-3- 



^ of the more fertile wheat producing region of Russia, and it is entirely- 

 possible that Russia may have to import wheat in order to keep up the 

 fight. She may import it from Canada or Argentina, however. Then too, 

 the present indications are that the price control bill will not place 

 price ceilings on farm products belov; 110 per cent of parity. Parity 

 prices are more likely to rise than to fall, and that would mean that 

 wheat prices are not near the upper limit. Wheat has been going into 

 government loan very rapidly in the last week or two, but stocks are 

 very heavy. For the latest week for which we have a report, wheat in 

 store and afloat at domestic markets totaled 2^0 million bushels com- 

 pared to 176 million bushels a year ago. 



Some difficulty is being encountered in connection with wheat 

 seeding in the western winter wheat area but that which is seeded is 

 coming along in fine shape. 



The price of wheat will be sustained by the loan program. 



Corn , Corn prices continued the increase that has been in 

 effect since the drastic decline of October 16. Since that time, corn 

 prices have recovered about 11 cents. The wet weather that we had in 

 October, and which is continuing into November, has prevented the 

 farmers from harvesting their corn and also has caused some deteriora^ 

 tion in quality where the corn was down badly. Even prior to this 

 development, feed grains were in a strong position and doubtless will 

 continue to give a good account of themselves. 



Soybeans . Soybean prices have responded to the very unfavo2>- 

 able weather conditions. Beans that were harvested early were of good 

 quality, but local reports indicate that the wet weather has caused 

 sprouting of beans that were down and swelling of beans in the pods, 

 as well as some shattering. Farmers have been unable to get into the 



