COMMODITIES, Price War in Wheat

COMMODITIES

Through the wheat markets of the world last week ran a two-word scare: price war. To move more of its towering wheat stocks into export, the U.S. raised its subsidy to exporters, thus permitted them to cut export prices 10¢ a bushel (to about $1.75). Canada promptly followed suit, and Trade Minister. C. D. Howe warned that more price cuts would be made if necessary. Wheat trading slowed to a halt in England and other European markets. Argentina's Minister of Economic Affairs Alfredo Gomez Morales charged the U.S. with "dumping." Said Sir John Teasdale, chairman of the Australian Wheat Board: the...