million bushels. sportss
and shipments are still placed at 10 million bushels5uljnlthe basis of the
above figures and forecasts, the wheat carryover on/this year would be expected
to be below 100 million bushels, and probably only about 90 million bushels.


IJ "The Theat Situation", February 1937, agoe 5.






WS-7


Table 3.- Supply and distribution of wheat, 1930-31 to 1936-37 1/


Item :1930-31 :1931-32 :1932-33 :1933-34 :1934-35 :1935-36 :1936-37

:Million Million Million Million Million Million Million
:bushels bushels bushels bushels bushels bushels bushels

Carry-in ..........: 289 313 375 378 274 148 138
New crop .......... : 887 942 757 552 526 626 626
Imports ...........: --- --- --- --- 16 35 (33)
Total supply ....: 1,176 1,255 1,132 930 816 809 (797)
Exports ........... : 115 126 35 28 13 7 (10)
Carry-out .........: 313 375 378 274 148 138 (90)
Disappearance .....: 748 764 719 628 655 664 (697)

7/ See table 9 for details and notes.


Prices unsettled by new crop prospects

Influenced by the same factors as prices in Liverpool, domestic
prices declined sharply during April, the prices of July futures in
Chicago and'Kansas City losing about two-thirds of the gain made since
late January,'while cash prices in general lost about all the gain that
they had made. No. 2 Hard Winter at Kansas City and No. 2 Red Winter
at St. Louis averaged about 4 cents lower for the week ended May 15 than
for that ended May 1, with July futures at Chicago and Kansas City
averaging about 1 cent lower. Prices rose sharply on May 18 as the
result of unfavorable crop reports in the western hard winter wheat area
and south central Canada. The average price received by farmers for
wheat on April 15 was $1.27 compared with $1.23 on March 15 this year
and 85 cents on April 15, 1936. Table 4 shows average cash prices in
important domestic markets, and tables 2 and 13 show cash and futures
prices in selected foreign as well as domestic markets.






VS- 7


:All classes: No. 2 : No. 1 : No. 2 Hd. : Ho. 2 : westernn
: and grades:Hard WVinter:Dk.N.Spring:Amber Durum: Red vVinter: W'ite
Date :six markets:Kansas City:Minneapolis:Minneapolis: St. Louis : Seattle 1/
:1936 :1937 :1936 :1937 :1936 :1937 :1936 :1937 :1936 :1937 :1936 :1937
:Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents
Month- :
Jan. :106.6 144.3 112.6 138.0 132.6 165.9 119.9 171.3 108.7 139.C. .9- 112.2
Feb. :107.1 138.5 110.0 136.5 131.1 159.4 121.4 170.0 109.0 143.2 86.3 114.4
Mar. : 98.1 141.6 105.9 138.6 123.9 153.0 113.8 183.2 lu7.9 143.C 86.4 117.0
Apr. : 94.9 140.8 102.0 140.0 122.6 155.9 105.8 172.C 106.7 143.6 84.9 119.5

Week end-:
ed-
High 2 :108.4 149.6 118.0 144.5 135.4 169.8 123.1 206.2 110.9 147.4 90.2 122.0
Low 2/ : 87.4 129.8 93.3 129.7 108.4 141.6 103.2 124.6 99.5 130.7 80.0 1i9.5

Apr. 3 : 93.3 145.5 101.8 140.5 115.5 --- 105.6 199.2 104.0 147.4 83.5 121.4
10 : 93.6 145.5 99.0 144.5 123.0 169.8 106.5 164.2 102.0 144.7 23. 1i22.0
17 : 94.5 138.4 103.8 135.9 124.0 155.3 103.2 160.8 106.6 142.3 85.2 119.8
24 : 98.2 137.0 106.0 137.4 127.2 158.5 109.8 152.5 110.4 --- &7.3 119.1

May 1 : 93.0 131.8 100.8 134.0 121.3 150.4 108.8 124.6 105.6 135.5 83.S 11.8
8 : 91.8 133.0 96.0 135.6 117.9 141.6 103.5 127.8 102.4 135.8 82.3 117.8
15 : 87.4 129.8 93.3 129.7 108.4 146.3 105.9 127.9 99.5 130.7 80.C


1/ weekly average of daily cash quotations, basis No.
2/ January 1 to date.


