OCR Text |
Show DROP 1 THE PRICE OF WHEAT WILL NOT AFFECT OGDEN Speculation in wheat in the Chicago Chi-cago market and today's drop in price will have little or no effect upon the price of wheat and flour in this section, sec-tion, according to Harold J. Peery of the Utah Milling company. The scarcity of wheat In this section sec-tion wiirkeep the price up, said Mr. Peery. The Idaho supply has been purchased largely by Eastern and Southern millers and the wheat acreage acre-age next season will be smaller in Utah and Idaho on account of the high price of beets. The farmers will raise beets, of course, because of the certainty of profits under agreements with the sugar companies. Tho millers mill-ers cannot give similar assurances regarding re-garding wheat, the price of which is governed strictly by supply and demand. de-mand. The European war situation also is a factor in the wheat market. J. K. Mullen of Denver slipped into the Utah market last fall and purchased pur-chased upwards of three million bushels bush-els of wheat, paying all the way from $1.25 to $1.75. The local millers duplicated dupli-cated the bid somo time afterward, but It was too late to obtain supplies in large quantities. Local speculators, as far as known, are not heavily interested in the Chicago Chi-cago grain market, but are devoting their attention to stocks in the New York market. Most of them are said to be buying, expecting a strong upward up-ward trend. oo |