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.

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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:
AA00012162:00027

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Full Text
V


UNITED STATES D7FAPT.F.IT OF ARILCUMLTRE
Bureau of Agricultural Sconomics
.Jas,. injton

WS-12 October 23, 1i27.

THE WHEAT SITUATION


Summary

.'Wheat prices during the next few months, the Bureau of A-ricultural Econ-

omics states, will defend largely on rhr.wn-es in crop prospects in Arxentina .'ind

Australia, Soviet Russia's policy regarding exports, the tenseness of the political

situation in Europe, reoyrts on the area sown and progress of next year's crops in

the Northern Hemisphere, and domestic business conditions. For several weeks the

decline in stock prices has depressed wheat prices, and general business sentiment

will continue to affect wheat prices.

The combined crops in Argentina and Australia are still estimated to be

about 40 million bushels smaller than last year. Rainfall has continued inadequate

for the crop in lar.e areas of these two countries.

While sorea western areas of the United States remain dry, moisture condi-

tions for winter wher.t are generally better than a year ago.

Exports from the United Startes during the current season to date have been

small amounting to only about 17 million bushels during the July-October 15 period.

This has been the result of a nu- "b-r of factors, one of the most important of which

has b.en the extreme short.-ge of ocean shipping space, which has resulted in the

highest ocean freight rates in recent years. Th, widening of the spread of United

States price-s 'rind r those in importing countries, however, has recently become

great enough to offset the higher rates and exports have increased. Cheaper

offerings from other countries and the uncertainty regarding the quantity of

Russian shipments also have been significant factors in reducing the foreign

demand for United States wheat.







WS -12


Soviet wheat exports remain largely a matter of conjecture, the prices

being dependent upon government policy. The apparently good 1937 crop and the high

level of prices favor fairly substantial Soviet exports this year. If a more tense

political situation should develop in Europe, the various countries would undoubt-

edly make an effort to increase wheat stocks.

Prospective world wheat supplies for the current year (beginning July 1),

excluding those of Soviet Russia and China, are still estimated to be about 60 mil-

lion bushels larger than the small supplies of 1936-37. The reduction in carry-

over stocks of 210 million bushels compared with last year, are more than offset

by a 270 million-bushel increase in the estimated world crop. On the basis of these

present estimates and allowing about 30 million bushels from Soviet Russia, if dis-

appearance in 1937-38 is about the same as the average for the past 3 years, world

stocks next summer will be less than 600 million busnels. World stocks this year

are estimated at about 520 million bushels,comparre' with 650 million bushels in the

1924-28 period, before large stocks accumulated.

THLE, WORLD V.HEAT SITUATION

BACKGROU D.- Total world supplies of wheat, after increas-
ing from 1929 to 1933, declined sharply as a result of suc-
cessive years of small production and increased world demand.
Apparent world disappearance has averaged about 3,770 million
bushels during the past 10 years. World market prices of wheat
have moved steadily upward since the spring of 1933, reflecting
higher -orld com.,odity price levels, four successive below aver-
age harvests in North America, and the 1935-36 short Southern
Hemisphere crop. World prices during 1936-37 advanced sharply
as a result of increased demand and the smallest supplies in
recent years.

World wheat production above last year

The 1937--'8 wheat crop of the world, excluding Soviet Russia and China, is
now estimated at 3,809 million bushels, which is 7 percent above the estimated
world harvest last year, and is 6 percent above the 1935-36 harvest. The current
crop, in the United States is placed at 887 million bushels, or 1 million bushels


- 2 -






WS-12


larger than Septemberr indications. The Canadian crop estimate will not be re-
vised until November. The 30 European countries reporting indicate a yield of
1,530 million bushels in Europe. This is a gain of 3 percent over the small
European.crop of...last year, but is 3 percent less than the 191.5 production. The
decrease of 7 million bushels from the September total is accounted for by the
downward revision of 12 million bushels in the estimated yield in Spain and the
3 million-bushel decrease in the estimate for England and Wales. These decreases
were only partly compensated for by upward revisions in the estimates for Greece
and Austria. The crop in the Danubian countries, reported at, 57 million bush-
els, is 7 percent below the large 1936 prop. The total of other European countries,
however, shows a gain of 7 percent over last year's crop.'

