Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-03-06
Weekly Market
Review

Minneapolis, Mimi, March Anew
high prices followed by a sharp prof,
taking reaction and ultimately by un-
expected steadiness marked the wheat
trade for the week. May wheat
high. and July to $1.as LIZ. Then
came selling to take profits and the
market was called on to take more
than 1t could carry without q break,
Selling did lot take effect until We'd
nesday, when stoploss orders were
caught and selling by eleventh hour
bulls who bought near top prices sent
the market sharply lower. At low
point ON the setback May was down
Z 3-4c from high and July 8 3-4c
under best price. f n
Recovery was surprisingly strong.
There was q comeback Thursday
which practically wiped out the pre-
vsoO !AaWs net loss. The market also
finished a shade higher the succeed
ing session after an early bulge and
was lac lower for May and 21-2c
lower for July, compared with last
Saturdays close.
helped the rally. 81, W. Snow and
P. 8. Goodman, Chicago statisttcians,
issued estimates Of farm RESERVES
which agreed with trade expectations
OF March.1 estimated Of small Sap..
plies back IN the country. Omctal
figures are due March 8 at lis p. m.
Snow estimated reserves at 1~2S,-eso'-
900 bu. on government crop basis n
$4,000, 900 bu. On his crop fsuress
bu., or 95,0eo,o00 blu. after deducting
30, 900, 900 bu. for spring wheat seed.
Both estimated that, with visible sup.
ply and country elevator and MIL
supplies added, the total remaining
suggested a present e~xportable sur
plus neal rs, 0 900 blu. Present ex-
ports are running around 2,00o,00o
blu. Of U. S. wheat, sc three months
would exhaust tho surplus at b ur-
rent ratio.
Foreign markets still played q
prominent part in shaping the course
Of the market. There was q drst OF
the week setback abroad. but liver
pool and Buenos Aires led tho rally
later. The stubborn strength abroad
in the face of large Argentine
shipments increasing visible supply
there and prospects the large mount
of wheat on ocean passage would e
gin to show in stocks at English and
continental markets. Strength in
sterling exchange helped the advance.
the increase in buying power Of h
British pound being 4 signal for bulls
to buy on the theory that commodi-
ties would be helped by advance In
the exchange market
The early break was partly the re-
suit of technical conditions, profit
sending prices back where
stoploss orders added DO the weight
on the market. In addition generous
snowfall throughout Kansas and
rains in most OF the dry area in Okla
homa and TEXAS, together with a
in cash wheat and -four
demand prompted caution on the part
of buyers. For full measure there
was reaction abroad. Trade sentiment
did not turn bearish on the break,
especially after there was evidence
that leading longs offered support
around $1.4z to $1.43 here and
$1.42 3-4@$1.43 at Chicago.
Domestic cash situation was easier.
In the southwest futures went above
prices for deliverable wheat Flour
buyers failed to buy freely despite
the long advance. Local situation is
the strongest in the country.
Choice spring wheat is wanted but
premiums for the wheat under best
milling quality dragged several cents.
Low on No. 1 dark northern eased &c,
the range being 10@24c over May.
Durum was stronger, rejecting the
better exDort demand, No. l amber
being 3@19c owe Duluth May. Win
ter wheat held steady. with fair re-
ceipts and a good demand for dark
varieties. Northwestern mills still did
only a moderate to fair business.
Visible supply decreased little and
- = nm ~, r--s-~ y q
$4,000 blu. last year. Canadian visi-
BILE also decreased only slightly. Can
adam wheat in bond in this country,
however, continued to move out for
export.
Corn led IN strength early in the
week. but when Chicago May sold
over roc and local May over eOc there
vas profit taking after the good ad-
vance and a 21-2@3c setback. Re-
ceipts decreased It Chicago, but on
the other hand the bulge cut into the
export demand. Industrial buyers
also held OF. Local cash market held
we'll in spite OF rather large receipts
with No. 3 yellow selling on the tables
the las of the week at IL 1-2 O. IL 1-2c
under Chicago May.
Oats followed corn within a narrow
range, while barley showed independ-
.ent strength on light. receipts and g
fair general demand. Range for bar.
ley advanced sc, ruling at 81 63t
Friday. Rye vent over a dollar, ther
eased back. ruling. &c lower for th<
week Friday at 81 1-2c for May ahG
1-2@11-2c over the future for No. :
in the cash parket. Weaker toreig1
markets, lack of snap in cash demand
with selling for profits, made f1a1
futures erratic and I 3-4@2c lower
for the week al the close Friday
Cash seed held unchanged, No. 1 a
&c over to &c under May price.
A late Broomhall estimate made tn,
Argentine surplus Of old and new
wheat 100000 by. An earlier
cable said that worlds surplus of ex
portable. countries ove probabl,
needs of importing countries was u,
ooo,o 900 bu.. If Argentine futures wer'
not further reduced.