Wheat situation

UNITED STATES DEPARTI.IFIT OF AGRICTULTURE
Bureau of Agricultural Economics
Washington

WS-13 November 23, 1937


THE WHEAT SITUATION


Summary

World wheat supplies for the current season, excluding those of Soviet

Russia and China, are now estimated by the Bureau of Agricultural Economics to

be about 55 million bushels larger than the small supplies of 1936-37. This

represents very little change from the estimate of last month. The reduction of

210 million bushels in estimated carry-over stocks compared with last year is

more than offset by a 265 million-bushel increase in the'estimated world crop.

World stocks as of July 1937, excluding those of Asia and Soviet Russia,

are still estimated at about 520 million bushels compared with about 730 million

bushels a year earlier, and with 650 million bushels during the 1924-28 period

before large stocks accumulated. The estimate of 3,808 million bushels for the

total world wheat production for the current year (1937-38) remains essentially

unchanged from the estimate of a month ago.

Frost damage is reported to be widespread in Argentina, and the Buenos

Aires office of the Bureau of Agricultural Economics suggests that the total dam-

age may be 30 million bushels, but adds that it is impossible at present to obtain

accurate estimates of the losses. The Bureau representative has estimated the

crop at about 230 million bushels but this does not take into account the loss

from frost injury. If the frost damage amounts to 30 million bushels, a crop of

about 200 million bushels, compared with 249 million bushels last year is indicated.

The Australian crop is officially estimated at 163 million bushels, which

represents an increase of 13 million bushels over the production of a year ago.






WS-13


Wheat prices during the next few months in both domestic and foreign

markets will continue to depend largely on changes in crop estimates for Argen-

tina and Australia, and on winter wheat prospects, European demand, Soviet

Russia's policy regarding exports, and general business sentiment.

Exports of United States wheat and flour in terms of wheat are estimated

at about 23 million bushels for the period July 1 to Iovember 15, Although ex-

ports thus far have been small, the Bureau still expects total expol.t t -airount

to about 95 million bushels.

THE WORLD WHEAT SITUATION

BACKGROUND.- Total world supplies of wheat, after in-
creasing from 1929 to 1933, declined sharply as a result
of successive years of small production and increased
world demand. The apparent world disappearance has aver-
aged 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 world commodity
price levels, four successive below average harvests in
UIrth 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; frosts in the Argentine

The 1937-38 wheat production for the world, excluding the U.S.S.R. and
China, is now estimated at 3,808 million bushels (table 5), compared with 3,544
million bushels last year, and the average of 3,674 million bushels for the past
5 years. (The new estimate for total production -- which is about the same as
that of a month ago -- includes an estimate of 200 million bushels for Argen-
tina, thereby tentatively allowing for 30 million bushels loss by frost damage).

The estimated total crop for the Uorthern Hemisphere, excluding the
U.S.S.R. and China, is now placed at 5,378 million bushels, which is 306 mil-
lion bushels above the corresponding figure for 1936. The estimate for the
United States remains unchanged at 887 million bushels. The Canadian estimate,
at 183 million bushels, is a reduction of about 6 million from the September
estimate and indicates a crop 46 million bushels smaller than that of last
year and the smallest crop reported in Canada since 1914. The quality of the
current crop is reported to be much lower than that of 1936. The European


- 2 -







WS-13


- 3 -


production in 1937 is estimated to be about 1,530 million bushels. This is
unchanged from the October figure, downward revisions in the Danubian countries
balancing the increased estimates for some other European countries. The
most significant change for an individual country is that for Bulgaria, where
the latest estimate of 56 million bushels is 8 million bushels less than the
previous estimate for this year's crop.

In Argentina, frost damage is reported to be widespread. The area
principally affected is in the central and western parts of the Province of
Buenos Aires and Territory of La Pampa. The extent of the loss is not
definitely known at present. Based on the revised acreage figure of
19,275,000 acres, the Bureau representative has estimated the crop at around
230 million bushels, but this estimate does not take into account the loss
from frost injury. The loss, he suggests, may -prove to be as much as 30
million bushels, which would indicate a crop of. about 200 million bushels,
compared with 249 million bushels produced last year. The Bureau repre-
sentative has left on a field trip to inspect the area of heaviest damage
and will report his findings upon the completion of this trip.

The Australian crop is officially estimated at 163 million bushels,
compared with the Bureau's September estimate of 155 million bushels. This
is an increase of 13 million bushels over the 1936-37 production, but is
virtually the average of the 1932-33 to 1936-37 crops.