.' The Bureau's September estimate of production 'in ArgentiTa' and Australia
remains unchanged. During the latter part of Scptember 'and 'the first of October,
r rainfall improved conditions in some drought areas in the Argentine.- In most
sections, however, the precipitation has been inadequate for the needs of the
crop. In Australia the drought has continued with only sli hit' relief from
scattered showers. Good rains are urgently needed over large areas.

The 1937 wheat crop.in CLina is now estimated at 640 million bushels, which
is 151 million bushels below the 1.936 production and is 140'million bushels less
than the average production for the 5 years, 1931-35. T.'e relatively low 1937
yield was caused by unfavorable weather conditions, particularly in PIorth China.
The quality of the new crop is reported to be higher than'that'of the 1936 harvest.

World wheat trade

Table 2 shows what seem.n to be a reasonable expectancy 'of the quantities
of wheat which may be furnished by the various, shippers'for the -year beginniin_7
July 1, 1937, assuming net exports of about 485 millionrbushels 1/, together with
n-t exports for the 2 years preceding.. The estimates 'f6t 1937 'are based on pre-
sent estimates of carry-over stocks and crops,' As estimates'are revised or demand
prospects change, the probable export figures.iill need'to be adjusted accordingly.

Table 2 also shows. approximate shipments during gJuly through October 15 for
the pact 3 years. While shipments during this'-priod'this year have been smaller
than in 1936, the: are only about 14 million bushels' ess- than- in 1935. The esti-
mrate for the 1937-38 total moverr.'nt is about 24 million bushels less than the
1935-36 total.

In 1935-36 and 1936-37 the United States, was a net- importer and Cacirnd-
was a heavy shipper. This year, with a small 'carry-ovor *ind a very small crop,
Canada is not expected to export ir.or_ than abott '65 million bushels. Figures
showing the actual movrm..nt of -wh ct 'reported to date 'apear-in tables 7-10.

Exports from the United States during, thecurrent season to date hwvc
becn srr:all, -i.ounting to only about 17 milli6onbusihels for the period July 1 -
Octob-.r 15. This 1.-s br"-n the result of a numnbor of factors, one of the most

1/ Discussed in th, Sltumbcr issue of The Ih';at Situation, paic 13.


- 3 -






- 4 -


Table l.-Production of wheat in specified countries, 1934-35
to 1937-38

Country : 1934-35 : 1935-36 : 1936-37 : 1937-38
: 1.000 1.000 1.000 1.000


NORTHERN HEMISPREB :
North America:
United States ........... ;
Canada ..................:
Mexico :.................:
Total (3) ............ :
Europe:
England and Wales .......:
Scotland ................:
Northern Ireland ........:
Irish Free State .........:
Norway *.........:
Sweden *... *..........:
Denmark .. ............ .
Netherlands .............:
Belgium .................:
France ... ..............
Spain ...................
Luxzemburg .............:
Portugal ................ :
Italy ....... *...... ...:
Switzerland .............:
Germany .................:
Austria
Czechoslovakia ..........:
Greece...................:
Poland ......,...........:
Lithuania ...............:
Latvia ... ...............
Estonia .................:
Finland .................:
Malta ...................:
Albania ..............:
Total (26) ............ : 1
Bulgaria .... ...... .. ... :
Hungary ..0..... ..........
Rumania ** ***.............:
Yugoslavia ..............:
Total (4) ....,.......:


: bushels


526,393
275,849
10,950
613.192


65,259
4,144
363
3,803
1,204
27,806
12,847
13,042
16,757
338,513
186,834
1,171
24,690
233,064
5,519
166,547
13,306
50,014
25,679
76,441
10,476
8,051
3,107
3,280
310
1,628
,298,855
39,595
64,824
76,553
68,328
249.300


Total Europe (30) .....: 1,548,155


bushels


626,344
281,935
10,712
918,991


918,991 869.285 1. 088. 035


60,592
4,480
362
6,686
1,767
23,610
14,672
16,653
16,101
284,950
157,986
1,022
22,092
282,760
5,989
171,488
15,509
62,095
27,180
73,884
10,093
6,520
2,267
4,233
179
1,554
1,274,724
47,925
84,224
96,439
73,101
301.689


