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Last week AAA reported it had spent $67,600,000 to reduce the U. S. wheat crop for 1934. At the same time the Department of Agriculture gave out its May estimate for the winter wheat crop:- 461,000,000 bu., which was 31,000,000 bu. less than the April estimate and 171,000,-ooo bu. less than the five-year average. There was little connection between the expenditure and the shrinkage, for a crop reduction agent more potent than AAA was at work. From Saskatchewan to Texas, from Montana to Ohio hardly any rain had fallen...
...Leaders of this faction were three great wheat-sellers: Canada, Australia and the U. S. Drought in those lands had reduced the wheat crop, already boosted the price. Last August's Conference had given them such adequate export quotas for the current year (Canada: 200,000,000 bu.; Australia: 105,000,000; the U. S.: 47,000,000) that they were willing to give up part of them. Opposed to the principle of dear wheat was Great Britain, a great wheat-buying nation. Argentina (quota: 110,000,000 bu.) was willing to accept a higher price for its wheat...
Easily overcoming their in town rivals, the Junior Varsity tennis team yesterday defeated the Boston University netmen 8-1. The summary: Wilkinson (H) defeated Holden (BU), 6-4, 6-4; Richmond (H) defeated Wight (BU), 4-6, 10-8, 6-8; Ingalls (H) defeated Smith (BU), 6-1, 6-4; Bentley (H) defeated Robart (BU), 8-6, 8-6; palmer (H) defeated Whitman (BU), 11-9, 6-4; Wye defeated and Wight (BU) defeated Wilkinson and Ingalls (H), 1-6, 6-4, 6-3; Palmer and Wye (H) defeated Ford and Whitman (BU), 6-3, 6-2; Franklin and Shapiro...
...many months there have been large-interests on the long side of the Chicago grain market. President Roosevelt had vowed to boost commodity prices first and at any cost in behalf of the farm producer. Last June wheat ran above $1 per bu. for the first time in three years. But even inflation talk, crop damages and drought could not hold it there, with the result that the long interests grew increasingly impatient. Mr. Morgenthau's pronouncement on rye pulled the plug in the holding dyke. There was not much sense in a heavy long position, traders argued, when...
...fresh selling surged across the Chicago Pit. May wheat dropped 4¼? a bu. Although the price rallied later in the day, it once touched 72⅞?−down more than 14? from the high of the previous week. When President Roosevelt took office nearly 14 months ago, wheat was selling in Chicago at 47? per bu. Since then the AAA has distributed $65,000,000 in subsidies to wheat growers to reduce production. Yet when last week's selling wave was over, wheat stood at 76? per bu. and the present crop carryover promised a surplus...