1 sacked.


During the past month, No. 2 Hard Winter wheat at Kansas City aver-
aged about 11 cents under wheat parcels at Liverpool, and Chi .-ago July
futures, which represent new crop grain, averaged 11 to 12 cents under
the same future at Winnipeg, and 20 to 22 cents below the Liverpool July
futures (table 5). These price spreads indicate that after 3 years of net
imports because of small crops, United States prices of export types have
largely been adjusted to a shipping differential, which will again make
exports in significant quantities possible in 1937-38.

Futures prices'are now on an export basis, which is also true in
the case of white wheat from the Pacific Northwest. Cash prices of nard
red winter wheat, the principal export type east of the Rockies, remain
sufficiently above an export basis to prevent exports from the very small
supplies of old crop milling wheat remaining in this country.


11 -

Table 4.-Weighted average cash price of wheat, specified
markets and dates, 1933 and 1937




- 12 -


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


Month and year


Honth of Jan.-
1934 .........
1935 .........
1936 ........
1937 .........
ilMonth of Feb.-
1934 .........
1935 .........
1936 .........
1937 .........
Month of Mar.-
1934 .........
1935 .........
1936 ... ....
1937 ........
1Month of Apr.-
1934 .........
1935 .........
1936 .........
1937 .........


: Cash wheat per 1
.: Amount No. 2 Harc
: (Kansas City) av
:. above


: ITo. 3 Mani-'
:toba(Winnipeg)
Cents

.25
.29
.34
18

24
28
34
15

20
: 23
: 30
8

17
24:
28
7


bushel
i Winter
raged.


: Futures per bushel
Amount Chicago
averaged
_: above
*: Winnipeg- : Liverpool
____July : July
Cents Cents


* Parcels
(Liverpooll
Cents

15.
23.
13.
6

19
24.
19,
12

15
17
14
2

10 .
25.
13
(-11)


Reek ended May :
15- .....
1934 .........
1935 ......... :
1936 .........
1937 .........:


1/
T/

TI.


17
4
8
-11


1/ Price of parcels at Liverpool not available.


THE RYE SITUATION

Background.- Rye production in the United States before
the War about equaled domestic utilization. During the
War, acreage was increased and large exports followed.
In 1933 and 1934, production was reduced by drought
conditions to less than the amount normally used in the
United States, and a considerable amount of rye was im-
ported. A large crop in 1935 greatly reduced but did
not eliminate imports.


VS- 7


20
12
-4
-22


18
-8
1
-5

20
-8
.4
-5

1.7
8
4
-10

14
8
7
-12


18
13
-5
-12

21
-15
--3
-12

'18
*16
-4
-15

13
15
-4
-20





- 13 -


The acreage of rye for harvest in 1937, in the 16 countries reporting,
is indicated as 38.9 million acres, or 30,000 acres less than the 1936 acre-
age harvested in these countries. The increase of 1.3 million acres in the
United States is more than offset by decreases in Canada and European coun-
tries. The prospective acr.ge in the United States is, with the exception
of 1935, the largest reported since 1923. The condition of the winter rye
crop in Canada on April 30 was reported as 82 compared with 94 a year ago.
Soviet Russia, which is not included in the total, reports a decrease of 2
percent in the planned rye acreage compared with last year.

The total acreage in the 13 European countries reporting is 34,179,000
r.crcs, compared with the acreage last year of 35,504,000 acres. Germany re-
ports an abandonmcnt of 4.2 percent, leaving 10 million acres for harvest.
This shows-a 10 percent decrease from the 11 million acres harvested last
year. The acreage in Poland is reduced about 1 percent.

Table 6.- Tinter rye acreage sown in specific d countries, 1935-37


Country


193.
1,000 acres


Harvest year
: 196acres
1,000 acres


: 1937
1,000 acres


United States 1/ ............
Canada (total) ..............
Total (2) .................
Belgium .....................
Bulgaria ....................
Czechoslovakia ..............
France 2/ ...................
Germany .....................
Greece ......................
Hungary 3_/ ................
Latvia ............. ........
Lithuania ...................
Luxemburg ...................
Poland ......................
Rumania .....................
Yugoslavia ..................
Total (13) ................
Algeria .....................
Total (16) ................
Russia ......................