301.689 383.231 356.702


1.576.413


bushels


626,461
229,218
13,606
869.285


51,445
3,547
273
7,839
2,094
21,525
11,390
15,575
16,153
255,932
121,490
1,070.
8,651
224,999
4,470
4/162,660
14,042
55,583
21,338
78,357
7,949
5,272
2,433
5,442
236
1,128
1,100,894
59,304
87,789
128,717
107,421
383.231


1.484.125


bushels


886,895
188,191
12,949
1.088.035


48,832
4,181
1/ 240.
l/ 7,200
2,535
26,492
2/ 11,900
12,860
3/ 14,700
3/246,200
2/135,000
1,192
14,540
294,305
6,162
4/157,886
14,852
49,596
33,977
65,771
7,973
6,376
2,895
5,989
326
(1,100)
1,173,080
64,233
70,231
136,001
86,237
356.702


1.529.782


Continued-


*S-12






WS-12 5 -

Table 1.-Production of wheat in specified countries, 1934-35 to
1937-38 cont'd


Country


1934-35


: 1,000
: bushels
NORTHERN HEMISPHERE CONTD:
Africa:


Algeria ................. :
Morocco *.................:
Tunisia ..................
Egypt 0.... .. .......... .:
Total (4) .............':
Asia:
Palestine ...............
Syria and Lebanon .......:
India ....................
Japan .. ............ ...:
Chosen ........ ............ :
Turkey ................... .
Total (6) ............. :
Total 43 countries ....:
Estimated Northern Hemi-
sphere total,exclud- :
ing Soviet Russia and :
China 5/ .............:
SOUTHZERI HEMISPHERE :
Argentina .................. :
Australia .... ............. :
Union of South Africa .....:
Estimated world total, :
excluding Soviet Russia :
and China 7/ ...........:


43,528
39,586
13,779
37,277
134,170


3,044
16,279
349,813
47,660
9,268
99,712
525,776
3.021.303


1935-36
1,000
bushel s


33,532
20,036
16,902
43,222
113,692


3,834
18,520
363,216
48,718
9,747
92,640
536,675
3.145.771


3,096,000 3,210,000 3,075,000 3,382,000

240,669 141,462 247,834 6/ 205,000
133,393 144,217 150,106 (155,000)
16,936, 20,195 16,195 (15,000)


1936-37


1,000 -
bushels


29,774
12,234
8,083
45,700
95.791


2,795
15,998
351,680
45,192
8,078
138,497
562,240
3.011.430


1937-38
1,C0'0
bushels


34,362
18,372
18,372
45,378
116,464


(2,800)
13,962
366,165
49,605
11,041
140,311
583,884
3.318.185


3,544,000


3,582,000


3,545,000


3,809,000


Compiled from official data except as otherwise noted. Revised from last
month.
I/ Estimate of the London office of. the Bureau.
Estimate of the Berlin office of the Bureau.
/ Estimate of the Paris office of the Bureau.
/ Includes the Saar.
5 Includes, besides countries listed, estimates for wheat producing countries
of the Northern Hemisphere for which reports are not available.
6/ Unchanged from September. Based on weather conditions.
7 Includes, besides countries listed, estimates for wheat producing countries
of the world for which reports are not available.






VJS-12 6 -

important of which has been the extreme shortage of ocean shipping space, which
has resulted in the highest ocean freight r-ites in recent years. The widening of
the spread of United States prices undr-r those in importing countries, however,
has recently become great enough to fully offset the higher rates and exports
have increased. Cheaper offerings from other countries and the uncertainty re-
garding the quantity of Russian shipments also have been significant factors in
reducing the demand for United States wheat.