Tne 1937 rye production in the 25 European countries for which reports
have been received is now estimated at 817 million bushels (table 6). This
is an increase of 12 million bushels over the October figure, but is 26 mil-
lion bushels less than the production in the same countries in 1936. The
outstanding revision since last month is for Poland, for which an upward re-
vision of 10 million bushels is reported.

World trade: United States exports small to date

Table 1 shows what now seems to be a reasonable expectancy of the
quantities of wheat which may be furnished by the various exporting countries,
assuming net exports of 485 million bushels 1/. These estimates are based on
present crop estimates and probable carry-over stocks. United States supplies
indicate a surplus available for export considerably larger than 95 million
bushels, but it is probable that they will be confined largely to hard red
winter and white wheat 2/. Exports of United States wheat and flour in terms
of wheat are estimated at' about 23 million bushels for the period from July 1
to November 15. Tables 11 to 14 show figures on movement of wheat in
international trade this season compared with comparable periods and totals
for other years.


l/ "The Wheat Situation", September 23, 1937, page 10.
2/ See Domestic Wheat Supplies, page 5.






WS-13


Table 1.- Estimated exports in 1937-38 by countries


Country : Net exports
: million bushels

United States ........................ : 95
Canada ............................... : 65
Argentina ............................ : 95
Aust ralia ............................ : 100
Danube ............................... : 65
Soviet Russia ........................ : 30
Other ............................... : 35

Total .......... ...... 485



Foreign wheat prices; downward tendency checked

Prices in Liverpool declined during the first half of October (tables
7 and 8). influenced by continued slow demand, the beginning of harvesting in
Argentina, and heavy shipments of Russian wheat. During the last half of
October, however, prices reacted to increased buying interest and concern over
the crop in Argentina, where rains delayed harvesting of the early crop and
frost damage occurred. During the first week inNovember, Liverpool prices
again declined with more favorable crop prospects and continued heavy ship-
ments of Russian.and Danubian wheat. Heavy frosts in Argentina on November
10 and land again on N1ovember 16 served to check the price decline.

The Liverpool market has been -relatively strong compared with the
Winnipeg, Buenos Aires and United States markets, resulting in a widening
of the price spread during the past month or so of about 9 cents under Liver-
pool in each case (tables 7 and 10).

Wheat prices are now on a lower level than in July as a result of an
increase of more than 100 million bushels in estimated world supplies, and
a decrease in demand compared with what was indicated earlier in the season.
Wheat prices rose sharply from the middle of June to the middle of July,
largely as the result of serious damage to the Canadian crop. Prices were also
strengthened by drought damage to United States spring wheat and the threat of
rust damage. Prices advanced too far, however, as is usually the case when
crop damage is sensational, and when the reaction took place, further news of
crop damage seemed to check the decline only temporarily. Prices in both
Liverpool and domestic markets declined from the middle of July to the middle
of August,and then advanced again in Liverpool, largely as the result of higher
prices asked on new shipments of Australian and Indian wheat and also on
January-February shipments from Argentina,


- 4 -





- 5 -


THE DOMESTIC WHEAT SITUATION

BACKGROUITD.-The carry-over of wheat in the United States for
the 5-year period (1924-28) averaged about 115 million bushels.
Stocks which began to accumulate in 1929 reached the record
peak of 378 million bushels in 1933. Four small wheat crops
since that time, however, reduced stocks by July 1, 1937.

Domestic wheat prices from the spring of 1933-34 to
that of 1936-37 were unusually high relative to world market
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 advanced sharply as a result of increased
demand and the smallest supplies in recent years.

Domestic wheat supplies and distribution

October 1 stocks of wheat in the United. States are estimated at
about 770 million bushels compared with 542 million bushels in 1936 and
575 in 1935. The estimate for October this year would indicate a disappear-
ance of about 195 million bushels for the July-September period compared.
with about 236 million bushels for 1936 and 198 million bushels for the
2 years previous. Disappearance for the first 3 months this year is less
than the large disappearance last year as the result of both reduced milling
during the first 2 months and reduced feeding. On the basis of the
disappearance during the first 3 months, total disappearance for the year
may amount to about 670 million bushels, compared with 689 million bushels
in 1936-37 and the average of 647 million bushels for the 3 preceding years.

Table 2.-Supply and disappearance of wheat in the United States,
July-September, 1936 and 1937

Item 1937
: Million bushels
Supplies-
Stocks, July 1 1/ ..................: 91.2
Production ............................: 887.0
Net exports, July-Sept. ...............: 12.7
Total ...............................: 965.5
Stocks, Oct. 1-
On farms ..............................: 333.7
Co:nmnercial ............................: 141.5
Country mills and elevators ...........: 157.3
Merchant mills and elevators 2/ .......: 138.2
Total ................................: 770.7

Disappearance 3/ ........................ 194.8

V An estimated 12 million bushels in 1937 of new wheat not included.
2/ bureau of Census raised to represent all merchant mills; includes
"stored for others by merchant mills".
3/ Balancing item.