; 4,141
: 720
: 14,861
529
: )455
2,514
1,607
11,CS3
: i181
1,581
658
1,258
19
: 14,229
: 9940
: 542
: ~5,601i

: 40,465
: 58, 6o4


2,757
635
3,392
385
402
2,510
1,611
11,00oo6
203
1, 6i6
637
1,206
19
14,347
1,021
541
35.504
4
38.900
57,426


4,092
595
4. 687
385
426
2,437
1,620
l/ 9,966
16o
1,483
682
1,269
19
14, 247
941

_34, 179
4
38.870
J 56,486


Compiled from official sources except as otherwise noted.
l/ For harvest. 2/ Plantings to January 1. 3/ Estimate of the
Belgrade office of the Bureau of Agricultural Economics. Includes mestin.
hj Area provided for in the Plan.

The condition of rye in the United States as reported May 1 indicated
a rye crop of 42.9 million bushels, compared with the 1936 production of
25.6 million bushels and the 5-year average(1928-32) of 38.2 mil.-ush.The May
1 croo report for the 5 most important rye States, which produce about


WIs-7




.S-7 14 -

two-thirds of the total United States rye production, together with the United
States total, is shown in table 7. It will be observed that while May 1 con-
ditions -'ere slightly above average in Wisconsin and Minnesota, they -?ere
moderately below average in South Dakota and natorially below in North Dakota
and Nebraska. The rest of the country camu through the winter in fair to good
condition.

Table 7.- Acreage, condition, and production of rye in the United States


: Acreage : Condition May 1 : Production
: left for : : : : : :
State : harvest : : : : :Indicated
for grain,192332 1936 1937 : 1928-32 1936 : 1937
,,, 1937:,::::
Thousand Thousand Thousand Thousand
: acres Percent Percent Percent bushels bushels bushels

*is.. : 481 U6 87 88 2,189 2,100 5,772
Minn. : 47b4 86 so80 7 5,966 4,325 7,584
N.Drk.: 781 0O 60 59 11,073 2,h48 6,248
S.Dak.: 574 85 61 77 4,072 1,60o 5,166
:T.:br. : 414 _7 _4 71 -__21,JL6 7{__412 2.691
U.S. : 4,092 84.4 74.3 7S.4 38,212 25,554 42,913


The prospective United States rye crop is about large enough to take
care of the usual domestic requirements. The f-arm stocks of 6.4 million bushels
on June 1, 1936 (July 1 stocks are not reported), to-ether with the commercial
stocks of 15.8 million bushels on July 1, 1936, totaled 2 '.2 million bushels.
Uith the 1936 crop of 25.6 million bushels and probn.bl' imports of about 5 mil-
lion bushels, total supplies -vill amount to about 53 million bushels. If the
domestic disappearance in 1936-37 amounts to between 45 and 50 million bushels,
which now seems probable, June 1 farm stocks plus July 1 commercial stocks in
1937 will amount to around 5 million bushels. Commercial stocks on April 1
totaled 3 million bushels this year compared with 7.6 million bushels a year
earlier and 9.7 million bushels in 1935.

European stocks of rye are extremely low aznd substantially below those
of a year ago. On the other hand, there are now relatively large supplies of
new crop rye afloat from the Argentine. World trade in rye during the current
season has shown a slight gain over the extremely low level of last year, but
is still below other recent years, with total shipments since August 1 amount-
ing to 17.8 million bushels compared w-ith 16.2 million bushels for the corres-
ponding period last year and 24.6 million bushels in 1934-35. Poland contin-
ued as the leading exporter, with shipments accounting for 63 percent of the
world total; Argentina is now second, with more than 25 percent of the total
shipments. Shipments from Black Sea ports continued at relatively low levels.

Rye markets have been unusually firm this season, as the result of
relatively small supplies. No. 2 Rye at Minneapolis rose sharply in November
and December, and during the first 4 months of 1937 averaged 113, 111, 109,
and 112 cents per bushel, respectively. For the week ended May 15 they had
declined seasonally to an average of 105 cents, but during the following week
they rose again, reflecting dry conditions, principally in Nebraska.




"S-7


Table 8.- Theat stocks in the United States on April 1, 1933-37


Item


On farms .........................
Interior mills and elevators .....
Commercial stocks .. ............. :
Merchant mills, including stored :
for others 1/ ................ :
Total stocks ...................