Table 2.- Wheat movement, 1937 compared with 1935 and 1936

Total net exports : Approximate shipments
: year beginning July 1 : July 1 Oct. 15
Country : : : 1937 : I -
1935 1936 :(probable) : 1935 1936 1937
: Million i.illion I'.i lion Million .li llion Hi llion
: bushels bushels bushels bushels bushels bushels

United States.: 1/ 1/ 95 / 1/ 17
Canada 2/ ....: 237 213 65 33/41 /84 3/30
Argentina .... 77 162 100 38 16 12
Australia ....: 102 96 95 26 19 18
Danube .......: 23 87 65 3 23 14
Soviet Russia.: 29 4 4/ 30 14 0 12
Other ........: 41 46 35 10 11 15
Total ......: 509 603 485 132 153 118
1/ Net imports.
2/ Includes Canadian exports to the United States.
5/ Shipments from Fort William, Port Arthur, Vancouver, Prince Rupert, and New
Westminster.
4/ Not a forecast, but a nominal figure'based on 1933 and 1935, when net exports
amounted to 34 and 29 million bush. 1s; it could be more or less depending on
government policy.

Foreign wheat prices

Liverpool wheat prices turned upward from about August 23 to late
September, largely as the result of higher prices asked on new shipments of
Australian and Indian wheat and also on January-February shipments from Argen-
tina. During the first week'in October, Liverpool prices declined sharply as
shipments from Soviet Russia became heavy. On October 9, however, Soviet Russia
raised its quotations 3 cents, thereby possibly suggesting that it did not in-
tend to force very large exports this-year. At the same time, the downward
trend in prices appeared to have bLtn checked.







WS-12


- 7 -


The December future at Liverpool averaged 51 cents higher for the week
ended )ctober 9 than for the week ended August 2g, while Winnipeg averaged
only 2-1 cents higher; thus the spread between these two markets widened. The
advance in the November future at Buenos Aires was 22 cents during the same.
period, largely as a result of a tight supply situation as the November delivery
month approaches. This latter advance, however, has subsequently been greatly
reduced.


Tpble 3.- Average closing prices of December wheat futures, specified
markets 'snd dates, 1936 and 1937

: Winnipeg : Liverpool : Buenos : hicgo : Kansas : Minneap-
Date : I 1 : Aires __ : cag City : olis
: 193n: 1937: 193: 1937: 193 1937 : 19: 1937: 1936: 1937
:Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents


Month
July : 92.5 134.1 98.9 140.3 -- 105.9
Aug. : 99.3 122.3 109.7 127.5 -- 111.3
Sept. :102.7 123.9 115.7 130.2 -- 112.3
Week
ended
Sept.18:1D4.2 12.1 117.3 129.5 2/98.6 2/122.6 112.6
" 25:108.A 123." 121.4 130.7 2/99.6 2/123.4 115.5
Oct. 2 :106.5 127.( 118.4 135.0 2/97.2 2/123.3 113.7
" 9 :10i. 121.9 119.9 13l.4 98.2 2/137.7 114.5

High 3/:108.6 138.9 119.9 143.42/106.7 17.7 115.5


124.6 102.7 120.3 117.5 134.1
111.0 112.C 104.8 124.5 119.2
lo6.6,111.8 iCl.4 125.1 114.7


104.0 111.9 98.5 125.1 112.5
106.0 115.0 101.2 129.1 114.2
108.3 112.9 IC4.C 126.8 115.7
103.4 112.7 99.3 127.7 110.9


128.0 115.0 123.8 129.1 138.4


Low 3/ : 8-.8 119.5 90.0 125.0 V/97.2


115.2 99.3


103.4 94.8 99.3 1C8.5 110.9


I/ Conversions at noon buying rate of exchange.
2_ November futures.
3/ July 1 to date.

THE D(,MESTIC WHEAT SITUATIru

BACKGRUliD.- The carry-over of wheat in the United States for the 5-year-
period (1924-28) averaged b--out ll million bushels. Stocks which begnn
to -.ccumulate in 1929 re;.ched the record neek of 378 million bushels in
1933. Four sm.ll wneat crops since th-t time, however, reduced stocks to
103 million bushels by July 1, 1937.

Domestic wheat prices from the spring of 1933-34 to that of 1936-37
were unusually high relative to world m-rkat prices, as a result of four
small domestic crops caused largely by abnormally low yields per acre.
During 1936-37 both world and domestic prices P.dvpnced sharply as a
result of increased demand and the smallest supplies in recent years.






