Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-12-31
WEAKNESSIN
GRAIN MARKET
DURING WEEK
Belief Among Traders ;ls! il
That Worst Of Depre-
sion is Past.

Weakness replaced strength in the
wheat market this week. Increased,
final government crop figures, slug
gish export and domestic demand. In
crease in stocks in spite of small re-
ceipts, n bearisn foreign news were
leading factors making for weakness.
news draegyf cables ana Increase in
the visible supply in the United States
and Canada. Preliminary announce
ment from Washington regarding the
forthcoming fina crop figures also
was a handicap to bulls. as an Increase
of 100000 900 to 40. 900, 900 bushels in
the wheat total was expected as a re-
suit of announced revision Of acreage
on the basis of the new ceRsus.
When the figures finally were an
nounced the market had largely dis
counted the increase and a sharp rally
developed on an expected bullish
showing in the report on the new win
Iter wheat crop due after the close of
the market. Thursday. Weakness re-
turned, however. when Friday cables
brought reports of Argentine wheat
undertaking American in the export
market. weakness at Winnipeg and
some disappointment over the govern
ment report on the new southwestern
crop.
In addition there was pressure of
liquidation Friday from large holdings
of wheat: by a leading Chicago stock
and grain commission firm. which late
in the session was reported to have
gone into bankruptcy.
@ Crop Smaller.
Final government crop figures esti-
mated the 1921 wheat crop at 1884,
100000 bushels. against S33. 000. 900
bushels last year. Spring wheat total
was 2DS;000,000 bushels compared
with p $4,000, 900 bushels last" year:
The increase over the asst government
esdmate was, $4,000, 900 bushels. The
corn estimate decreased. 7%O,oo0,000
bush en. from the last report 70 g.
900 900 bushels last year. Oats de-
creased $4,000, 900 to 1861. 600, 00O
bushels against 1,496.00o bushels in
1920. Rye estimate was So, 900, 000
bushels against 1900. 900 bushels last
year. N barley $4,000, 900 bushels
against 1s9,ooo,oo bushels last year.
The winter wheat report issued aft
made the condition Is. against So last
year and a ten ear average Of SO. On
the revised acreage the report indicat'
ed q crop of SIS, 900 900 bushels. or So,
100000 bushels less han last year.
The report showed conditions favor
able in soft winter wheat states. but
Kansas with about a quarter of the
acreage was 60, Oklahoma "a and
Texas AZ. lnnthese states a favorable
winter would help considerably. In
1917-18 a crop of 656. 900, 900 bushels
was raided after a December condi.
ton of 1915.
Gains Wiped Out.
Wheat sold bac later in the week
close to final prices Of two weeks ago,
losing most of the ground gained last
week.. July delivery sold at $1.16 Ia,
the exact closing point Of two weeks
ago and May at $3.50 ia was within
1c Of the recent low. December held
better. although at low point of 1922
it was only 3 lac over the finish two
weeks back. Deliveries on contracts
continued. fair'- liberal. with abou'
200, 900 bushels. rendered for the week
and $4,000 bushels for the month tc
Saturday,.
SLOW local cash market continued
with receipts light and dull -four trade