Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-05-06
Markets
Weekly Market
Review
PAGE sENElI,

Minneapolis - Following advances
to new high levels wheat broke bad
~ yesterday and lost most OF the
ground gained earlier in the week.
Longs were uneasy over action OF the
Chicago market and cash news va
beaa1sh all around. Deliveries were
rendered on contracts and eastern
houses which o the a wheat in
found it hard to sell. Liquidation
found the pit demand poor. Chicago
also weakened, loAng all it's gain
since Last Saturday. Winnipeg held
only fractional advance after bullying
much less than. American markets.
Some Of the weeks statistics were
bulAsh, but more were bearish. Crop
developments and weather favored
the bears. Export news Leaned to- the
%downside. At the same time -possibili-
ties of new high levels for the May
deliveries, in ase long lines are tub
bornly held, created a general DISPOSE
ton to let the market alone.
Bullish Influences included good ex-
port sales of new winter wheat early
In the week. Later this business
dwindled to small proportions. Re-
ceipts were lighter dn the southwest
after large Monday arrivals, but late
reports sal a million bushels more or
wheat was headed for Chicago from
Omaha n Kansas City. for delivery.
Current statistics indicated fair SUP
plies for the ext w months. +
Spring wheat shortage kept the To-
cal market stronger than at winter
wheat terminals. but competition OF
southwestern hard wheat continued to
exert a depressing effect on local cash
premiums.
Cash wheat buyers failed to follow
the advance in May delivery and
spring wheat premiums declined
sharply. No. l dark northern started
the week 8@22c over May, but on the
bulge lost ground daily, and late in
the week was only 1@19c over. Trad
ing basis was changed to July on
Thursday. as all hedging nov is done
in that month and cratic May move
were disturbing. ASH then wal
changed to Is q 30c over July for No.
1. Compared with May, No. 5 dark
northern was pc under to Toe over.
against SC under to 1Sc v at the
close last Saturday.
Chicago May proved a disappoint-
ment, dragging badly after &c add
vance early in the eek Deliveries
in that market were about 1000, 900
hbushels up to Saturday, n although
the leading bulls who took in the de-
l~iveries were reported to have char
tered a good part of the total for lake
shipment to Buffalo and Montreal.
the weight of cash wheat caused
scattered selling by longs.
Decline in local carlot price basis
put No. 2 dark northern within a few
cents of possible delivery.
With Winnipeg No. 2 northern one
half cent under heir May price
Thursday and their May 10 5-sc under
Minneapolis May, the possibility of
1 49, ~ r,,1 r-~N@ ,~ Sc -~nn%
price shifts had gone a few cents far
Their. On the basis of h Winnipeg
May and cash discounts, and adding
local premium for top wheat, the Ca
madam No. 2 northern was about acc
under Minneapolis No. 1 dark nor
thern. Canadian wheat in a. number
of cases this year has passed q grade
higher in the local market.
Good weather for seeding brought
reports of rapid progress: in the fields.
The Van Dusen Harrington weekly
crop letter said rs to 95 per cent OF
h crop was in the ground by mid
week, the low percentage shown in
North Dakota, Montana seeding waa
far below at rs per cent. Moderate
decrease in e is expected. In
the southwest cessation of rains help
ed prospects where crop was turning
yellow from too much moisture.
Western Kansas had beneficial show
ers. Vitality of plant was called loV
In parts Of the extreme southwest.
b. W. Shows May estimate Of win
ter wheat crop was 5SS.0o0.00 by
against $4,000. 900 bushels last month
and 5S7. 200, 600 bushels last year.
Ills per cent, or double that OF last
year. p. S. Goodman. another ex-
pert, estimated promise at 567, 900, zoe
bushels, with abandonment Is per
cent.
U. 8. visible supply decreased Ill.,
900 bushels, with total ss,0S4.OeS
bushels, against 1s,44s,000 bushels
last year. Worlds visible decreased
$4,000 bushels. including 5000, 900
bushels in Europe and aaioAt, with.
worlds total 157, s 900 bushels.
against 1%25,70O,000 bushels . year
ago.
Flour trade continued quiet and
Northwestern Miller estimated spring
wheat milling capacity in operation q
80 per cent, against March average u
~ per cent.
Export sales ranging from 200,oo
to 400, 900 bushels daily; moderate re-
ceipts late planting, firm hog markets
and another large Visible supply de-
crease were strengthening factors in
corn and Chicago futures advanced
ic. Local cash prices followed, with
No. 8 yellow steady at sM @1c under
Chicago May. Local May advanced
th~ree-fourths cent despite deliveries
OF ESQ bushels.
An eastern house called attention TO
rapid disappearance Of corr. With
primary receipts from Novembsr 4 to
May 1 zl4.0o0. 900 bushels. while VIII
:. BILE supply increased only ~, 900. 300
OF III. oct, ooo. bushels eofnpased With
II Ah~nOrntaOn last 2yeAr o. l46.eo4.ooo