WS-12


Domestic wheat supplies. -. ;' :

A total wheat crop of 836,395.000 bushels in the United States was
indicated by the--October 1 crop report.. *This is about one million bushels
mnre than the 85,950,Q000 bushels reported. September 1. The increase is
entirely in the estimate for.s'ring wheat production (durum production was
increased 1,038,000 bushels), as the winter whep.t estimate remr.ins unchanged
from August until it is revised in December.

About 23,500,OOO00 acres were seeded to spring whe,.t this year, this
acreage has been exceeded:only three -times in the history of the United
States (the winter wheat acrespe seeded was the largest in history as
was -lso the combined. seeding of winter and spring.)

Yields per seeded acre of sPring,;rheat pveragfd 8.5 bushels compared
with 11.9 bushels, the average-of the lC-ve,-r (1923-32) period. Yields ner
acre of spring wheat were generally below the 10-year average excePt in
the area west of the Rocky Mountains. With the ePc-option of the Pacific
Northwest, -Minnesota wastee only important spring wheat producing State
* reporting an abovee average yield this year.. In the remainder of the principal
spring wheat producing region, the crop suffered severe injury from drought
and black stem rust.

Supplies of Hard Red Spring and durum wheats ?-re about nmple to take
care of prospective requirements /, while supplies of hard and soft red
winter and white wheats are consideer.bl,y in excess of domestic requirements.
On the basis of exports of bout 95 million bushels 2/, which would be"
mostly of hard red winter wheat,'carry-over stocks on July 1, 1939, mould
be-expected to amount to. about 200 million bushels. While stocks nf this
size would be larger thpn those of the past 3 ye'rs, they would fell far
short of the 1930-34. average of 326 million bushels.

Domestic wheat prices

Wheat prices in domestic markets remained at about the same level
during the period from lvte August to late September, when Liverpool prices
were rising, This widened the spread of domestic prices under those of
Liverpool. No. 2 Hard Winter at Kansas City (table 4) averaged 1/2 cent lower
and No. 1 Dark Northern Spring at Minneapolis averaged 1-1 cents lower for the
week ended Cctober 9 than for the week ended August 2S. The price of No. 2
Red at St.Louis aver-aged one-half cent higher during the same period. The
spread of the Chicago December future under the Liverpool December (table 5)
widened to 27 cents, and the spread of the Kansas City and Liverpool December
future to 31 cents, the widest this season. As -. result, exports from the
United States increased.

I/ A table showing estimated prospective wheat supplies pnd distribution
by classes for 1937-38 was published in The Wheat Situation for September,
page 18.




WS-12 9 -

T-.ble 4.- Weighted average cash price of wheat, specified markets and
dates, 1936 and 1937

:All classes: No. 2 :. No. 1 : No.2 H.rd : No. 2 :Western
:and grades :Hard Winter:Dk.N.Soring:Amber Durunm:Red Winter:White
Date :six markets:Kansas City:Minneapolis:Minneanolis:St.Louis :Seattle 1/
_1936 : 1937:1936 :1937 :1936 :1937 :136 1937 1936 :1937:193611937
:Cents: Cent.:Ceats :Cents:C enta:Ge ta:riants: ets:Cents:Cent s: Cet: Cents
Month : : : : : : : : : :
July .... :109.7:118.7:111.0:1'22.5:135.'5:151.2:142.7:133.0:105.6:122.0:89.8:110.0
August ...:126.6:107.5:122.0:111.8:146.6:132.8:149.1:116.3:117.4:112.0:97.2: 98.3
September.' :124.8:108.7:122.1:1 09.5:146.5:133.5:136.8 :110.1:-119.4 .:109.2:-95.5: 93.9
Week ended: : : : : : : : :
Sept.18 .. :125.4:106.3:122.0:106.6:144.'i:132.O:138.4:106.5:120.3:106.8:95.6: 91.1
25...:128.1:107.9:125.9:o9.3:1496:5:131.8:147.S:105.4:121.4:109.1:97.5: 94.3
Oct. 2 ...:126.9:109.7:122.0:111.3:146.9:133.1:150.6:109.5:119.2:111 .9:95.9: 94.6
S9 ....:+128.1:106.0:121.8:107.4:148.2:128.9:157.4:109.4:121.5:107.4:97.0: 91.S


