Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-12-24
GRAIN MARKET !.
DULL FIRM FIJI
NLAST WEEK
Light Receipts Maintain
Prices; Some Increase
. Expected.
(Herald Special Service. !

week and fair price gains were made.
mere was no improvement. in the
hour demand and cash wheat held on
an even keel compared with futures.
OUT ,lent receipts resulted in absence
OF important hedging pressure and
favored the buying side of the
market on the, dips. 1t is generally
conceded that rece ipts will be mod
crate the rest of the crop year, al
though some increase is expected af-
ter Jan. l, when lower freight rates
60 into effect. Without the weight Of
neds1ns sales in any large volume,
the market would be in Shape to re-
spond to constructive influences, even
with the present light volume of spec-
ulattve demand.
For the period from last Saturday
to yesterdays close December wheat
was 5 7-8c higher, May, 4 7-Sc higher
about the same advance in Chicago
futures. Winter wheat markets as
well as the local market had light re-
ceipts during the week and cash mar
kets were steadier in spite of slow
flour trade. Local receipts were we'll
under ordinary milling requirements,
vi mills were grinding only Al per
cent Of capacity. Flour demand also
was light in the southwest and mills
there were reported to be running be-
low half capacity.
Dash Market Firm.
There was q firm tone in the local
cash market as a result OF the light
receipts. Top grades, however, held at
unchanged premiums compared with
May, while No. 8 dark northern was
1c stronger and the lower grades also
relatively higher. No. l dark north
ern sold at 6@16c over May, while
No. 3 rark was SC under to SC over
compared with 81 under to 8r over
May q week ago. Demand for the re-
ceipts was largely local, with practi-
cally no competition from eastern
buyers and little from nearby mills.
In spite Of the small receipts local
elevator stocks increased S 5000 blu.
compared with 235,o00 bu. increase
in the same week last year.
Chief market helps early in the
week were large export sales Of Cana
dian wheat last Saturday, which
caused strength in Winnipeg futures
as a result of buying in Of hedges
against the cash wheat. Sales Of Man
1tobas were estimated at 5000, 900 bu.,
largely to southern European buyers.
The market also was helped by Mon
day cables reporting rains in southern
Argentine to interfere with cutting Of
the new crop. Interference with
.Ahreshing in parts of Santa Fe and
Cordoba also was reported late in the
week, with favorable weather in the
meantime. Passage by congress Of the
Russian relief bill with its large ap-
preparation for purchase of grain was
a bull factor in the market, although
the bulk OF the money is expected to
go for orr. 1t Is reported, however,
that some seed wheat and low grade
flour will be included. Surplus of low
er grades of -four are large as -four
demand has been quiet for some time.
%" Crop Estimates.
Estimate by the Northwest Grain
Dealers association Of a crop in the
western Canadian provinces Of 251,-
10000 bushels was about 50,O00,000
bushels under the government esti-
mate. 1t was claimed by some author
tiles that the difference was due to
failure of the association statisticians
to base their estimate on revised acre
age figures, recently increased 4,600,-
900 acres by the government report
based on the new census.
The Winnipeg market Jagged be-
hind u markets on the advance.
gaining only 2 3-8c for December. and
8 $50 for May during the week. Slow
export demand after the business put
over last Saturday was a check on
their market, especially as receipts
a over TOO LIS q day on the aver
age through the week. The Canadian
visible supply increased last week and
total in store at Canadian points and
in bond in American markets and
a1oat was 52,s80,000 bushels, against
22,405, 900 bushels last year. u. S.
visible supply Monday a $4,000, 900
bushels compared with 4~7,ooo,ooo
h,.ho1, Yo.x 1,oor ~ ro5;oo a1d A,ror
lean total was 10000, 900 bushels,
against 100000 bushels last week.
Argentine Prospects.
The less favorable Argentine news
raised the question Of the final out
come in this important and highly
uncertaina surplus producing country.
Weather 'ip the main has been avor-
able for harvest and quality and yields
in the north are reported good. but
doubt exists over out-turn In the
south. However. estimates of the sur
plus still hold over 100, 900, 900 bush
els. Shipments this week increased
moderately, being 10000 bushels
against nothing q year ago The atti-
tude of producers and shippers in the
will be an important factor
in the near future./ Australian ship
ments continue fairly. large. Broom
halls agent at Sydney reduced his es-
innate Of the surplus to 75,000,000
bushels
Coarse Grains.
Coarse grains displayed q firm tone
most OF the week, and the Russian
relief news, with decrease in receipts
at Chicago had a strengthening effect
on corn futures. The eastern market
advanced 2 1-402 lac and trade
sentiment was more cheerful as a re-
suit Of prospective large shipments to
Russia and the recent financial help
given to yrowers through the wal
finance corporation. Local corn re-
were fairly large. but prices
held at about the same to 1-2c larger
discounts under Chicago May. No. 3
yellow sold at 15@l6c under the flu
ture the last of this week. Fairly
good receipts are expected after
freight rates 60 down, but. II export
and Industrial demand continue As at
present gteadiness is expected. There
yvass q Arm market for oats, both in
the local pit, and in. the east. Local
deliyery advanced fractionally
and No.sS whites were 1-2@1c higher
than 4 week ago. No. ; whites held
at 11-ae3c Under May. Large stocks
here and elsewhere, with 25,t0D.OQ0
bushels In store here, continue = bar
to material price recovery. Export de-
mand remained light ana demand
from domestic sources was not brisk.
3 Rye Dull.
RYE WaS slow to FOLLOW wheat, and
trade was dull. Local receipts were
small, but there as little demand az