WS-13






- 6 -


The October 1 estimate of 386,895,000 bushels for the United States
production will not be revised until the December crop report (to be
released on December 17). As stated in the October issue of The Wheat
Situation, supplies of h-rd red spring and durum wheats are about ample to
take care of prospective requirements, while supplies of nard and soft red
winter-and white wheats are considerably in excess of domestic requirements.
On the basis of exports of about 95 million bushels, which would be mostly
of hard red winter wheat, carry-over stocks on July 1, 1938, would be
expected to amount to slightly over 200 million bushels. While stocks of
this size would be larger than those of the past 3 years, they would fall
far short of the 1930-34 average of 326 million bushels.

Table 3.-Estimated prospective wheat supplies and distribution
by classes for 1937-38, on basis of prospects,
September 1937

:Hard : Soft : Hard : : :
Item : R-d : Red : Red : Durumn : whitee : Total
: WinWint: Winter : Spring: : :
:Million million n Million Million Million Million
:bushels bushels bushels bushels bushels bushels
July 1, 1937 stocks .....:l/ 45 15 18 3 10 91
Production ..............: 375 258 114 30 110 E87
Total ................: 420 273 132 33 120 978
-._Prospective utilization .: 265 196 107 27 55 670
Difference ............: 135 77 25 6 65 308
Exports as forecast 2/ ...: 70 0 Cl 0 25 95
Prospective carry-over :
July 1938 .............. 65 77 25 6 40 213
I/ An estimated 12 million bushels of new hard red winter wheat in the July 1
stocks not included. 2/ Includes flour in terms of wheat.

Price spread under Liverpool widened

Prices in domestic markets .declined.with prices in Liverpool during the
first half of October, but did not follow the strength in Liverpool (tables 7
and 10) during the last half of October, being independently influenced by
small exports of United States wheat., the slump in the stock market, and prices
in Winnipeg and Buenos Aires.

With the prospective surplu.s. in Argentina materially reduced by frost,
and with Canada's surplus remaining for export small, demand for United States
wheat may be expected to increase.. Moreover, the spread in domestic prices
under those in importing countries has now become fairly wide. The price of
No. 2 Hard Winter wheat at Kansas-City is now estimated to be about 35 cents
under Parcels at Liverpool compared with the average spread of 31 cents in
October and the average spread of 26 cents in September.

Wheat prices during the next few months in both domestic and foreign
markets will depend largely on changes in crop estimates for Argentina and
Austr-alia, winter wheat prospects, European demand, Soviet Russia's policy re-
garding exports, and general business sentiment.


WS-13





WS-13 7 -



Table 4.-Aprroximate world supply, disappearancA, and price of
wheat, 1934-35 to 1937-38


Item 1934-35' 1935-36; 1936-37 : 1937-39 1/
: Million Million Million Million
: bushels bushels bushels bushels


Stocks, excluding Asia 2/ and
Soviet Russia ....................
Production, excluding China and
Soviet Russia ....................
Total above supply ...........
Net exports from Soviet Russia .....
Total above ..................
Less year-end stocks ...............
Apparent world disappearance .


Price per bushel of British Wheat
Parcels 5/ .......................


: 1,155


915


727


51-


:. 34 .3,52 3,544 3/3,09o
S4,497 4,271 4,326
2 29 4 1W (30)
:4,700 4 526 4,275 4,35
: .915 727... 518
:3,795 3,799- ._3,757
Cents Cents Cents Cents


: 79


105


1/ Preliminary as of November 1937.
2/ Year-end stocks in India, Japan and Egypt do not change materially from
year to year and have probably averaged about 40 million bushels in recent
years. No figures are available for China.
j/ Average production for 5 years when carry-over stocks attained record size
was 3,831 million bushels.
4/ Not a forecast, nominal figure based on 1933 and 1935, when net exports
amounted to 34 and 29 million bushels; could be more or less depending on
Government policy.
5/ Deflated by Statist Index (1910-14 100) and converted at par.





WS-13 s -

Table 5.-Producw:tion of -7heaT, in specified countries, 193),-35 to

____ __ R:i.s.d fr-:.. last month).
Country : 1934-35 : 19305-3 : 193b-37 : 1937-38


1,000
: bushel s


:ICRTHET HEM: I SPHwEE
North America:
United States ..........
Canada .................
Mexico .................
"Total (3) ............
Europe:
England and Wales ......