High 2/
Low 2/


:128. :123.O:125.9:125.3:150.0:156.2:165.8:148.l:121.5:128.1:99.7:116.6
: 99.4:106.0:100.3:106.6:124.5:128.9:125.4:105.4: 96.5:106.8:81.S: 91.1
* ____ ____ __ __ ____* .___ .__ ._ .__.__._ ___ I ________


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


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


Month and year :


: December futures per bushel : Cash wheat per bushel
: -Amount Chicago : Amount Kansas City:Amount No.2 Hd.Winter
: aver-.ed : averaged : (Kansas City) averaged


above


abov e


:; above_
:No. M3ni-" :


:Winnione,


Cent s


Aug.
1934
1935
1936
1937

Sept.
1934
1935
1936
1937


.........: 16

......... : 12
......... : -11I


.........:
.........:


Week ended
Oct. 9
1934 ........
1935 ......... :
1936 ......... :
1937 ......... :


19
6
10
-17



17
14
6
-1i


:Liverpool:WinniTeg :Liverpool: toba.


Cent s


13
12
2
-16


19
7
-3
-24


20
11
- 5
-27


* (T.4 -.r.l ~


: : innipeg) :
ts Cents Cents Cents


12

12
-18


16
10
9
-22


-23


9
13
2
-23


16

-
-29



19
13
- 7
-31


23
28
25
-10


28
32
22.
-12



26
38,
16*
-11


13
18
7
-23


22
24
8
26


'I
IL!

71/.


I/ Liverpool narcels not available.







Table 6.- Average price per bushel of wheat, specified markets and dates, 1937

Date : Kansas:I-.inneapolis:W'iinnireg: Buenos : Liver-:Great Britain:Berlin
:City I1/: 2/ -: 3/ :Aires A/:pool A4/: 5/ : 6/
: Cents Cents Cents Cents Cents Cents Cents
Month
July ......: 122.5 151.2 138.9 126.0 143.7 129.8 223.0
Au. .. .....: 111.8 132.8 .21,9 124.1 126.9 125.4 213.9
Sept. ..... : 109.5 133.5 121.1 125.2 130.4 115.4
Week ended- :
Sept. 4 ...: 107.9 130.2 .117,7 125.0 125.3 114.1 215.5
11 ...: 112.2. 123.1 I .121.0 128.0 129.6 112.7 215.5
18 ...:.106.6: 132.0 119.4 122.6 129.6 113.6 215.5
25 ...::109.3 131.8 121.4 123.4 131.3 116.1 215.5
Oct. 2 ...::111.3 135.1 .125,2 128.3 136.6 120.4
9 ... ::107.4 128.9 118.2 1-37.7 132.1
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.
* / No. 2 Hard Winter. 2/ No. 1 Dark Northern Spring. 3/ No. 3 Manitoba Northern.
T/ Near futures. 5/ Homrn--grovrn. wieat in England and .Tales. 6/ Central German
wheat, wholesale trade price fr..c Central G-rman Station.

Table 7.- Exports of 'wheat and wheat flour from the United States, 1936 and 1937
(Includes flour milled in bond from foreign wheat)
Period _: ThCIt : Who-at flour : heat including flour
: 1976 : 1937 : 1936 : 1937 : 1936 : 1937
: 1,000 1,000 1,000 1,000 1,000 1,000
bushels bushels barrels barrels bushels bushels
July-Aug......: 242 7,593 597 642 3,055 10,615
I'/eek ended-
Sept. 4 ...: 111 403 35 44 275 610
11 ...: 0 269 40 68 188 589
18 ...: 261 724 37 19 455 813
25 ...: 6l 636 27 103 159 1,120
Oct. 2 ...: 92 655 67 43 407 857
9 ...: 366 1,363 44 63 573 1,659
Compiled from reports of the Department of Comrncrcc.

