Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-09-09
Weekly Market Review

cables and less unfavorable foreign
financial news. with oversold condi.
Itions In the cash and futures trade
Offset the influence Of increasing
spring wheat receipts and sluggish ex.
port demand. Canadian news con.
ttnued depressing. but in spite Of the
fact there was q better tone in Chi
caso which helped to turn the tide.
Foreign strength carly in sAe week
fact that the German outlook seemed
less hopeless. Indications that event
ual needs of Europe will be as large
as expected also helped sentiment.
France and Italy were credited, with
fair purchases OF Manftobas and dur
! UNI wheat the first of the week. Later
there were moderate daily sales. main
ly Manitobas. but business wa slight
ly better than in recent weeks. Corn
strength, failure of the visible supply
to gain sharply and oversold trade
conditions were other market helps.
A drag on the market. especially
effective in winter wheat markets on
account of its effect on the export
trade. was the. sluggish recovery at
Winnipeg. where heavy receipts and
hedging pressure kept prices under
the dollar level. except for May. For
the week to Friday the rally in Octo-
Der wheat in the Canadian market
was only 4 cents from last Satur-
day. with December up rs cents and
May ~ cents. October wheat was
Is cents under our December and 5
cents under Chicago December, with
discounts under September rs cents
and SIS cents. respectively. Weight
Of some of the Canadian hedging had
to be shouldered at Chicago where the
broader future market was capable
of taking care of heavier sales. Win
nipeg receipts were about equal to
the local run for the week and prom
Use to increase faster. Car scarcity
figured in holding down receipts here.
At the close Friday wheat futures
We're 3h to SIS cents above last Sat
urday, the outside gain shown by Sep
TENDER and the inside advance by
May and December. Chicago was l
to rs cents higher in the. same Pc
riod. The shift again put tho local
market al a moderate premium over
Chicago, but not enough to- alter the
improved competitive basis on which
spring wheat mills found themselves
after several years of excessive pre-
miums of spring over winter wheat.
Leadership of September wheat On
the advance indicated nervousness
among those who had hedges cut or
intended to try delivery of No. I
northern which would just make the
grade. Advance in premiums in the
cash market. however. made deliver
les improbable, and only 1000 BUSH
els was put out on September con-
tracts during the week.
Local receipts the first two days
were 1924 cars. against 932 cars last
week and 1884 cars last ear. For
the period of Saturday the receipts
were 1873 cars against 1927 last
week and 2.776 last year. The weight
of the large receipts the first two
days cut down top spring wheat pre-
miums . cents from those ruling at
the end of last week, but the market
came back later. On the break No.
l dark northern sold at Z to % cents
over September. but rallied to I TO 20
cents over. with fancy, high gluten
offerings at 26 to 27 cents over. A
week age the range was Z to 25 cents
over.
AS indicated by the course o. the
cash wheat market flour demand suf-
fered from a general let down early
in the week. Buyers held off to see
wnat Meet large receipts would
ers took hold and there was a fair
revival in flour after midweek. Local
mills averaged better than 60 per
cent capacity for the first time since
last fall. The Northwestern Miller .es-
timated the capacity of local and out
side spring wheat mills in operation
at 81 per cent, against 81 the week
before. Flour prices were firm but
practically unchanged, the chief .ef-
feet of the advance being to reduce
the amount of price shading to get
business.
Whether further material advance
Is maintained depends on whether
general buying follows prices up In a
way to Offset hedging pressure. Slim
illus from foreign news and export
demand might develop If Europe be-
comes uneasy over supplies. Other
wise the ma~rket-will have to wait.
At any rate extreme low price pre-
dictions had few sponsors where
there were many last week.
Hot, dry weather in the southwest
gave corn futures strong rally at
Chicago and oats and barley followed
the leader. Net gain for oats up to
today was ~ cents for September,
No. 3 whites We're 2 to 4 cents over
September. ~ cents for December.
Moderate receipts helped the cash
market, both for corn and oats. Run
of barley also was rather light and a
good demand was in evidence for Bet
ter quality arrivals. September bar
ley advanced 81 and cash 2 to 8
cents.
Independent strength was shown
by rye and the market gained nearly
as much as wheat. September was up
I cents for the week, while the cash
market eased a shade compared with
the future. No. 2 was 2 cents over
September price. A fair export de-
mand was noted through the week.
Recent buying Of cash and futures
by crushers while a declining market
caused overselhns by other interests
caused a sharp rebound in flaxseed.
The market was up 1871 to TN cents
from last Saturday for futures and
l6 to ~ for No. l spot. The latter
sold at 2 cents over September, while
seed to arrive in 20 days was at Sep
tember price. Both receipts and Offer
ings to arrive were fair to good. OIL
and meal demand was rather quiet.
a f9..