Scotland.


iTorther
Irish F
Ho r vay
Sweden
Denmark
Netherl
Belgiumr
France
Spain .
Luxembu
Portuga
Italy .
Swi-tzer
Germany
Austria
Czechos
Greece
Poland
Lithuan
Latvia
Estonia
Finland
Malta .
Albania
Total
Bulgari
H, un-iry
*T.uma nia
Yugo sla
Total


n Ireland .......
'ree State .......


hands ............

.g ...............




*lands ............


lovakia............
... .. .. .. .

... .. .. .. ..



S. .. ... .


l(26) .............


..via..............




(a d ............
.ia .... .......










(4) ............


Total Europe (30) ....


1, 000C
tusnels


1., 000
bushels


1 000
bushel s


: 526,393 626,34J) 626,46,1 886,8 95
275,894 281,935 229, 21 182,505
10.950 10,712 13.,60 12.949
:13.192 918, 91 869,285 1,082,349

65,259 60,592 51, 445 4s,832
: 4,144 4,480 3,57 4,Ig1
363 362? 273 L/ 240
3, 03 6,6s6 7,839 1/ 7,200
1,204 1,767 2,094 2,524
27,806 23,610 21,525 26,495
12,847 14,672 11,266 2/11, 00
: 13,042 16,653 15,575 12,970
: 16,757 16,101 -16,153 /14,700
: .3,513 284,950 255,932 '/246,20O
18 6,834 157,986 121, 90 2/135,0C 0
1,171 1,022 1,070 1,190
: 24,690 22 092 8,651 14,540
233,064 282,760 224,570 296,010
5.519 5,999 4,D 470 6,162
S166,547 171, 4esc 4/162,660 /161,193
13,306' 15,509 14,039 14,469
50,014 62,095 55,583 51,297
25,679 27,180I 1i,537 33,627
76,441 73,884 78,357 67,608
: 10,476 10,093 7,949 7,991
8,051 6,520 5,272 6,376
S 3,107 2,267 2,433 2,774
3,280 4,233 5,25- 6,C15
310 179 236 326
: 1,628 1i,54 1.128 (1.100)
1.21 .855 1,274 72'4 1..Cb6 1.180,920
39,595 17,925 59,304 56,492
: 64,824 84,224 87,78-? 9,996
: 76,553 96,439 125,717 136,001
S 68,328 73 101 107.421 S6,292
: 249,300 701 6869 83,31 J_S_,7L1

1: .548.155_ 1.57_6.hl 1 48127 L2966971


Continued-


. ..............





-9-


Table 5.-Produ-tion of -vheat in specified :ointries, 1934-35 to
1937-38 Cont'd.
Re e.is- jfr last mnh. -


Cc-.ntry 193 -35
- -- --oS
1,000
,ba aS 1-l-


iORHT:-R:T H.,II SPERE CCT?
Africa:
Algeria ...............
Morc co ...............
Tunisia ...............
E ypt .................
Total (4) ........ ...
Asia:
Palestine .............
Syria and Lebanon .....
India ..................
Jaran .......... .......
Choset ................
Turkey ........... ...
Total (6) ...........
Total 43 countries ..
Estimated Northern
Hemisphere total,
excluding Soviet
Russia and China 6/

SOU'JPlI HEMISPHERE
Argentina ...............
Australia ...............
Union of South Africa .. .
Estimated -"orld total,


D

S 43,528
: 39,586
* 13,779
: .3J7.21
: l 4,1 oZ__


1935-36

bushels


33, 532
20,036
16,902
143,222
113,692


: 3,044 3,834
: 16,279 18,520
: 349,813 363,216
: 47,660 48,718
9,268 9,747
: 993712 92,640
* 525,776 536,675
.: 021,505_. 145,,771


1936-37
-It Ioo


1937-35
S, 000
b .. '.-1 .


29,774 33,995
12,2354 18,372
8,083 1i,372
4570 __ 4F -176


2,795 (2,so0)
15,704 17,192
351,680 366,165
45,192 5/ 48,867
8,078 11,04i
138,497 1 0_1-
561.946 ._5 6l
_300,319 3_314.~501-


: 096, OO 210,000 3.,072.000 3. 78.000
7j 20,C


240,669 141,462
133,394 144,217
16.373 20,195


excluding Soviet Russia
and China / ........: 543,000


249,193
150,106
16,1959


3,582,000


7/ 200,00)
(163,000)
(15,.000)


3, 808,000


Compiled from official data except as otherwise noted.

