'The anticipated further rise, in world wheat markets came quicker than anybody could foresee with the result that during the past week prices in the U.S.A. have advanced more than ten per cent... and similarly prices in Canada' have Jadvanced approximately seven per cent. Conditions to the U.S.A. remain very unsettled and the market jis now entirely in the hands of speculators who have bought and fare buying very heavily in wheat, not only as an investment but also '3 cover against a possible further lation of U.S. currency.
US. prices export party and ant chance for any wheat to Teave that country. The further development of prices will remain a local and domestic affair and the final outcome will be entirely independent of developments of world. markets. 'The situation in Canada is not quite as strong as that in the U: S-A, but ie was unavoidable that prices "of this neighbouring country Should have to follow more or less ihe strong' upward" tendency. "It must be Kept in consideration that Canada. cannot" afford—to. occupy such a independent posit she will eventually have to dispose of a balance of exportable surplus.
other words, it is. probable that prices in Canada wil)" remain unchanged or even fall, while at the same time prices in the U.S.A. can take an entirely opposite turn.
'The situation in' Australia rermaina "unchanged; pices "have Advanced and farmers refuse to sell,"'ay. they anticipate securing! still better prices for their products, 'Argentina ty taking advantage the improvement in prices and felling very freely. to Europe in large' quantities at much lower parities than those at" which any other country could afford to sell.
local market has been, very, quiet, and has been confined during the week toa few liquidation sales made by local dealers to rills at very low prices, ten per cent. or more below world market, parities. Buch "distressed" small lots hav naturally been absorbed immediate.
fave made business. for' shipment mila and at the same time so, much the more dificult The outlook for the crop is by no means encouraging. Warm weather is badly needed to improve the growing plants. The local flour ket has been very quiet with prices slightly higher.
Text read from the printed page and cleaned; old type leaves the occasional error.