Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-08-26
WEEKLY MARKET
REVIEW !.

els was. slow. Hedging pressure. for
eign financial news and limited buy
ing power caused frequent reactions
after strength In the first two SEES
sions OF the week Lighter south
: western receipts due to car scarcity
figured In creating q firmer tone In
the market. Optimistic business sen
ument In the east also helped.
Up to Fridays close September was
IN cents over last Saturdays finish,
while December a up the same.
May gained only y cent. In the same
period Chicago futures were ~ to
2h cents higher, deferred months
strongest. Minneapolis and Chicago
pecember sold at practically the same
price. This eliminated the premium
of nearly 4 cents. for local December
existing q few weeks back which was
suggested in these columns more than
a month ago.
Lack OF outside speculative inter-
est was a market handicap. Buying
failed to follow the market up, al
wheat around 81 was cheap with pro-
duction 100000, 900 bushels short Of
last year in Europe. Decline of Ger
man marks, howeverS focused atten-
ton on foreign financial problems,
and created belief that buying Of
American grain will be delayed
enough to ada to ordinary difficulties
Of carrying the first load Of new crop
wheat. y
Balanced against these influences
were several. constructive forces, at
support was given the market, and
sentiment In banking and grain cir
cles favored higher prices az q help
In expected return of prosperity. Ad-
vances In cotton, steel. sugar and Sc
curities. although due to special
. were pointed to as helpful in
~fluences. Higher wages granted COM
mon labor by the steel corporation,
and the scant success met by efforts
to deflate higher class wages also
tended to foster the theory among
economists that a secondary period Of
initiation wat starting.
Decrease n Argentine shipments in
dicated near approach Of depletion Of
the southern hemisphere's surplus un-
til the new crop II available next jan
uary. Weeks shipments were 1884,
600 bushels compared with 1,766,00O
bushels last week and $4,000 bushels
last year. Australian fetal was 304,-
600 bushels against 100000 bushels
last week. North American ship
ments increased, but are expected to
ASAS AAAOAlIl> III 6AAVdACS SCpS
TENDER sales fell sharply below Au-
gust totals. Europe now Is beginning
to consume her home crops. Brad
streets North American exports. for
the week were 1876, 900 bushels,
against 9,382,O00 bushels last week
and 100000 bushels last year.
United States visible supply Increase
was moderate at ~1,8s4,O0o bushels
and total is ~27.990,000 bushels against
58,462,000 bushels last year. Strike
delay to winter wheat movement is
the Of this statistical shift.
Cash market wa firmer than fu-
lures for choice, high gluten dark
northern wheat. but ordinary run was
easier, with the low side of the range
down 4 cents for the week. Top was
2 cents higher. No. 1 dark northern
sold at Z to 20 cents v September,
against ii to Is cents over last Satur-
day; No. 8 dark northern 2 cents un-
der to 10 cents ver, against 2 to IL
cents over a week ago. Durum was
8 to Is emit owe Duluth September,
against 3 to II cents over last satur-
day. Flour trade started we'll, but
Jagged on the advance and failed to
equal last weeks large business.
Export demand for wheat was slow.
daily sales ranging from 800 900 to
soc, 900 bushels with European finan-
cial difficulties a handicap which gave
poor promise of being lowered in the
near future. Foreign markets made
no material Roadway in recovering
the larger decline of recent weeks
than registered in American prices.
Spring wheat movement increased.
New crop wheat started to arrive at
Winnipeg and with. little buying from
abroad cash premiums faded and
nearby futures established themselves
under 81. with a discount Of about S
cents under Chicago. Impending
hedging pressure from Canada was a
weight on sentiment, as the bulk Of
weight on sentiment, as the bulk of
placed outside of Winnipeg. because
their, market will not stand up under
the volume of selling when the rush
to market starts.
Dry weather advanced corn prices,
but rain relief and cooler tempera-
lures reduced gains late in the week.
Fair net gains were recorded, how
ever, both for corn and oats. Coarse
grain prices were low enough to en-
courage investment buying on the
theory low levels for the year. were
near. Oats gained TX to 1X cents,
September leading and barley was up
IL cents for the near month and 2
to 3 cents for cash. New crop re-
ceipts of oats and barley were above
last years quality. Arrivals Of the
latter were moderate and fairly large
of oats. Quality helped cash demand.
Heavy No. 3 white oats commanded
3 to 81 cents premium over Sep
held cash premiums although they
declined | to " cents for the week,
No. Q ruling at 2 to 2h cents over
September late in thetaweek.
Export demand for rye increased
on steadiness following the recent de-
cline, and a few scattered lots Of bar
ley were sold to exporters, Flax con
tinued to sag, especially the cash posi-
ton, which was depressed by good Of
ferings to arrive and moderate oil and