/] Estimate of the London office of the Bureau.
2/J Estimate of the Berlin office of the Bureau.
.7/ Estimate of the Paris office of the Bureau.
4/ Inclu-'es the Saar.
1/ IncoTplete figure. Excludes one prefecture.
'] Includes, besides countries listed, estimates for wheat producing coun-
tries of the northernn Hemisphere for which reports are not available.
7/ Tentative estimate of the Buenos Aires office of the Bureau.
9/ Includes, besides countries listed, estimates for -wheat producing coun-
tries of the world for which reports are not available.


I





WS-13


(Revised from last month.)

: 1934 : 1935


1, i'jJO
bushels


: 1, 000C
: bushels


1936 :


bushels


1937


,1 -0e
bushels


United States ..
,,Cnada .........
Total (2) ....
Austria ........
Bel iu- ........
Bulgaria. .....
Czechoslovakia .
D ena:ark ........
Estonia ........
Finland ........
France ..'......
Germany ........
Greece .........
Hungary ........
Irish Free State
Ita]y -,... I. ..% ..0
Latvia .........
Lithuania ......
Luxemr:urg ......
Netherlands ....
ITorway .........
Poland .........
Portugal .......
Rumania ........
Spain ..........
Sweden .........
Switzerland ....
Yugoslavia ...


................ : 17, 070 58,597 25,554 51,869
................: 4,7?06 9606 4.281 5. 749
... ..........: 21,776 638,23 29,835 57,618
.........: 22,617 24,416 18,610 16,830
................: 15,268 12,995 14,059 1/ 12,800
......... .....: 6,438 7,767 7,980 9,778
.............: 59,968 64,501 56,549 58,461
................: 10,801 11,177 7,842 I/ 9,600
................: 9,064 6,804 6,044 8,161
................: 15,544 13,760 12,133 15,743
....... ..... : 32,983 29,371 28,150 29,151
................: 299,496 294,399 2/ 290,793 2/266,217
. ............: 2,466 2,183 1,654 2,631
................: 24,380 28,650 28,114 24,211
....... ......: 66 69 68 i/ 79
,,.,,... .....,.. ." ,-607 6,225 5,204 5,701
................ : 16,210 14,326 11,260 16,479
................: 26,331 25,221 21,314 23,660
............... .: 548 452 449 488
...... ..........: 19,788 13,311 19,059 19,526
................: 395 483 425 465
................: 254,472 260,498 250,536 229,515
.......... ....: 4,913 4,635 3,466 4,642
................: 8,308 12,724 17,842 16,697
................: 21,567 19,215 18,053 1J 19,700
...... ........: 20,351 16,902 13,891 16,984
............... 1,225 1,252 1,077 1,213
................: 7,66 8 7,719 8,002 8,239


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


Turkey .........


886.494


9,589


884.085


8,508


842,574 816,971


17,660


18,822


l/ estimate of the Berlin office
2/ Includes the Saar.


of the Bureau


of Agricultural Economics.


10 -

Table 6.-Estimated rye production in specified countries,
1934-37


Country


, _






- 11 -


Table 7.-Average closing prices of December wheat futures, specified
markets and dates, 1936 and 1937


Winnipeg : Liverpool : Buenos : : Kansas : Minneap-
Date: / : 1 : Aires : Chicago : City : olis
: 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 :
July : 92.5 134.1 98.9 140.3 -- --- 105.9 124.6 102.7 120.3 117.5 134.1
Aug. : 99.8 122.3 109.7 127.5 --- -- 111.3 111.0 112.0 104.8 124.5 119.2
Sept.:102.7 123.9 115.7 130.2 -- --- 112.3 106.6 111.8 101.4 125.1 114.7
Oct. :108.9 120.0 121.3 128.7 -- -- 114.9 100.0 113.3 .97.0 128.3 108.8
Week :
ended: 2/
Oct.16:111.8 118.2 124.7 126.5 99.6 145.9 116.2 98.5 114.4 95.5 129.7 106.9
2/
23:108.9 118.7 122.1 125.8 95.6 143.3 114.7 98.6 113,0 96.0 127.9 108.4
30:107.6 118.2 120.3 129.7 94.0 115.4 114.9 96.8 112.0 94.7 128.8 106.6
Nov. 6:106.2 111.1 116.7 125.3 91.5 110.2 114.9 91.2 111.7 88.5 128.3 98.8
13:105.6 112.5 117.1 122.4 91.9 106.7 115.6 89.5 112.2 86.6 129.1 98.5


High3/:111.8 118.7 124.7 135w0 99.6 145.9 116.2 108.3 114.4 104.0 129.7 115.7

L 4/
Low 3/:105.6 111.1 116.7 122.4 91.5 106.7 113.7 89.5 111.7 86.6 127.7 98.5


1/ Conversions at noon buying rate of exchange.
2/ November futures.
3 October 1 to date.
4/ November and December futures.


