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^ prices for feed whe-^.t. The Illinois price vrxies from 79 "to S6 cents r. 

 bushel for August delivery; depending upon location. No soft winter 

 wheat v:ill be sold for feed. It will pay to get a quotation from the 

 local AAA office or farm adviser because in some counties the wheat orice 

 may be below the price of corn. 



Wheat . Price fluctuations have been moderate d^oring the past 

 week. There was no important legislation to affect them either way. 

 Grains tried to make a rally from the new low reached Monday, but were 

 unable to make much headway. The wheat market is troubled by the encrmcu 

 supply and the possibility of considerable "free wheat" reaching the 

 markets from the spring wheat area. Spring wheat harvest is just now 

 beginning to get under way. The corn market is disturbed by two factors- 

 first,^ the wheat-selling progrrjn v/hich has a tendency to hold down the 

 price of corn and, second, the very leirge open interest in September corn 

 futures vrhich must be disposed of before the beginning of the fourth week 

 in September. 



Counteracting these be.arish tendencies are the facts that vj-heat 

 is selling at a discount of l6 to 23 cents a bushel below the loan value, 

 to which must be added the 7 cents a bushel that farmers would get for 

 storing loan wheat on their farms. Also the report comes from Kansas 

 that "a high percentage of the Kansas wheat crop is eligible for loan and 

 it is probable that a large portion -of the wheat in acceptable storage 

 will be placed under loan." Under these circumstances, prices of wheat 

 could be expected to rise after the pressure of spring-wheat movement 

 subsides. In other words, the average of daily prices in Seiotember is 

 likely to be higher than the August average. The prices of wheat, 



soybeans, oats and rye have all been downward since February, but during 



have been 

 the past four or five weeks there seems to/ a tendency for this dovm- 



wai'd trend to level off. 



