Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-10-28
MARKET NEWS
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II vaa111. :s! yaS o r.
Minneapolis. Oct. 2s.-Wheat prices
gained a fair amount OF ground this
week Liquidation Of last week left the
nipeg was strong. Chicago followed.
cables were firm and cash markets in
the northwest and southwest were
strength at Winnipeg narrowed up
and supplied bulls with new tammuni-
ton. In connection with the firm
cables, fair export business In Manito-
: tic markets the CANADIAN advance final
sharp Friday bulge resulted. Evident
congestion in October delivery at Win
favored constructive sentiment.
The October bulge Of 6 cents in the
Canadian market was registered despite
daily deliveries Of more than 1000 200
bushels after the first Of the week. Chi
e easi9 and Ds's speeula tive shorts IS ia' to c oses
by higher cash premiums and buying
which confirmed belief that the leading
elevator interest, was largely committed
" lIlC OIA 6IUCf ECdDOa 0A0v
was claimed in both markets. With .
meager and uncertain supply of cars
limiting the receipts to a volume little
above current mill requirements the
gerous to ONE. and there was buying
Of the near month and shifting hedges
into May.
Weakness in foreign exchange, with
German marks near the vanishing point
interfered with export business part Of
the week. but sales improved late in the
period. Sterling. however. held we'll and
most of the business was with Britain:
Sales late in the week We're estimated
ter million each Of gulf wheat and dur
um. the rest Manitobas. Even on the
advance Winnipeg No. 1 northern at
S1.06 was 8A cents under Chicago De-
cents under Chicago and May sH cents
under. Canadian flour also was under
selling the American product, with
claims 100000 barrels had been worked.
views Of trade journals and private re-
ports that drouth had become a serious
factor in the southwest. Newly seeded
wheat was not terminating In western
Kansas and in other sections. and some
Of the terminated wheat was badly in
need of moisture. There were claims
tho acreage would be considerably re-
duced in the southwest. Conditions
were called worse than In many years.
DeCeNOeT was stronger lnaN May III
the local market. Net gains on Fridays
close were 81 cents for December and
|2% cents for May. Cash wheat was
firm compared with the near month,
premiums averaging better for 4
cars than late last week. Durum pre-
miums also were better for choice. At
the same time the fact that cars OF
northwest roads could not run out for
shipment had a depressing effect on
the ordinary quality arrivals. Mills
found cars so hard to get that the only
keen demand was for shipping cars or
for choice quality wheat No. dark
cember, against 1920 cents a week ago,
although occasionalTfsales last week
were above the official 20 cent top. A
few cars Friday brought % cents. over.
On quality lone sales were at :4@1S
cents over. against l cent less for. top
last Saturday. No. l amber durum at
$40 .13 was 3B cents up. No, l dur
UNI was 94@$1.O1. &,
Worlds visible increase of 1o,043,ooo
bus Bushels asa, 1ns t 95s,ss nG% 171i 5sshels 0g isst
year, had little effect on sentiment. as
increase was 12,843, 900 bushels in the
United States and Canada with the EuT
supplies abroad continue to need re,
plenishing. Amount afloat decreased
2,4OO, 900 bushels. Argentine shipments
continued good at 1,436,000 bushels
against l,ouV,OUO puSnelS last week anu
265, 900 bushels last year. ~Gts
Order Of the American Railway as
ISOLATION \for return of western cars
held by eastern roads may affect grad
ual improvement In the situation, but
the trade expects demand to Increase
with larger receipts, especially IL con-
gestion at Buffalo and other eastern
markets is relieved.
Corn strength helped wheat in the
east. An old fashioned bull market was
on after an early setback. Net gains
were only 1902 cents, but Chicago fu-
lures were strong at times when wheat
was o~verbought AMI groggS. Light re-
fair shipping demand and expected
heavy winter feeding with the larger
number Of hogs on the farms this year
were bullish influences. Oats followed
corn sluggishly on account of large
sat 1aiu ( cent Sai" on 2as e Cents as'e decline Rae'i IN
cash prices. In the cash markets ship
ping cars continued to command several
Dry weather in the northwest created
fears for the start Of winter rye. This.
with wheat strength and better export
demand gave futures a 3@sA cents ad.
should attract foreign buying. but SO
far it has been disappointing. Many
believe, however, that The trend now IL
upward. ri
! wv llLAlPOS b. OSIOpCAE- a "IlAI
had Jagged along 29h cents below Min:
neapolis October up to this week bulged
sharply Thursday, when close was only
3h cents under. At the same time Win
under Minneapolis December to 33A
cents under. There was a furry in Du.
luth October as well, with a net gain OF
5h cents at Thursdays close, com
sold at a premium Of 2h cents over
October price at Duluth. At Winnipeg
No. ! northwestern seed was at Octo-
Der price, on a delivery basis, but de-
liyeries were light with receipts disap-
pointing. Minneapolis spot No. 1 was
2@6 cents over October price. Local
futures gained TX @4M cents.
Stocks of seed are small, demand for
oil and meal continues good and there
seems little likelihood that much seed
will be allowed to move to eastern
crushers in the lear future. After Oc-
ltober deliveries so out and after nayiga-