WS-13




'7 S- 12 -

Table 8.- Averpee price -cer bshel of wl-ent, specified markets and dates, 1937

: Kansas:Minnca- lits:,$innireP: Tuenos : Liver-:Great Britain: Berlin
Dat e
:ate Cit: i/: 2/ : 3/ :Aires 4/:-,,ol 4/: 5/ : 6/

:Cents Cents nt s Cts Cents Cents Ce.-.ts Cents
Month
July ......: 122.5 151.27 13&.9 12.0 1-13.7 13. 9 223.0
Aa ....... 111. 12.5 121.9 1241.1 123,.9 125.4 214.1
Sent. .....: 109.5 133. 121.1 125.2 130.4 115.4 215.0
Oct. ......: 10.0 126.8 ll'/.4 137.7 121.4 123,0 215.0
Leel- ended -:
Oct. 16 ...: 10.7 120.6 114.3 145.3 128.6 125.1 215.0
23 ...: 104.0 126.6 117.5 143.3 129.2 122.7 215.0
20 ...: 102.0 123.4 116.3 115.4 132.3 121.7 215.0
Nov. C ...: 9:.'3 116.4 103.4 110.2 125.3
13 ... .5 115. 111.7 10$.7 122.4

Prices are .averf-.-es of dail:;. -rice- for the wcc : ending: Saturday except as follows:
Berlin -prices arc 'cdncsJ!,y cuotntio.ns. Price-, at foreign markcts are converted
to United Startes :.:one:' at the cuirrcnt rates of cxchanCe.
i/ !To. 2 Ba Wintnr. 2j 1). 1 Dark :: rthern Spring. 23/ o. 7 :.Ianitoba.'Northern.
4/ Tea- FP.tures. 5/ Ho:-e- -rovwn -h it in Zn:-land n.i ;'les. 6/ Central German
a;heat, vwholesrle trade -rice free Central 3nr.n-n Station.


.- Table 9.- '.ei hte a'.-ere.-e cncn -rieef -.heat, specified mar'-kets and
1i1tes, 19365 n 1937

AllI classes: Fo. 2 : ITo. 1 : No.2 Hard : ITo. 2 :Vestern
:andl .rcr.es :Hnrd Winter:c.IT. Srin:Ancter Daur:-iRed Winter:Vhite
Date :six ::.arkets:Kansas City:.Iinneaolis :Iinnea)olis:St. Loais :Septtle /

:19,35 :1937 :12J :1937 :1926 :1937 :1:36 :1937 :1936 :1937:1936 :1937
:Ce-tCetsC'ts:Cents :Cents:Cents:Cets: Cents:Cents:Cents:Cents:ContsCents
Month : : : : : : : : : : :
Ji;.1v .....:109.7:11i.7:111.0:122.5:135.5:151. 2:142.7:133.0:105.6:122.0:89.8 110.0
Aur. .....:123.6:10?.5:122.0:111.]:;14. 6:132. :149.1: 116.3 117.4:112.0:97.2 98.3
Se-:t. .... .:124.3 :1:.7:127.1:i .5:140.5:13..B:12.8:110.1:119.4:109.2:95.5 93.9
Ot. :.....:123.9:10?.7:12?.0:103.0:14.4:123..:153.5:108.3:121.0: 104.0:97.8 90.3
Week- e ded -: : : : : : : : : : :
Oct. 1-7 ..:131.5:1C1.4:12.9:102.7:150.2: 120.:15 ~ .: 106. :122. :100.3:93.9: 88.5
23 .. 1?7.7: 10 122.2:104. C: 47.:12..6:147.0: 110.- :121. :,101.3:97.5: 90.8
c0... :12.5: 100.4 :120. :102.0:143.C 123.4: 15.2 106., 118.0:10- .7 8.8: 88.
11ov. 3...:127.5: 24.1:120.9: 95.3:14S.7:113.4:154. : 99.3:121.5 93.: : 85.
13 ..122.9: 0.9:121.2: 92.5:144.4:115.2:152.7: 98.2:131.1: 5.5: -

Hi h :13.1.5: 09.7:124.9:111.3:150.2:133.1:157.4:110.4: 122. 3: 111. :98.9 94.
Lo'w / :126.9: 90.9:120.3: 92.5:144.4:115.5:147.0: 98.2:11.0: r. : 95.9 85.1
:
1/ 'eekly average of daily cash quotations, basis no. 1 sacked.
2/ October 1 to date.




