Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-05-20
Weekly Market
Review

MINNEAPOLIS, Mimi. May 20.-M&yS
strength in wheat both here and
an early advance this week ana the
stimulus Of higher cash month prices
was felt III the deferred deliveries.
Attention shifted 10 the ordinary day
to day inf1uences.sa rood share 0f
which we're bearish. Crop news. vas
better: southwestern markets IA
larger country offerings, some OF new
crop wheat; cables were idraggy,,
northwestern weatheryWa fayo-able
Winnipeg was on q shade morex
than Chicago, With cash premiums
fractionally lower No, Improvement
was noted in -four demand and yex:-
port wheat demand ut the seaboard
was less in evidence.
Gables made an Indifferent showing
throughout the week, advancing only
slightly in response to- American
strength earlx in the week and easing
later. There was a lower trend in
spite of moderate worlds Shipments
and further. fair decrease in the
mount on ocean passage. Crop news
from Europe was less bullish, es-
pecially sfromt Italy and France, where
conditions have been 'unpromising. A
late cable reported Italy reselunE
recent. purchases Of foreign wheat.
Possibilities Of strength remain in
theA May situation II. holders stand
firm and are long. more than cash
interests can deliver. Movement from
Kansas City and st. Louis to Chicago
still was a. factor. Cash markets in
the southwestern centers were relax,
lively weak, with domestic milling
demand quiet and receipts fairly
large. Chicago deliveries; have been
nearly 6,o00,o 900 bushels. but some OF
this represents rede1iveries. About
5000. 00e bushels has been brought to-
chicago by cash shorts: :
The ordinary spring decline has
not m~aterialized so far. but there
were symptoms Of coming ease on
crop prospects, should the May "bull
deal" 60 out tamely. Kansas stats
report, indicating 108, 500, 900 BUSH.
els, was below, some private guesses
up to 12O. 100000 and above others.
the states fifth best crop. North
western reports indicate perhaps 16
per cent decrease in acreage, but with
best soil conditions in years and good
early weather for stooling. The fact
that hedging sales nave been largely
shifted into July and September de-
liyeries, while longs are counting on Z
help\ fromycash news and crop scares
might start liquidation at any time.
Heal .CTOD SCAT0S dIc SCVCA ~
weeks away. H.
Nav deliveries in the local market
this week were $4,000 bushels; MAX
a Most of it has been taken by
Chicago longs. Cash wheat in the
local market was.sliehtly firmer than
July for the choice offerings, but or
binary wheat sold slowly the last half
Of the week. No. / dark northern
was Is a. cents over July and No.
q dark 6@27 cents over. Durum>
eased a fraction more than northern
spring, ruling zoe 1-2 cents lower
than last Saturday. Winter wheat
arrivals were slow except for choice
dark with Montana variety favored.
Early scarcity Of supplies is not
indicated by statistics, but in the
marked weakness will not last long,
even with a good crop in this country
and Canada. Russia will continue an
importer on some basis, cash or
otherwise. Worlds visible supply,
despite heavy decrease. last week.
still is IS, 900, 900 bushels larger than,
last, year, u. S, visible is IA, 600, 900
bushels over q year ago and Canadian
stocks at Fort William and Port
against $4,000, 900 bushels last
on massage and European totals are
less. but export demand does. not
show nervousness over supplies.
Arpentine shipments fell of 1900.
900 bushels. being only %2,4O5, 900
bushels, but were 200, 900 bushels
ahead Of last year. Australian ship
Fments were 1870 900 bushels this
week, against 1,824,000 bushels last
mate of ~, 0OO, 900 bushels remaining
for export in the Argentine May 4 had
been confirmed. with present surplus
66. O0O. 900 bushels, Buenos Aires
market dragged. only showing one
fair advance as result of higher
peso exchange. New export business
from the u. S. and Canada was lighter
than in several weeks.
Coarse grains showed ease in
sympathy with wheat. but local con-
ditions made futures here slightly
easier than in Chicago. There was
little snap in the1locaI cash or specu-
lative demand for corn or oats, az.
though spot prices were about steady
compared withI futures. Nos yellow
corn sold at "a 10 cents under Chi
cago May and Mo-, 3 white oats at
local July price to 1 cent over. July
barley was 7-s cents lower. but cash
was unchanged. Receipts were mod
crate to light all around, with de-
mand fair. !.
Delayed corn planting in some inn
portant sections and undetermined
reduction in oats, acreage were sus-
tanning influences in these markets.
At the same time heavy visible sup
ply stocks were an effective check on,
oniv $4,000 bushels last week With
total 1886. 900 bushels AGAINST s17.-
745, 900 bushels last year, Oats visablo
decreased 2,426.0O bushels, but total