: 1933 : 1934 : 1935 : 1936 1937
:1Lillion Million Million !il1 ion zlillion
:bushels bushels bushels bushels bushels


183
96
136


119
87
97


100
515


-75-
2q4


50
50

72
271


72
4o
35
66
21 n


L_ Buoreau of the Census raised to represent all merchant mills.


Supply, distribution, and disappearance in continental
United States, 1923-24 to 1936-37


:- _Supply __ _
:______Stocks July 1 ...


Crnp
y. .r : In
b in- :country: Com-nmr-::
.n. : On : eleva-: cial :


In mer- :
chant
mills and:
elevators:


S : farms : tors : stocks : and :
;: : and : I/ : stored :
: mills : for 21:
S_________ :_ :others-"
:1,000 1,000 1,000 1,000
:bu-hel s bushels bushels bu:hc.ls


1923-214:
1924-25:
1925-26:
1926-27:
1927-28:
1923-29:
1929-30:
1930-31:
1931-32:
1932-33:
1933-34:
19 3-35:
1935-36:
1c3 -11:


35,239
29,349
28,638
27,071
26, 64-
19,585
45,106
60,216
37,867
93,769
82,3U2
62,516
44, 339
6 915


37,117
36,626
25,287
29,501
21,776
19,277
41,546
60o,166
30,252
41,585
64,296
48,150
31,799
22 476


28,956
38,112
28,900
16, 148
21,052
38,587
90,442
109,327
203,967
168,405
123,712
80,54-3
21,951
20. 622


31,000
33,000
25,576
27,505
40,038
34,920
51,279
59,170
41,202
71,714
107,052
83,114
k/49,524
1/-o,500


Total
:*


1,000
bushel s

132,312
137,087
108, 401
100,225
109, 506
112,372
228,373
28, 379
31 ,, 288
375,473
377,942
274,328
147,613
1,7. 76


Newv
crop


:Imports:
: (flour:
:includ-:
: ed) :
: I/ =


Total
supply


1,000 1,000 1,000
bushels bushels bu.shls


759,482
841,617
663,700
832,213
875,059
914,373
823,217
886,470
941,6714
756,927
551,683
525,, 393
626, 354
626.461


14, 578
304
1,747
77
188
91
53
354
7
10
153
15,569
34, 35


906,372
979,008
778, 848
932,515

1,026,836
1,051, 64
1,175,703
1,24, 969
1,132,410
929,778
816,290
808, 642


I/ 1923 to 1926 Bradstreets, -xcl-iding; country elevator stocks.
2/ Stocks in merchant mills and elevators; 1923 and 1924 estim' ted in absence
of actual figures; 1925 to date, Barrau of Census raised to represent all mer-
channT. mills.


Stored for others; 1923 to 1929 estimated in ab.'cnc: of actjl fi,.r-r.;
1930 to date, Bur, a of Census raised to repr-'crnt all merchant mills.
3/ From rcrorts of For:ign and Domestic comn-rce of the United States; imports
include full-duty wheat, wheat paying a duty of 10 percent ad valorem, and flour
in terms of wheat.
4/ Revised on the basis of the 1935 Census of Manufacturing.


,


[ I ,,


22 47


- 15 -


Ta';le 2.- .,nat:


-






Table 9.-
Wheat: Supply, distribution, and disappearance in continental United States,
1923-24 to 1936-37- Cont'd

Distribution
: Exports and shipments 1 :Disappearance _____
Crop year: : :Shipments: : : Feed : Foods :


beginning: Exports : Exorts : (flour :
July : (wheat : flour as: in- :


: only) : wheat : eluded) :
: : : 2/ :
: 1,000 1,000 1,000
: bushels bushels bushels


67,213
59,478
31,428
49,761
45,228
39,106
48,179

36,063
26,5376
10,979
6,798
7,512
3,896


2,973
2,871
2,741
3,082
2,692
3,172
2,283



3,023
2,779
2,783
2,908


Total : Seed


1,000
bushels

148,979
257,839
97,358
209,093
193,919
144 ,392
143,337

115,278
125,654
34,889
28,377
13,314
7,115


: (fed on : and :
: farms of:commercial Total :