WS-13 13-

TL.1tle 10.- Sre.?a,is bet'.'con J ,esti" '.her-+ pri... -.:., nice at 7 inrnip- '
a:ind Li,. r-ool, s:-eciftir,- .1 :-ri.: I'';7?


Month and yepr


: Jecer-.ber f',tures per tv'.sr'l : C-.sh wr.3.,t per bushel
: A.mj-.t C.ic~.o :A..oiu.t K--ps City' :A-,u.-;t IL.. Hd. Winter
: a -er, .-e : ev;r.a .e1 : (l.-.nc s Ci t, ) averaged
: ________


:i e : .ivcr- : i : L1 tciv : Parcel
_______ : : : : :(Wni.') : (Livcrpool)
: Cents Ce. ts C-t. Cents Cn.ts Cents


A -i .......... :
So-t. ......... :
Oct. ......... .
.Tec!: cnded- :
ITv. 13 ....... :


-11
-17
-20

-23


-1.3

-29
-? "
-33


_ *~.7


r'71
-2.


-36


-10
-12
-11

-19


-23
-26
-31


if Liver o-..:ol -.-irecls n:-t a.-;'. lable.

Table 11.- Ex-rort' of v.'-.opt ,.ni -.heat flour fr-o the Unitel Stit.s, 1936 and
19 37
(Incluies flour rillc,:! in .ori ro'. f-rei- 'n l:.'t)
Period : hot : ct flour : 'The-t incladinc flour
: 1927 : 1967 : 1U36 : 1967 : 19 1937


: 1, 0:0
: tuchels


1, '00


735 10,276


Jil7-Sept. ...:
Wee.: on ed .... :
0ct. :
10 .... :
23 .. .. :
30 ..... :
ITov, 6 ..... :


45
2?6


1,36.-
1 ,792
1, 327
395


1, 0"'0


1, ',0
tfrrc]J e


1,007


1, 0- 0
b-..shels


5,470

573
323
195
415
101
i 2


0 1, 2


1,000
l shels

15,330

1, 640
2,140
. 1,459
1,263
1,480
2,122


Co::piled. fror. rc':, rts )f tne Dc-:.artment .:f Co:.-.rce.

Table 12.- Sbip;-.er.ts of '.heat, includn.f flour fror-i principal e:--_rtirr
c _n n rios, s c'cific':,d T.tes, 19.36 ..:.: l.-
'. o.' A : ent in A) s .tralia : DantL' : ITortah A..eri,-ca
: .13 ;: 19:'7: l, : 19,7 : 1'J6 : 137? : 1',.6 : 1937
: 1, :0. 1, 0 1,0 1, C -*- 1 ...'. 1, 000 1,000
,ns..1ls lQ bushels b s els bush, ls b'uCels bs.-z:el ''.:.L els
July-Sept : 13, .20O 10, 7c0 17,sC 1, 37'6 1.3,,'.8 11,123 76,, 608 5, 560
'ec.: e:c. :
Oc t. : 4-30 l -1,20 792 904 1, 9 .' 1, I, 0 _,544 4,048
16 .....: 1,5r38 3C 1,540 2,016 2,02-1 1,5,0 ,440 4,4',0
2 .....: 1,934 1,072 1,06' 1,104 2,-52 2,072 5,208 3,5.3
30 ...... 1,096 256 1,592 1,712 2,544 912 6,184 4,704
14':o. 6 .....: 1,000 216 1,732 1 764 2,036 584 5,302 4,8 8
13 .....: 1,333 0 1, 660 1 892 2,304 2,224 6,984 4,999

Co--)pilel from Broor-all' s Corn Trade in e;os.


b,' hel. .rrclp.





- 14 -


Table 13.- Movement of wheat, including flour, from principal export-
in, countries, 1934-35 to 1937-34


Country




United States .......
Canpda ..............
Arie-ntina ...........
Australia ...........
Russia ..............
u.CU.-.r ..y ...............
Y :r.sl via ...........
P.w-.i nia ...........
Eul,-.ria ............
British India .......
Total ............






F3'rth American 2?....
Oan.ada,4 markets 3/..
United States .......
iArgentina ...........
Australia ...........
Russia ..............
Danube & u'l-ria _!/.
British India .......
Total 6/...........
Total European ship-
ments 2/.........
Total -x-:-.ropean
shipments 2/ ......


