Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-07-08
MARKET NEWS
WEEKLY MARKET
REVIEW

A-l I
Minneapolis, July s.-sharp de-
ciine in wheat prices resulted this
week from generally favorable. crop
news, less nervousness over rust with
cool, breezy, weather and light show
ers. Cash news also played Il part in
making sentiment, and dull export
demand and declining foreign mar
kets added TO anxiety Of discouraged
longs t0 sell out. Technical position
OF the market was weak as the ad-
vance Of The last two q three weeks
and eliminated Shorts.
weakness in southwestern markets
and offerings OF winter wheat to
come. here had a depressing erect OF.
spring wheat in the local market.
Considerable hard winter wheat has
been bought to arrive ana the edge
was off local demand from mills, as
there was no real Improvement in the
broke about SC tor all, classes OF
spring wheat although current re-
ccipts moderate to light.
Fair deliveries on July contracts
also contributed to weakness. Scat
tered lots were re-delivered by longs
who did not want the wheat Total
deliveries were 1853, 900 bushels.
However. this was enough to send the
July price off I 5-8c from last Saiulr-
days close.
Favorable crop news except from a
few dry spots iii South Dakota ana
Minnesota. With j bad area in, west
ernz Mchtana and parts of the Pacific
n9sthWest. male September weaker
than the cash month, and decline of
s, 7-sc was registered. 1t would not
be surprising if sptins wheat futures
1ntk, M shryt1A ~ ~S-r rlNS-'%~ Thsps
; go OF below, in case the northwest
crop IS 4 large one, unless something
prevents return to the normal west
to east range Of prices. More OF the
J adjustment might he toward q higher
eastern range If foreign demand de-
velops as expected.
Apathy or the part of foreign buys
ers was more than an Offset for the
slow start Of the new crop movement
in the southwest. English markets
were weak and buying from that
source small in spite Of lighter offer
ings from southern - hemisphere
sources. The decentralization in. Ger
man marks and decline to new low
levels in the exchange market Gre
ated uneasiness over political and fl
nancial possibilities in Europe and a
continuation Of restricted export buy
ing. Europe, will need probably as
much wheat as last veal but further
delay in buying would mean depres-
sion in the meantime, unless some
! bracing influence develops. Sales at
this time last year We're far large,
than So far this season.
Barring extreme neat in the, neSt
ten days or two weeks the trade re-
CARDS a good. il not u bumper crop
assured. So far rusl seems. 10 be in
early stages. and will have to work
fast to prove Il serious menace. Win
ter wheat ~threshins returns continue
spotted. but Unusually good yields,
%according to the Modern Miller. are
I balancing 0 Yields and a mini
mum 81 $4,000, 900 bushels is the
estimate OF that authority.
market. last prices Friday. being 4 C.
SC, under last Saturdays close. win
.nipee was unchanged to 1c loWeT
! Comparison, however, is modified. by
; the big advance i'll American market
i last Saturday. Weather improved IN
! Canada. with further good showers
and no excessive heat, but better CAST
demand and fair exports checked de-
ciines.
Top dark northern wheat sold late
in the week at 36c over September
or etc ovc July, COMPARED with 20
over the cash month last Saturday
Best No. 8 dark was 15c over, July
against aOc: a week ago. Spring
wheat milling, capacity Increase
moderately 10 As per cent and occa-
sional fair Sales were made. especial
won the decline late in tho week
Hard winter wheat -four. however
continued about $l.25 a barrel under
spring patents and this was "A severe
handicap in eastern business.
United States, visible decreased -.
200, 900 bushels. with total 1l.173.ooo
bushels, against S,0S1 900 bushels last
wear. Canadian visible decreasea
bnshels, against 10000 bushels a
wear ago. Worlds visible decreased
S~,322,000 bushels, with total LOB.
$4,000 bushels. against 101 ,2oo, wy
e. shipping freely, the weeks total
s.573,0o bushels, against 4,644,ooo
bushels last week and 2457.ooo busn,
els last year. In addition the vlsinle
! supply at chief Argentine ports III
! creased 40, ooo. bushels for the geek;
Amount on ocean passage increased
400. 900 bushels to total of 5o;a24,-
Goo bushels, against 65.36o,oo bush
eis last year. Bfadstreet's Nortn
American shipments were smaller ~ ~
s.522. 900 bushels against 9.o51.ovo
bushels last week and ~9'4So'oo'
! buSnels last year.
/, Corn was stubborn. the market re-
StStlnC we'd kIlCSS III A|S =
in oats, closing unchanged at Chicago
And a traction. higher here. Steady
expor sales, large enough to lessen
6ressure at terminals, unfavorable
rron outlook in. parts Of the belt and
average of strength in the hog mar
Ret we're market helps. Visible a,so
a]scfsassSh zoo; gso Sush 3sat larger 1resr
amount Of substitutes be used in -four
a]ttracted some attention. On the tn
er hand receipts were fairly ,as ege
and Argentine new crop moveme zen,
seemed to be on in earnest. l12cal
cash prices were firm, No. 2 yello"
At 7c under Chicago September:
Oats easedsh &c on sluggish demanu
both Tor cash, and futures. Market
vas helped By. poor crop news an =
Gecrease Of 1890, 900 bushels j the
visible, although total still is ~
l7xs.00o bushels against 34.4ol,ooo
h1,shsis last year. Break OF ~ an
rvs rejected wheat weakness ana
progress Of harvest in the, ets h,y
lager Yield THIS year than last;
moderate export demand developsa
~. E- ~ aAtfo "a Qh huy0TS