: : wheat : feeds :
: : growers): 3/ :
1,000 1,000 1,000
bushels bushels bushels


74,103
79,903
78,843
83,279
89,879
83,677
83,353

80,886
80,049
81,161
75,511
82,467
88,373


66,857
55,956
28,214
34,262
44,500
55,315
59,323

157,188
173,727
124,912
72,261
83,593
97,533


479,346
476,909
474,208
496,375
544,083
515,079
476,751

509,063
500,066
513,506
479,301
489,303
477,945


Carry-cver
4/


1,000 1,000
bushels bushels


620,306
612,768
581,265
613,916
678,462
654,071
619,427

747,137
753,842
719,579
627,073
655,363
663,851


137,087
108,401
100,225
109,506
112,372
228,373
288,879

313,288
375,473
377,942
274,328
147,613
137,676


1/ From reports of Fore imn and Domestic Commerce of the United States. Exports


include only flour


made from domestic 7,:eet; 1923-35 estimated on basis of total exports less wheat imported for
milling in bond and export adjusted for changes in carry-over; 1235-36 figure for exports of
flour wholly from United States wheat.
2/ Shipments are to Alasl:a, Hawaii, Puerto Rico, and Virgin Islands (Virgin Islands prior to
December 31, 1934 included with domestic exports).
3/ Balancing item.
4/ For individual items see supply section.


1923-24
1924-25
1925-26
1926-27
1927-28
1928-29
1929-30

1930-31
1931-32
1932-33
1933-34
1934-35
1935-36


78,793
195,490
63,189
156,250
145,999
103,114
92,175

76,365
96,521
20,887
13,830
3,019
311





WS-7


Table 10.- Wheat: Imports into the United States for domestic
utilization and for grinding in bond and export, 1923-24
to 1935-36 and monthly, 5uly 1936 to March 1937

S: : Wheat unfit : Total imports: For


Crop year


: Full duty
: wheat
: (tariff
: 42 cents)


: Bushels


1923-24
1924-25
1925-26
1926-27
1927-28
1928-29
1929-30
1930-31
1931-32
1932-33
1933-34
1934-35
1935-36
1936-37
July
Aug.
Sept.
Oct..
Nov.
Dec.
Jan.
Feb.
Mar.


*. ..*
....
C....
CSCS* CC


* 9 CC....
.. S C

CCOe.ee

a......


13,783,423
272,548
1,664,843
48,808
161,297
79,136
44,607
40,756
6,057
5,767
143,656
5,905,380


.... i.. /25 329 376
-e ,,~


* CC....:
* 9 0 ... .
o9....., "


3,388,078
4,887,814
3,840,557
4,095,734
2,926,553
3,267,661
1,769,364
1,612,718
1.,375,778


: for human : for domestic
:consumption : utilization
:(tariff of 10 :(total of
:percent ad val.): first 2
: 1_/ : columns)
Bushels Bushels


307,336

1,354
5,729
8,146,044
3/9,189,271

1,Q89,028.
1,406,484
763,131
120,467
272,896
117,312
96,817
52,917
32,300


13,783,423
272,548
1,664,843
48,808
161,297
79,136
44,607
348,092
6,057
7,121
149,385
14,051,424
34,493,647

4,477,106
6,294,298
4,603,688
4,191,219
3,199,449
3,384,973
1,866,181
1,665,635
1,408,078


: grinding
*.in bond
:and export
2/

Bushels

13,904,837
5,813,353
13,421,480
13,171,683
15,043,679
22,480,962
12,903,364
19,013,090
12.878,851
9,372,151
11,341,052
11,064,092
3/11,978,659

100oo6,139
1 115,578
1 156,849
1,150,138
1,326,647
1,268,398
1 194,675
959,035
955,464


Imports for consumption from United States Tariff Commission, July 1923 to
December 1933, and from Bureau of Foreign and Domestic Commerce, January
1934 to date.

1/ Beginning June 18, 1930, a new classification, wheat unfit for human
consumption, was introduced by the 1930 Tariff Act.
2/ Includes wheat for grinding in bond for export, which enters duty free.
Beginning June 18, 1930, includes wheat ground into flour in bond for
export to Cuba, a new classification in the 1930 Act. From June 18, 1930 to
September 3, 1936 the duty on this wheat equaled the reduction in Cuban duty
and the reduction in, the consumption tax applicable by treaty to such
flour imported into Cuba. On September 3, 1936 the consumption tax was
repealed.
3/ Revised.


