Wheat

Wheat has gone beyond the much-afllicted U. S. farmer's wildest hopes. Five grades of cash wheat here sold as high as $2.10 a bushel, while futures have advanced 80 cents from the low point of 1924, and 18 cents during the past two weeks. Arthur Cutten, prominent speculator, and Julius Barnes, famed grain expert, both predict $2.50 wheat before the new 1925 crop is raised-old grain traders declare they have never seen such a market.

Rumors of a corner in grain abound, and high prices ma)' in some degree be due to an extended short interest. Yet the basic cause for soaring grain prices is the shortage of world wheat, due to crop failures abroad, and heavy consequent export buying. Foreigners have taken off the market of late about 10,000,000 bushels of Argentine and Australian wheat. Russia, formerly a grain exporter, is reported to have entered the market as a buyer of U. S., Canadian and Argentine Hour, and of about 10, 000,000 bushels of U. S. seed wheat. To date, Argentina and Australia are said to have sold between 75,000,000 and 100,000,000 bushels of their exportable wheat surplus at advancing prices. Yet the apparently insatiable foreign demand continues.