Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-04-15
Weekly Market
Review.

small net advance over last Saturdays
close tells the story of the wheat mar
ket this week. News influences were
conflicting and trading on a restricted
basis as a result. May wheat was up
! Csc n July &c at the END of the
last session before the Good Friday
holiday.
Ease was the rule after a Monday
bulge until the Thursday session,
when firm cables and good export
sales of new crop wheat took effect in
a sharp advance. Leading influences
on the constructive side of the mar
ket during the week included reports
of large acreage abandonment in
parts of western Kansas, stubborn ca
bles, higher foreign exchange market
and a larger decrease in the visible
supply thar in many weeks. There
also was some flood damage news
from the middle west.
There were only small export sales
however up to the last session, much
Of h crop news from the southwest
indicated marked improvement had
been shown by winter wheat following
further rain and snow. and bulk of
the current statistics continued color
less or bearish.
Chicago May wheat advanced about
the same o as the local future,
with July stronger, the advance at
Thursdays close being ] $50 for the
near month and &c for h new crop
delivery. Buying Of the July was re-
ported late in the period against ex-
port sales of new crop wheat. 1t was
said 1000. 900 bushels new wheat vas
sold abroad Thursday, in addition to
500, 600 bushels of old wheat, the lat
ter mainly Manitobas. Some of the
new crop buying was credit to Ger
many. Winnipeg advanced about Is
much as American markets, May up
3 Lac and July 1 Use.
Little spring wheat seeding has been
done in the northwest, according to
local advices;~ but some of the leading
authorities point to the crop of 1915
as an indication that late seeding is
not all important. The soil generally
is in fine shape through this state,
the Dakotas n Montana, and all
that is needed is a few days of warm
sunshine. In 1915 seeding continued
after May l and the crop was 352,-
600, 600 bushels, or the second largest
on record. Yield in 1918 was 356, 0OO,-
900.
Moderate decrease in acreage is
expected as u, result of the late start.
but with a favorable season a much
larger crop than last year could be
raised on a smaller creage. The fact
that world financial conditions are
mending, with doubtful crop promise
for winter wheat in this country and
in parts Of Europe holds out promise
Of fairly good prices the coming crop
year. With the ending Of financial de-
preston danger Of really low prices
appears to be over until Russia zones
back into the fold Of exporting coun-
tries on the abig scale of We-war
years. .
United States visible suaply of
wheat decreased 1,734,OO0 bushels last
week, with total 34.163,DO0 bushels
against 11,S77,000 bushels last year.
Canadian visible increased moderate
~, and the amoun in Europe and
afloat increased 2.1OO. 900 bushels,
making the decrease in worlds visible
only $4,000. Total worlds visible is
175,76S, 600 bushels against 135,S23,-
600 bushel a year ago..
Local cash wheat market about
held its W. compared with futures.
MOL dark northern held at 11-27c
over May, No. 8 dark at May price to
23c over. Durum also held. No. 1 am
Der at Duluth May price to 18c over,
little at less than sc premium. Flour
trade was a dull spot in the situation.
Local shipments fell under so, 900 bar
rels a day and milling capacity for tho
northwest, estimated by the North
western Miller. was off 2 per rem for
the week to as per cent of capacity.
Rye futures and cash advance &c
on wheat strength and light receipts.
Occasional cargo sales from the sea-
board helped sentiment. Crop news
continued good. Barley was easy for
cash with Il sluggish demand, al
though good lmalting grades We're
wanted at 60@62c. Oats futures were
up Csc. helped by wheat and corn.
May liquidation was moderate. but
there was a fair. amount Of selling Of
May and buying Of July, changing
over long lines. Hedges against the
large local stocks at the same time
were being shifted over to July.
Light receipts, firm cash market
here and in the east and unfavorable
weather for farm work in the leading
corn states, gave the corr market a
firm one. Chicago futures were 1c
higher than last Saturday at the close
Thursday. Local cash market was
e firmer, discounts under Chicago
May being reduced 1-2c, No. 3 yellow
at 7-Sc under the future.
Strength at Buenos Aires, small re-
ceipts and readjustnlent Of import
duty on foreign oil were helps in the
f1axseed market. Linseed oil was put
on a basis Of - 1-2 cents n gallon in
The senate bill. and this helped senti-
ment among the big crusher buyers
as reducing the enace Of cheaper
foreign oil already cutting into the
demand in eastern markets. No. l spot
gained 1c more than May, selling at
! May price to &c over. Futures were
I 1-4@7 3-4t higher for the week.
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