Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-06-03
WEEKLY MARKET
REVIEW

chine in wheat prices on the slump.
N May wheat. especially at Chicago, ,
was followed BY n fair rally n de-
1evTed months and an uncertain
market. adjusting itself to POSSIBLE
mes in the cash and crop news. May
,hc last y sessions OF he month
and local May was of S cents. There
were big deliveries at Chicago, around
a million bushels a day. and larger
local deliveries which included some
reaeliverics and selling OF the May
in the open market.
Other influences were mixed.
! wheai and -four demand caused set
ha cks after a Thursday rebound. Bulls
acted on the theory that an upturn
was due after weakness of the last
two weeks with no further weight
| of deliveries and redelivcrses on the
| market. Occasional unfASorablc crop
! new also was taken to foreshadow a
, crop scare. especially if a hot spell
| should develop. Nevertheless July
wheat here declined l rs cents for
the week at the close Friday, and
September was l 1-S cents lower.
| Chicago July was 4 Ia cents lower
and September l 5-8 cents lower.
Hedging against the large stocks
there and against advance purchases
of new wheat was a depressing in
huence in the eastern market.
Improved foreign demands yet
"in the air"-and crop uncertainties
in the final weeks before winter
wheat harvest results are more def
! nitely Known, are expected to cause
good rallies for the present. On the
other hand, the new crop is near at
hand, with cutting started In a Few
spots in Texas and a start expected
in Oklahoma next week. Movement
should be on in volume in three or
four weeks. Modern Miller in Its
weekly crop summary said most OF
the winter wheat now is headed, as
that in %northerly sections is nearly as
far advanced as in the southwest.
Volume of the domestic and export
cash demand will determine whether
the start of the new crop movement
will be depressing Or not. Up to the
last few weeks a good sized business
was done by exporters in new winter
wheat. Recently this demand has
been light. 1t is not known .how
much of the wheat taken on de-
livery at Chicago is destined for ex-
port. Fair sized charters indicate
several million bushels may move to
the seaboard. New export business,
however, is quiet for both American
and Canadian SORTS. Europe will
AlbNS ~ - AS0SAS oS0ASA
Milling demand continues quiet
although showing some signs of i'm
j, provement. Locally the market was
, proppcd largely by light receipts, as
demand for anything under brigh,
: milling wheat was in slow demand
and draggy. Local mills continued
to operate a bit under 40 per cent
) and the northwest as a whole arounc
AZ per cent. Shipping directions 70,
= -four came in with no great freedom
and local shipments for the week tc
o Saturday were $4,000 barrels, agains
2l4,2OO the week before and 1S7,70t
last year.
: Cash houses in several instances
t reported fairly good increases il
country offerings to this market ant
3 somewhat better local receipts ar
v expected. Demand probably will in
crease, however, unless expectation;
!: of better -four demand. after a montl
Of hand to mouth buying. are not t,
be realized. Local cash premium
5 eased slightly for the week, excep
for top quality. No. I dark northern
late in the week was $3.50 cents owe
It July. No. 3 dark July price to .
cents over. Former was 11@ 80 cent
i over and latter 2@26 cents over a
the end Of last week No. I ambe
durum was SOFT cents over Dulutl
k July. against SO IS cents over las
% Saturday. Winter wheat receipt
}; continued fair.
Reports continued to reflect
bright outlook for the new sprin
wheat. Almost uniformly good earl
growth. due to cool weather an
ample moisture. put the crop in goo
shape for the critical period later OF
Il Private crop reports of the week ind
y cate a fair increase in winter whea
promise and a spring wheat est
mate around s50,e00.o 900 bushels.
W. SHOWS estimate was sos. 090, 90
< bushels winter. against $4,000. 90
!. bushels final yield last year, n e56
100000 bushels spring against ssa
/ 100000 bushels last year. Goodma
y put winter at $1,000, 900 bushels an
spring at $4,000 -eoe bushels TIA;
- lcrrs total was 5000, 600 bushels owe
- Shows at Sla,8o8 -FeH bushels
Worlds visible decreased 100000
bushels Total however. was 13s
80 Gas, G0e bushels, against 10000, &C
bushels a year ago. u s. visible d,
tcrease was SCI O bushels with tot
I'd IS eee. GEO bushels against 9,0eG-e t
"a bushels asst year. Canadian tot
30 GGd. aaG bushels last year, 1900
Geo bushels
May deliveries OF contracts rotale
I3r7Gs.GGG bushels. including sewer
uniIIion re1teI1verTeg late tn the rDorpt
els, within $4,000 Bushels on the fs
delivery day. Winnipeg deDfverI
were 1900, GOO bushels for u
Month.
Moderate ease bn ccrn and bnrTe
steadtneas bn oats and decline i'm y
.es atcsTr euHaI ta THAT In wheat, te
the story OF this saazE1er grain ma
8 IL cent bsssk ia lsne wfth seve
i'm fine A~rHHrffr%x GA