-.. :'xort s s iv en by offj.sia_ sources :
: T-tel : Ju.il t shrn : Date
;i)54-35: 1935-36: 193#-37: '7-36: 193C-37 7-33'_
: 1,000 1,C. 1,000 1,COO 1,000 ,C00
:bushels bushels bt shels "bus-els bushels bushels


: 21,572 15,929 21,554 3,833 5,47) 15,330 Sept.30
.:169,3-30 237,447 213,028 53,382 73,239 25,237 Sept.30
.:187,000 7 ,577 162,e35 4c,67 19,072 14,COO tet. 31
.:1C8,007 1,2,258 95 ,70 12,57-4 ,933 13,144 Aug. 31
.: 4,286 29,7c4 4,479 11,8)1 890 9,9f9 Sept.30
.: 12,49'3 14,644 27,428 2,142 61l 1,525 Aug. 31
4,4ci 728 17,302 4g 2,fS8 11,115 Aug. 31
: 3,1432 6,391 3r,540 797 0 2,021 July 31
37c 998 7,273 0 1,165 1,C82 Aug. 31
.: 2,318 2,55 ,0 7 ____ --- --- --- ---

_____ Shipi-ents as givenn by trade sources
Total : Week er.ded (I}37) : Jul-r 1-Nov.13
:_ _935-3'I_36-37 _:.-6ct .30 _-lovl. :^'Tll k 193^-M7:1937-3__
: 1,000 1,000 1,CO0 1,00 1,0C0 I .C. 0 1,000
: busnels bushels bushels "'ushel3 bushels bus.els bushels

S220,464 225,902 4,7C14 4qo? 4,999 ill,77 p2,167
.: 246,199 194,531 4,C37 3,o011 3,147 12 4,L3 42. 91
.: 7,219 10,C49 -1,23 1,480 2,122 4,344 22,'r90
.: 78,312 l14,678 25" 21 0 21. 4 13 ,92
: 110,576 105,g36 1,712 1,7'4 1,892 25,592 24,78
.: 29,024 8 3,R32 c,600 2,120 Sm 22,872
: ,123/ 6,544 912 5e4 2,22)4 32,656 20,16o

.. ._] __ __"_....- inl_- ?-

360,264 4s4, 6o 9,976 1--2, 816c109,240

131,760 127,192 1,952 I7 50,4o0 -28,97.


1/ Total of 10 months.
2/ Br-omhal'ls Corn Trale -lws,
-/ Fort 'ili'tim, Port Artnuir, Vancouver, Prince Rupert, and New Westminster.
4/ Black S:-. shipments only.
5/ Official.
6. Total of trade figures includes North America as reported. by Broomh.1ll's
bat does nct include items 2 and 3.
I/ To October 30.


WS-13





WS-15


: 1936-37

: Million
: bushels


: Net imports
: 1937-38 : July 1
:forecast 1/: to
lIillion
bushels


reported
:*


1936-37
Million
bus h els


: 1937-38
Mi. I li on
b-< :'iels


Austria ............... :
Belgium ................:
Czechoslovakia ........ :
Denmark .............. :
Finland .. .............:
France ................. .....
Gerriany ...............:
Greece .... ............. :
Irish Free State ......:
Latvia ................ :
ITetherlands ........... :
Norway ............... :
Poland ................ :
Portugal .............. :
Spain ................. :
Sweden ................ :
Switzerland ........... :
United Kingdom ........ :
Total imports of :
above ............. :
Italy ................. :
Total imports .....:
Total exports ......:
Total, net imports .:


10
40
2/-11
7
4
5/ 7
23
21
14
1/ 1
21
9
2/ -6
4/
1/ 6
4/
19
199


381
1/ 51
432
17
415


10
40
2/ -1
7
3
26
28
13
14
0
24
8
2/ -1
0
1
2/ -1
17
202


393
6
399
3
396


Sept. 30
Aug. 31
Sept. 30
Sept. 30
Sept. 30

Sept. 30
July 31
Sept, 30
Aug. 31
Sept. 30
Sept. 30
Sept. 30
Aug. 31

Sept. 30
Sept. 30
Sept. 30


Aug. 31


Compiled from official sources except as otherwise stated.
l/ Forecast by European offices of the Bureau of Agricultural Economics.
2/ Net exports of less than 500,000 bushels.
5/ Iet exports.
/ Less than 500,000 bushels.
,/ Total for July-May.


15 -




Table 14.- Iet imports of wheat, including flour, into European
countries, year begirming July 1, 1936-37 and 1937-38


Count ry


2
7
2/
2
1

2/
2
4
2/
5
1
3/-2
4/

3/-1
4
47


1
6
J/-2
1
1

20
2
3
2/
6
1
2/
4/

4/
3
47


72
2/
75
3


:*




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3 1262 08861 8243

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