-17-




- 18 -


Table 11.-Exports of wheat and wheat flour from the
1935-36 and 1936-37 l/


United States,


: 1935-36
: 1,000
: bushels


July-Mar. .... :
Week ended-
Apr. 3 ......:
10 ......:
17 ......:
24 ......:
May 1 ***.....:
8 ......:


235


Wheat


: 1936-37.:
1,000
bashels
1,866

0
0
0
48
84
66


Wheat flour
1935-36 : 1936-
.1,000 1,00(
barrels barr
2,416 2,99


-37
L7
els
17


Wheat
including
1935-36 :
1,000
bushels
11,871


249
108
145
80
155
121


*
*
*
*


Compiled from reports of the Department of Commerce. 1/
in bond from foreign wheat.


Includes flour milled


Table 12.- Wheat: World supply, disappearance and price,.1922-23 to date


: Production :Net : : :
:Canada : : :World: ex- :Stocks: :Total
:United:Argen- :Europe:All : pro-:ports : on :Total :disap
Year :States:tina and: :other: duc-:from :about :supply:pear-
: Aus- : : : tion:Russia:July 1: 1/ :ance
_: : _:tralia : : :


1922-23 :
1923-24 :
1924-25 :
1925-26 :
1926-27 :
1927-28 :
1928-29 :
1929-30 :
1930-31 :
1931-32 :
1932-33 :
1933-34 :
1934-35 3/
1935-36 3/
1936-37 3/
*


: Mil. Mil.
:bush. bush.


847
759
842
669
832
875
914
823
886
937
757,
552
526
626
626


705
847
618
701
798
880
1,076
595
867
732
898
745
650
566
627


Mil.
bush.

1,045
1,257
1,058
1,397
1,216
1,274
1,410
1,461
1,360
1,436
1,490
1,747
1,547
1,575
1,472


Mil.
bush.


606
656
609
613
648
644
596
705
734
755
718
793
604
804
806


Mil. Mil.
bush. bush.


3,203
3,519
3,127
3,380
3,494
3,673
3,996
3,584
3,847
3,860
3,863
3,837
3,527
3,571
3,531


1
21
---
27
49
5

7
112
70
17


Mil.
bush.

588
576
719
566
655
687
753
1,027
943
1,054
1,041


34 -1,142
2 -1,167
29 920
756


Mil. Mil.
bush.; bush.


3,792
4,116
3,846
3,973
4,198
4,365-
4,749-
4,618
4,902
4,984
4,921
5,013
4,696
4,520
4,287


3,216
3,397
3,280
3,318
'3,511
3,612
3,722
3,675
3,848
3,943
3,779
3,846
3,776
3,764


:British
:Parcels
-: average
: price
:per bu.
: 2/


Cents


92
83
109
108
108
104
91
101
76
76
78
70
79
84


I_/ Excludes
2/ Deflated
/ Prelimin


production and stocks in Russia and China.
by Statist Index (1910-1914 = 100) and converted at par.
Iry.


-


*


qea t


1 -j -


flour
1936-37
1,000
bushels
15,575

226
164
47
241
277
278


Date






WS-7


Table 13.- Average price per bushel of wheat, specified markets
and dates, 1937


:Kansas : : Winni-
: City :Minneapolis: peg
: : 2/ : 31


:Buenos :Liver- Great :


:Aires pool
S/ : V


"Britain


: Cents Cents


Cents Cents Cents Cents Cents


Jan.
Feb.
Mar.
Apr.


S.. ....
. o .. .


Week ended -


Mar. 6
13
20
27
Apr. 3
10
17
24
May 1
8
15


...*... 3.
3. 3 3 .. 3 .

3~ *3 333.

. ~330 ~
.. *.* .. .
*3*. *. 3s~ .
3S~~*~~3 *

.5......


