Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-12-23
WHEAT HIT NEW I.
HIGH LEVELS IN
THE LAST WEEK
Movement For Longer TERM Farm
Farm Credits Is Seen.
(Weekly 0rah 1evIsw.)

(Wsskly 0rah 1sv1sw.)
Minneapolis, Dec. 2s.-wheat moved
first Of the week; but heavy profit,
cline at Chicago caused setback: RE
covery,. however. was prompt and indi..
cations wers that sentiment suffered
t ao ss a rea eaanse WAS ID du wf 1sft asit the Sy st @say
advance. and when eastern" futures went
above $l:26 and December here came
within : u cent Of that price, bulls
; Trade s uSTh ens'r was as'oit IMPRESSED by
the comeback from weakness of mid
week. Chicago reports indicated the
leading elevator long Interest. had not
in ali markets. helping to shoulder tho,
hedging load and looking for expected
strong demand. and advancing prices on
the precarious supply situation in Eu-
rope With Russia still out Of the run
may prevail over the holidays, but long
distance sentiment continues favorable.
Expected holiday lull in trade a fac
tor on the break from high. Prospects
that farmer aid measures would not
pass as soon as expected was another.
Belief that the market nee s strong ba-
sic conditions more h a legislation at
tracted attention to the fact that pres
b~ilities point to sharp demand ter the
American surplus. Export news Wa
not highly encouraging, although sea-
under cover than reported. Argentine
news varied with weather, but Broom
halls agent maintains main damage has
been slight.
In the absence of action by congress
there was an encouraging move for
longer credits for growers by the fed
eral reserve board. Bankers accept
ances Of six months maturity. instead
Of three months. as at present, drawn
by growers Of staple agricultural prod
ucts or cooperative marketing associa-
tons, We're made eligible for purchase
and reaiscount by federal reserve banks.
Government report on new winter
wheat crop was disappointing to bulls.
as acreage was only 3.2 per cent under
last year against private estimates
1o.year average. although cc/paring
with 76 last year. On basis of accepted
par crop Of $50, 900, 900 bushels was in
dictated, against 5s6. 100000 bushels this
years final figures. r. w. Snow called
attention to a 20-year record showing
large average winter killing on low con-
dltion years. Recent freeze caught the
crop witS little snow covering.
Cash wheat premiums were l cent
easier for bulk Of the good to choice
wheat after Wednesday,, and ordinary
stuff was 2 cents lower compared with
futures. No: l dark northern was 3@19
cents over May, compared with 4@19
cents last Saturday. and less sold at
top, with practically nothing at 20 cents
over the premium set by high gluten
corn early in the week. AS mills expect
ed nothing better than a scattered de-
mand In the near future deman for
wheat lost much of its snap.
The u. S. visible supply continues
under last year and decreased again
stocks. Large foreign needs are un-
doubted, ana private cables claimed
buyers have held off about as long as
possible. piecing out former purchases
crops and milling and bread regulation
Flaxseed continued firm although
prices showed little net change from
late last week. A sharp bulge in De-
due to short covering. with offerings
light. The cash month here Was 6 cents
Up at one time and Duluth IN cents up.
May options Jagged and fell back near
December was up IL cents and Duluth
~ cents from two weeks ago. Mean
while Winnipeg was merely firm, but
sem %a" s]t rents over fb. two NV weeks ago. De-
There were moderate receipts in all
markets and crushers were ready buy
ers, although premiums eased late in
basis h in recent weeks. with meal
$1.0O higher, were reasons for steady
demand. On the other hand buyers
showed little interest in flax for ship
ment beyond next month, Canadian seed
continues to move to eastern markets,
although closing of navigation checked
demand; Argentine seed also was being
sought by seaboard. interests ana of last
weeks fair shipments from the south
ern hemisphere 100000 bushels was
afloat for the L. S. Buenos Aires dis
played less nervousness over crop dam
age claims. futures easing 2@3 cents
for the week although up 6@10 from
two weeks ago
Rye acreage decrease of. II per cent
was bulllsh. but the smaller market
merely followed wheat. Export demand
was quieter. Corn futures hadla set
back on larger receipts, Chicago getting
400 to more than 900 cars daily. Local
cash market eased as. an outlet had to
be found in the east for surplus arrivals.
Oats followed the leaders, but showed
a firmer undertone than corn. Local
stocks continued to decrease. Decen-
Der held up strongly under heavy de-
nver1es, total SO far this month, l;97B,-
900 bushels. Barley dragged with a iuil
IN cash demand, and spot prices were