Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-02-25
WEEKLY MARKET
REVIEW

1SoSLlOLS AOllOWSu " VOlChCl 1AllACS
and good net gains for the week tells
the story -of-the wheat market. The
LOCAL market was practically isolated
from the grain world for one day, but
kept in touch with other markets
through Winnipeg and by Friday
wires were restored sufficiently to al
low q return OF BUSINESS near enough
TO normal so that alignment of prices
was not greatly altered by the Thurs
day tie-up.
Again it was foreign. markets which
led the way for the advance. Higher
cables Monday gave prices a surpris-
ingly strong start after the previous
upturn of csc from low prices OF the
first Of the year. Liverpool was . IL
@3c up from Saturday and Buenos
Aires 4c up from the Friday close.
1 Advance was in the fate of large
worlds shipments n an increase on
ocean passage of nearly 5000, Ooe
bushels. Apparently the cash situation
abroad still kept buyers on edge, and
German buying was a partial expla-
nation.
Germany was reported to have
bought $4,000 900 bushels of Manitoba
and Argentine wheat over the week
end with two-thirds of the total.
bought in the South American mar
ket. and the purchases spurred Eng
''''A' = w SonS VI Gu
thousand bushels of Canadian wheat.
American markets ran wild on the
news. Winnipeg bulged 6 SIC for
May and 5 3-4c for July delivery.
The Friday close vas 500 1-2c
above last Saturdays final prices, and
only 2 1-2c under the highest prices
on the current advance.
Low levels on the reaction were
3-Sc under best prices of the week.
hi high prices were established
early Tuesday, following the SC Mon
day advance, with May at $1.49 and
July at S1.3S SIS. The setback was
caused by laggard cables and q full
in export demand. There also was
considerable selling by longs anxious
to secure profits just under the $3.50
mark for fear of missing them if the
market went to the predicted figure
and slumped on realizing sales. From
that point to the low of Friday the
market was nervous and cratic.
On the declines the absence of
liquidation by holders was surpris-
ing. Declines also met resting buying
orders which held prices steady. Elk
port buying also was reported on the
decline Friday. and sales, Of 500. 600
bushels Manitobas. with $4,000 bush
els durum sold from Minneapolis
helped the recovery.
General conditions apparently
changed little during the week. al
though news was incomplete. Failure
of the visible supply to show expected
decrease. slow -four, demand and nor
NAL increases in Argentine shipments,
were among the bearish items. On the
other hand foreign markets gained.
although the upward pace was slow
err; there was further advance in
sterling exchange to help English
buying power. smaller advance in
other foreign exchange rates and the
better feeling over economic condi-
tlons in the United States still was in
evidence.
Bulls pointed out tina recent esti-
mates have reduced the exportable
surplus of Canada. Argentina and
Australia about 5 1000, 900 bushels.
worlds surplus has gone under 10
100000 bushels under probable needs.
This is close adjustment.
Corn was leader of the coarse
grains. Increased speculative interest
on the theory of relatively low prices
n greater value transformer into
hogs was the chief help. Export de-,
mand was spotted, but fair sales were
made. Visible supply increase of .
100000 bushels and total u. s. stocks
100000 bushels larger than last
year was ignored as dc news. Cables
indicated that the Argentine crop will
~ " up " carrier expectations lO-
cal May corn was CUP 3 1-4c for the
week. Y
Oats We're firm but made little re-
Spouse to upward movement else
where in the list. Futures were only
l-Sc higher for the week at FRIDAYS
close. Cash oats held. with No. 9 white
L. nc under May. May barley ad-
Vanced &c and cash ruled firm.
May rye was up / Lee with wheat
strength and occasional moderate ex-
port sales at the seaboard the helps.
Price went slightly over 81 for the
first time in months. No. 9 cash sold
at l l-2G2c over May.
A big advance opened the week in
faxseed, but the market dragged for
a time after the first spurt. Longs.
however, sold little. and with receipts
light there was only moderate heds-
ing pressure. There was good recoy-
cry and close was 10 SAC above last
Saturday. and only 3 1-2c under the
recent high point for May at $685..
Argentine and Winnipeg advance.
with light domestic supplies shaped
the market. No. / spot held at Sc over
May to Sc under with a good demand
from cruShers.
Mrs. Matilda Shelton. n Of the
few, women survivors, Of the Indian