WHEAT MARKETS

Manawatu Standard, Volume LIII, Issue 17, 17 December 1932, Page 7

WHEAT MARKETS

SUDDEN DROP IN PRICES. PANIC-STRICKEN EXCHANGE. RUSH OF SELLING ORDERS. (United Press Association—By Electric Telegraph.—Copyright.) Received Decemlier 17, 8.35 a.m. WINNIPEG, Dec. 16. The sudden advent of immense “stop loss” soiling orders at 10.45 a.m. on Friday plunged wheat prices to even deeper low levels, and losses of nearly four cents under Thursday’s close were chalked up before the panic-stricken Grain Exchange floor. December fell to 38 cents, May to 40$, and July to 42. The weakness at Liverpool and the bearish United States crop report were the chief factors in prompting the descent. Liberal hedging ran the market into “stop loss” selling. Fair support W'as encountered on the way down, but this was very mixed in character and not sufficient to check the decline. A fair amount of export trade was reported early in the session, and fair stabilisation support came into tho market, but it proved insufficient. Wheat rallied somewhat to show' losses of 2J cents in all three futures at noon.

OVERSEAS PURCHASES. Received December 16, 10.55 a.m. WINNIPEG, D'ec. 16. Substantial purchases of Canadian wheat overseas came to the rescue, bringing back the prices to close 2$ cents low'er in each •future. December, 39$ cents per bushel; May, 41$; July, 431.