Table 8.- Shipments of what, including flour from principal exporting
countries, specified dates, 1936 and 1927
: ArCgntina : Australia : Danube : North America
Period
rod1976 : 1937 : 1936 : 1937 : 1936 : 1937 : 1936 : 1937
: 1 ,000 1,000 ,000 1,000 1,000 1,000 1,000 1,000 1,000
:bushuls bushels busil:_s bushels bushels bushels bushels bushels
July-Aug. .... 8,576 6,756 9,496 11,329 6,248 4,912 50,200 22,032

Week ended-
Sept. 4 ...: 808 996 1,356 836 1,336 712 :5,104 2,160
11 ...: 1,336 892 960 944 3,552 1,144 :5,656 2,128
18 ...: 952 560 1,844 380 2,872 1,616 : 6080 2,-904
25 ...: 792 412 2,176 1,184 1,800 1,456 4,168 3,024
Oct. 2 ....: 1,156 1,144 1,376 704 3,000 1,288 5,400 3,312
Compiled from Broomhall's Corn Trade Hews,


WS-12


- 10 -








- 11 -


Table 9.- !.!ovonent of wheat, incluiir. flour, from principal export-
ing countries, 1934-35 to 1937-38


: Ex-ports as given by official sources :
Country : Total : Jluly 1 to date shown : Date
:1934-35: 1935-36: 1936-37:1935-36:1936-37:1937-38:


: 1,000
: bushels


1,000
bushcl g


1,000 1,000 1,000 1,000
bushels buihels bushels bushels


Unite- States ........: 21,532
C i ,noi- ............... :169,630
Ar;entin- ............ :187,000
Austr-lia ............ :108,007
Russia ...............: 4,286
Hugay ..............: 12,499
YuDosl.via .........: 4,401
r.io nia ............... 3,432
Bulgaria .............:. 375
British India ........: 2,318
Total ..............:513.480


: Total
:L35-36: 19.,3-37
: 1,000 1,000
: bushels bushels


1North American 2_/ ....: 220,464 225,902
0Cnal-, 4 markcPts 3/ : 246,199 194,531
Unite" States ........ : 7,219 10,049
Argentina ........... .: 78,312 164,678
Austrr.lia ............: 110,576 105,836
Russia ............... : 29,024 88
Danube & Tulgaria 4/..: 8,312 65,544
British Ir.ia ........ :/ 2,5564/13,087
Total 6/ ..........: 449,244 575,135
Total Earopean ship- :
ments 2J ....... : 360,264 484,600
Total ex-Eurorcan
zhil:nents 2/...... : 131,760 127,192


15,929 21,584 2,509 3,055 10,6:
237,447 213,028 53,382 73,239 25,2
76,577 162,085 32,740 12,817 11,1I
102,258 95,970 7,523 -4,093. 7,1(
29,704 4,479 4,288. 530 3,0
14,644 27,428 1,071 2,964 5
728 17,302 34 79 3
6,391 35,540
988 7,273 0 151 7
2,556 1/13,087 _
487,222 597,776.
Shibrents ns T.iven by trade sources


: Week ondod
:Sert.25:Oct. 2.


1,000
bushels

3,02.4
3,234
1,120
412
1,184
1,416
1,456
472


1,000
bushels

3,312
2,843
857
1,144
704
1,768
1,288
232


L5
37
57
34
80
02
91


Aug. 31
Sept. 30
Sept. 30
July 31
Aug. 31
July 1
July 1


78 July 31


(1937) :July 1-Oct. 9
:Oct. 9 :1935:3-37:19 37-38
1,000 1,000 1,000
bushel's 3us els buFhels


4,051
4,236
1,659
1,218
900
.2,504
1,630
552


83,120
85,738
3,270
14,080
18,000
0
20,776
1,896


39,611
26,648
14,457
11,978
16,276
10,144
12,808
7,424


137,872 98,241

7,488 7/89,104 Z65,176


1,488


2/37,056 -'9,272


V1 Total of 10 months.
2J Broor.iall's Corn Trae News.
g/ Fort William, Port Arthur, Vancouver,
4/ Black Sea shipments only.
5/ Official.
6/ Total of trade figures includes North
but does not include items 2 and 3.
7/ To September 25.


Prince R2pert, and liew Westminster.


