Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-08-05

naively.
Continued Monday Evenine.)
Weekly Market Review
!, steadinew developed in wheat this
week after a sharp break on heavy
Monday receipts and hedge selling.
Buying against export business was
pressure decreased and experts
showed moderate gain. Bull support
was in evidence late in the week and
the net result for the period was only
q small fractional change from last
Saturday.
September wheat broke 2 Ia cents
Monday and December 2 cents. The
nearby month closed at the same
agure-$l.11 7-S-three sessions in
succession and IA sent below that
figure the fourth day. All but 1-4
Of the Monday decline was re-
covered Friday. December in the
same period gained 3-S cents on Sep
TENDER. the discount of the late
being reduced by that amount.
Favorable crop news from the
greater part of the spring wheat
crop was made" with late wheat
nearing maturit. with possibility Of
only minor damage, had not a little
to do with early weakness. The eff
feet Of the crop news from experts
increased by receipts of 2,812
cars at Chicago. Kansas City. st.
Louis and Omaha. Local market also
had 312 cars and symptoms of s
in OF grade cash offerings.
Hedging sales were heavy all around
and speculative buying power was
poor, being confined largely to short
covering and moderate accumulation
by interests which . bullish on
the theory that a rally was due.
The first private crop report made
spring wheat promise go, 900
bushels, and the estimates Of leading
900 to 13, 900 bushels higher. or
23.000,O00 to 100000 bushels above
the July government figures. AS one
of these estimates last month exactly
Tailed with government figures, the
trade figures the largest crop In years
assured.
Defined hopes of rail peace and
stubborn undertone in foreign mar
kets had a steadying effect in mid
week. There were numerous COM
plants of a shortage in the south
west, and messages from that direc-
ton indicated country elevators we're
closing down. many being unable to
take in more wheat as a result of
inability to ship out to terminal mar
kets. While this was bearish in the
long run. merely ,deferring move
ment, there was enough demand from
mills and from exporters filling old
contracts to create a stronger tone in
cash markets. ~,
Reverse 49, rue in the local cash
market. Mill buyers held off and a
sharp break in premiums Tuesday.
Sales generally were 500 cents
down for the day and later in the
week there was only slight recovery.
Nc. l dark northern the last of the
Der, compared w1t.. 2e@47 cents over
last Saturday. No. 3 dark eased to
10@34 cents over the figure COM
pared with 17@41 cetns' over a week
ago. Competition Of winter wheat
and first arrivals Of new spring wheat
had a depressing effect on the mar
ket.
kota and Minnesota generally was of
excellent quality and weight and COM
manded good premiums, but old
wheat, especially better class North
Dakota offerings, took the highest
premiums. New No. / lark northern
sold late in the week mainly at 800
80 cents over September. AS a rule
the wheat weighed closed to so
pounds or better. Sample Of a car
63 IL pounds and was of fine milling
quality.
August crop estimate of B. w.
Snow made spring wheat 273,000,0O
bushels and winter 558.000,O0O BUSH
els, a total of S31, 900, 900 bushels. P.
8. Goodman's figures were 271,0O0,-
900 bushels for spring wheat and
A q fnn nnn H,,~l41~ f-r r%r T,,1rv
government estimate was 248 ,00O,0 900
bushels spring and $50 100000 BUSH
els winter, or BIT, 10000 bushels.
Final figures last year were 208, 00O,-
900 bushels spring and 587. 900
bushels winter, OF 795 ,0O0,0 900 BUSH
els.
Visibly supply increased 100000
bushels, but the gain was larger last
year and total vas 19,667,00O BUSH
ago.. Canadian visible decreased g.
429.0 900 bushels, but total is 12,013.-
900 bushels, against 6,O66. 900 bushels
a year ago. Worlds visible supply
decreased $4,000 bushels.
.Broomhall estimated worlds sur-
plus and import needs showed close
adjustment. He placed surplus at
6so,00o.0o bushels and requirements
at $4,000. 900 to 672, 000, 900 bushels.
by the head Of the largest
eastern elevator interest-that gov
eminent financial aid and economic.
were making for orderly
and that 'Europe's needs
would be TO- 900 900 bushels ahead Of
last year-also was a factor in modi-
flying depression in the market. On
the other hand. hedge selling is an ac-
tive factor, and unless speculative
support develops and foreign buyers
follow prices up, theories will have to
wait.
Need Of rain for corn in parts of
the northwest and to a less extent in
central states, with absence of heavy
cash pressure and the rally in wheat
coarse grains a f1rmer tone late
in the week. There were moderate
declines earlier on favorable general
1 1-2 cents at Chicago and local oats
futures were down a like fraction, but
later recovery took prices within a
fraction of last Saturdays closing
Barley broke a shade more
than oats, but came back well. I'm
pending new crop movement OF oats
and barley made sentiment unsettled.
If not bearish. but low prices en-
couraged fair support. Rye went to
cents, down S IL cents from a week
ago, but nearly half the loss was re-
gained later. Receipts Of new y
in all markets but locally
met a good demand from mills, ele-
vators and shippers, the latter taking
enough to advance the premium for
choice to S cents over September
price, compared with 3@3 L. cents
last Saturday. Quality and
weight of the new rye was excellent.
A fair export demand was done on.
breaks, AZ high as 4o0,0 900 bushels for
one day late in the week. Flaxseed
wavered between two major infiu-
ences. small receipts and good crop