138.0
136.5
138.6
140.0


138.0
138.3
136.9
140.9
140.5
144.5
135.9
137.4
134.0
135.6
129.7


165.9
159.4
153.0
155.9


151.5
154.4
153.5
147.6

169.8
155.3
158.5
150.4
141.6
146.3


120.2
121.1
130.3
133.0


122.0
125.1
130.7
138.2
143.1
142.2
131.7
128.4
123.8
125.2
123.5


91.3
99.5
114.2
123.4


103.6
108.6
116.3
127.0
130.0
127.6
118.4
122.2
122.2
123.9
121.2


126.7
124.7
133.0
143.5


126.9
130.2
134.7
140.8
147.4
152.7
141.2
141.1
135.8
138.4
139.4


129.0
119.4
119.1


116.7
116.6
117.8
119.9
124.5
131.2
133-7
135.3


2.23
2.23
2.23


2.23
2.23
2.23
2.23
2.23
2.23
2.23
2.23


Prices are averages of daily prices for the week ending Saturday except as
follows: Berlin prices are Wednesday quotations. Prices at foreign markets
are converted to United States money at the current rates of exchange.

1/ No. 2 Hard Winter.
2/ No. 1 Dark Northern Spring. No. 1 Heavy for week ended February 6.
3/ No. 3 Manitoba Northern.
4/ Near futures.
5/ Home-grown wheat in England and Wales.
6/ Central German wheat, wholesale trade price free Central German Station.


Date


Berlin
6/


-19-


*





- 20 -


Table 14.- '1 heat surplus for export or carry-over in the
three princip .1 exporting countries, United Kingdom
port stocks and stocks afloat, May 1, 1934-37 1!


Position 1934 1935 1936 : 1937

:1il. bush. Mil.. bush. I.'il. bush. !.Iil. bush.
C, na .e..:
In OanadC .................... : 254 237 203 77
In United States ............. 2 12 10 12
Argentina ...................... 137 97 42 v3
Australia ...................... 96 69 50 54
Total .................. : 489 415 305 176
United Kingdom port stocks ..... 14 11 10 12
Stocks afloat to:
United Kingdom ............... : 12 15 14 14
Continent .................... : 9 7 10 24
Orders .:..................... : 10 8 8 13
Total .................. : 45 41 42 63
Total above ............ : 534 456 347 239
_/ Carry-over at the Ie iniin. of the year (Canade, July 31; Argentinea, Jan-
upry 1; Australia, Deceor.ber 1 of the previous yeear) plu.s production, minus
domestic utilization for the year, minus monthly exports to date.


Table 15.- Shipments of wheat, including flour from principal exporting
countries, specified dates, 1935-36 and 1936-37

: Argentina : Australia : Danube W North America
Date : : : :
:1935-36:1936-37:1935-36:1936-37 :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 bushels bushels bushels bushels bushels bushels bushels

July-.:ar. : 65,920 128,934 89,712 72,992 7,936 48,360 151,624 181,950
Week ended:
Apr. 10: 1,296 7,536 2,392 1,992 72. 488 3,280 2,208
17: 376 5,504 1,940 2,044 16 1,320 3,312 2,840
24: 8Q4 5,992 1,376 2,624 144 1,184 3,560 2,008
M;y 1: 1,146 2,572 1,476 1,128 0 2,368 6,008 3,096
8: 952 1,689 1,852 2,236 0 2,640 6,680 2,417
15: 1,136 2,068 2,384 3,054 0 1,616 5,216 4,738
22: 1,228 1,990 1,872 3,222 0 1,616 6,680 4,499

Compiled from Broonhall's Corn Trade News.





WS-7


Table 16.-


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


: Exports as given by official sources :
: Total : July 1 to date shown :
--- ,_ _Date
: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


United States *.....:
Canada ........ ..:
Argentina .......... :
Australia ......... .
Russia ............ .
Hungary ...........:
Yugoslavia .........:
Rumania ............:
Bulgaria ...........:
British India ......
Total ............


