Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-05-13
Weekly Market
RovIoW

Minneapolis. Mimi, May 1s.-sud-
den strength developed in wheat this
week after three days Of almost
stationary prices. following h bad
decline of late last week. Ability Of
the long interest in Chicago May to
100000 bushels in one day wasaths
big factor in turning the tide upward.
Local prices followed the eastern
trend, although Chicago May gained
ground as a result of greater conges-
ton there. Profit taking by the. lead
ing long interest was a check on
prices here. -.
Following Z IA cents advance in
May at Chicago on Thursday. tho
the week up to Fridays close Min
neapolis May was up 4 "A cents and
Chicago 8 IA cents. Local July was
4 cents higher, while at Chicago the
July, a new crop month there, was
2 Ia cents higher.
The bulge was in the face of cQn-
siderable bearish, crop news and sta
tistics which showed nc immediate
scarcity in this country or abroad.
Southwestern markets continued at a
shipping discount under Chicago. but
so long as bulls tool the wheat and
continued to ship part Of it east by
lake, the effect on the market was
Strengthening. a of the wheat was
said to be destined for the seaboard
for export. ~.
Deliveries in the l~ocal-uaarket were
small and total for the month to date
was only $4,000 bushels. Wheat
rendered on contracts was not Of de-
sirable quality n delivered at a
Statistical and cast situation is
mixed. Crop news is FAVORABLE
enough to cause the usual spring de-
cline. With winter wheat harvest six
weeks away bullish enthusiasm pre-
sents dangers. However. the crop
scare season is not far off. Success
Of May bulls in selling the, wheat
taken on delivery, will be a factor.
Export news will be watched.
According to advices to local houses
spring wheat seeding is about COM
pleted, with perhaps a slight decrease
in acreage. Soil conditions and early
growth where the plant is up are
good. On the law of averages the
northwest is due for a good crop, and
seven years 6 a large yield was Sc
cured on a late start.
Minneapolis continued stronger
than other markets. so far as cash
wheat was concerned. Premiums OF
desirable milling wheat oyer July
prise were firm and better class Of
ferings of wheat in various grades
were 2@4 cents higher for the week,
although top was unchanged. No. l
dark northern sold late in the week
at 1900 cents over July. compared
with 1900 cents over last Saturday
on trades and No. 3 lark northern
was q 26 cents over compared with
;3R26 cents over a week ago. Small
receipts, particularly of choice wheat,
continued to shape the market.
Durum wheat also was firm. gaining
100 cents, with No. l amber at
Duluth May price to 13 cents over.
Flour trade continued quiet, with
only one day OF increased activity,
and the leading trade authority re-
ported spring wheat mill capacity
unchanged at SO per cen COMPETE
ton of cheaper hard winter. wheat
and Canadian -four, continued to
handicap mills in this section.
winter wheat condition s3.5, against
1874 last month. Abandoned acreage
was 100000. leaving ~3S,100.otO to
be harvested. Yield was placed at
5S5. 0 900 bushels, against final fig
ure. last year Of 8 100000 bushels.
Estimate OF r. w. Snow last week
was $4,000, 900 and Of p. S. Goodman
SGT, 600, 900.
Worlds shipments close to 10000
600 bushels are indicated Monday,
against 1900 900 bushels last week.
Argentine~t total increased to 3~,799.O0O
bushels, against 1.716.00o bushels last
week. Bradstreets North American
exports were 3.S33.oco bushels.
against $4,000 bushels. last week
and 7.02s,oeo bushels last year
Amount IN oroAn nna3n ga IL % 000,-
0oo bushels less than last year at
So, 600. 900 BUSHELS, but worlds visible
is 14s, 200, 900 bushels. or S24.ooe.ooe
bushels ahead Of a year ago. US.
visible at 31.000.0 900 bushels t 19.-
900. geo bushels larger than last year.
lively hrmer here than in the can,
with offerings small. Discounts under
Chicago prices narrowed slightly and
cash demand averaged good. Local
corr futures were up l cent COM
pared with IL cen 1t Chicago, and
cash prices also gained ground, No. 3
yellow selling at s07 cents under
Chicago May and mixed the a0me to
| IL cents less than yellow: Oats
barley ! IL cents. Shipments OF
corn and oats { o the east continued
on q good scale. Export sales Of corn
averaged 100000 buahels q day. With
bids close to . working hasts. PROFIT
able feeding basis of corn played q
toward the long side Of the yellow
cereal. Late start and reduced acre
are Of oats helped that market.
Rye futures advanced ; Ia centa
with wheat. Export sales Of aoOut
1900, eco bushels for the week apd
nrm ,caAht pfsHipms Eere bullah in-
iuencea- On the other hAAd. the
a -.