Arkerica as reported by Broohrall's


WS-12






WS-12


- 12 -


Table 10.- Net imports of wheat, including flour, into Euronean countries,
year be:rinninr- Jaly 1, 1936-37 and 1937-30


Set imports reported
Country : 1936-37 : 1937-38 : July 1 : 1936-37 : 1937-38
: :forecast 1/: to : :
: Million Million Million Million
: bushels bushels bushels bushels

Austri. ................ : 10 10 July 31 1 1
Belium ...............: 40 40 July 31 3 3
Czechoslovakia .......: 2/-11 2J -1 Aug. 31 3/ 2J/ -1
Donnxrk ..............: 7 7 Auc. 31 2 1
Finland .............. : 4 3 July 31 4/ 4/
France ...............: 5/ 7 26
Germany ..............: 23 28 Aug. 31 3/ 16
Greece ...............: 21 13 July 31 2 2
Irish Free State .....: 14 14 Aug. 31 3 2
Latvia .............: !/ 1 0 July 31 3/ 0
Netherlands ...........: 1 24 Aug. 31 3 4
Norway .'.............: 9 8 Aug. 31 1 1
Poland ...............: 2/ -6 2/ -1 Aug. 31 2/ -2 3
Portugal .............0: 4 0 July 31 4/ 4/
S-ain ................: 1/ 6 I
Sweden ...............: 4/ 2/ -1 Au-. 31 / -1 4/
Switzerland ..........: 19 17 Aug. 31 3 2
United Kin.dom .......: 199 202 Aug. 31 32 34
Total imports of :
above ............ : 381 393
Italy ................: I_ 51 6 J
Total im-orts : 432 399 50 66
Total exports .....: 17 3 3 1
Total, net imports : 415 396 47 65
Comniled fro.i, official sources, except as other'-'ise stated.
I/ Forecast by European offices of the Bureau of Aigricultural Econo.-ics.
2/ Iet cxports. 3/ Net exports of less than 500,000 bushels. 4/ Less than
500,000 bushels. 5/ Total for July-Hay.







- 13 -


Tntle 11.- Estimated rye production in specified countries,
1934-37


Country : 1934 : 1.35 : 1936 : 1977
19* 192;?


: 1,000
: bushels


1, 000
b ushel s


1, 000
bushels


1,000
bushels


Unite'. States ................... :
C -nada ....................... :
Total (2) .................. .
Austria ......................... :
Bcl inu. ......................... .
Bal ;nria ......................... :
Czechoslovakia .................. :
Denn ork ......................... :
Estonia ......................... :
Finland .......................... :
France ........................... :
Ger:many ......................... :
Greece ... .....................
Hun .g ry .........................
Irish Free State ................ :
Italy ........................... :
Latvia ........................... :
Lithuania ........... .............
Lu~xe-iburg ....................... :
Netherlands .....................
IN rwVg .......................... :
Polancd. .......................... :
P? rtu al .... ............... ..
R i..ania ...................... ..:
S ) in ....... ............ .........
S c ion ....... .. .
Switzerland .....................
Yug.oslavia ........ .............

Total (25) ...... .........:


17,070
4,706
21,776
22,617
152,268
6,4373
59,963
10,801
9,064
15,544
32,353
2c, o .!96
2,466

66
5,607
16,210
26,331
548
19,788
395
254,472
4,913
8,308
21,567
20,351
1,225
7,688


886,494
9,589


53,597
9,606
6.,203
24,416
12, 95
7,767
,501
11,177
6,804
13,760
2',371

2,133
23,650
39
6,225
14,326
25,221
452
18,311
483
260,4398
4, 355
12,724
19,245
16,902
1,252
7,719


884,085
8,508


25,554
4,251
29,335
1:3,609
14,060
7,9-0
56,549
8,267
6,044
12, 755
28, 150
2/290,793
1,919
283,114
68
5,204
11,260
21,314
449
19,059
425
250,541
3,466
17,842
18,053
13,891
1,077
8,002


843,891
17,660


51,869
6,038
57.907
17,038
1/ 12,800
9, 778
56,975
1/ 9,600
8,015
15, 743
1/ 29,500
2/256,492
2,627
24,323
1/ 79
5,752
16,201
23,660
488
18,149
472
219,283
4,642
16,697
I/ 19,700
17,125
1,213
8,228


804,580
18,822


WS-12


2/ Estimate of the Berlin Office of the Bureau of Acricultural Econo:-ics.
2j Includes the Saar.


*


Turkey


g




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