37,002
198,555
144,854
86,509
33,787
29,615
839
248
4,236
2,084


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


15,930
237,447
76,577
102,258
29,704
14,644
728
9,996
907
2,529


17,630
147,483
158,824
71,232
3,699
7,764
3,394


1,49 6


11 ,371
180,412
68,314
64,614
28,026
9,190
124
9.996
954
1,462


15,57
189,49
149,86
54, 04
3,29
20,380
11,11
5.08
11,47


5 Mar.
7 Apr.
7 Apr.
9 Feb.
4 Feb.
5 Feb.
5 Feb.
2 Feb.
5 Feb.
9 Jan.


31
30
30
28
28
28
28
28
28
31


537,729 513,483 490,800


: Shipments as given by trade sources
: Total : Week ended (1'37) : July 1 .ayl5
:1934-35:1935-36: May 1 :May 6 :May 15 : 1935-36 : 1936-37
:1,000 1,000 1,000 1,000 000 1,000 1,000
:bushels bushels bushels bushels bushels bushels bushels


North American 1J/ :162,832
Canada,4 markets 2/ :176,059
United States ......: 20,997
Argentina .......... :1 ,2 8
Australia ..........:Ill,626
Russia .............: 1,672
Danube & Bulgaria V/: 4,104
British India ...... :_/2,318


219,688
246,199
14,207
77,3:4
110,063
30,224
8,216
4/2,529


3,096
3,576
277
2,572
1,128
0
2,368
104


2,417
1,903
273
1.,689
2,233
0
2,640
8


4,733
2,341

2,068-
3,054
0
1,616
56


179,680
210,852
6,340
71,712
101 132
26,616
8,168
256


199,257
178,008
7,922
154,295
86,067
88
57,976
8.936


Total 5/....... :468,782 448,101 339,564 506,619
Total European : 6/ 6/
shipments 1/.....:887,752 355,032 8,352 297,688 403,432


Total ex-European :
shipments 1/..... :147,938 133,525


/ 6/
109,464 109,392


2,o80


Broomhall', Corn Trade INews.
Fort William, Port Arthur, Vancouver, Prince Rupert, and New Westminster.
Black Sea shipments only.
Official.
Total of trade figures includes North America as reported by Broomhall's,
but does not include items 2 and 3.
To May 1,


Country


-21-




UNIVERSITY OF FLORIDA

1111 3 1262 IIIIIIIII II108861 B 1IB
3 1262 08861 8185


Table 17.- Net imports of wheat,
countries, ycar be.innin,


including flour, into European
July 1, 1935-36 to 1936-37


: Net imports re-orted
Country 1935-36 : 1936-37 : July 1 : 1935-36 1926-37
:forecast 1/ : to
.: i'.illior. : millionn : : million : Million
: bushels : bushels : : ashols : bushels

Austria .........: 7 10 :Feb. 28 : 5 5
el-iu ......... 39 : 42 :Fe'.' 28 : 26 : 28
Czechoslovakia...: 1 : 2/ -7 :ar. 31 1 2: -5
Den: rk .... ....: 10 Mar. 31 : 6 6
Finland ..... ...: 4 3 :Feb. 28 : 2 2
France ..........: 7 22 :Dec. 31 7 : 4
er.. ... .. ..: / 18 :Mar. 31 : 3/ 1
Greece .........: 15 : 17 :Jan. 31 : 8 5
Irish Free State.: 15 : 11 :Har. 31 : 11 : 11
Latvi.a ..........: 2J -2 1 :Feb. 28 : 2/ -2 :3
terla:1s ..... 22 :Mar. 31 16 16
Torw- .......... : 8 : 8 :iar. 31 :. 6 5
Poland ..........: 2/ -8 : ~-6 :Feb. 28 : 2/-6 : 2/ -5
Portu.al ........: 2/ -3 3 :FeL. 28 3/ :3/
S-._in ..... ........ 4/ : 6 :Jime 30 :3/
3vco:.en ............: 2/ -2 : 1 :Mar. 31 : / -2 4/
Sw itzerlan ic ......: 17 17 :iar. 31 : 12 13
Unite, KiIndor:....: 2 05 : 220 :IIr. 31 : 150 : 153
Total ir'ports : :
of -1:ove .... : 348 : 411 :
tal. ........... 7:62 : :
Total ii.-.orts..: 355 : 473 : : 250 : 249
Total ex-,orts..: 15 : 13 : : 10 : 10
.
Total, net : :
i ,orts......: 340 : 430 : 240 239

Co:-.ilede from: official sources, cxcent ns otherw.-ise stated.
1/ >.sc. aInr.ely on esti:.-.-.tes of the Forci-n Offices of the Bureau of Arri-
cultural Econor.iics.
2_/ ',Tt c'xorts.
3/ Less than 500,000 bushols.
-4/ ,]t ex-'orts of less than 500,0r, bushcls.


.7S- 7


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