OCR Text |
Show Wool Situation Is Somewhat Unsettled The decline in wool prices during the past month, together with the unsettled conditions in foreign markets, mar-kets, leaves the question of wool prices somewhat uncertain, the Bureau of Agricultural Economics said today in its monthly review of the wool situation. Although prices declined in the domestic market in September, quotations were largely nominal in view of the light trading. Domestic stocks of new wool are below average, aver-age, but domestic mill demand for wool is less favorable than a year earlier, the Bureau said. The total supply of apparel wool in the United States on September 1, plus that part of the domestic output which will become available in the next few months, was placed at about 15 percent larger than a year ago when supplies were unusually un-usually small; estimated supplies were smaller, however, than the average for September 1 in other recent years. The increase in supplies sup-plies this year over last iis due chiefly chief-ly to larger imports in 1937. Consumptiion of apparel wool on a scoured basis by United States mills in the first 8 months of 1937 was 8 percent larger than in the same months of 1936; and it was about the largest for the 8-month period since 1923. Since consumption consump-tion in the last 4 months of this year is likely to be smaller than in the same months of last year, stocks at the beginning of 1938 probably will be considerably larger than a year earlier but may remain below the average of most recent years, the Bureau indicated. Total supplies of wool from the southern hemisphere in the 1937-38 marketing season, which is now open, probably will show a slight increase in-crease over the previous season, it was stated. The increase in production, pro-duction, which appears to be fairly general for the five principal producing pro-ducing countries will more than offset off-set the decrease in end-of-season stocks in these countries. Total sup-pliies, sup-pliies, however, are not expected to exceed the average for the five seasons 1931-32 to 1935-36. |