Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-03-11
WEEKLY MARKET

S4DcCLVU 6L186ED IC1NklOA oASNA
advance Of more than soc from the
low point early in the year. There
was hesitation early in n week 70
give warning that the bull movement
had lost its force temporarily. New
buying appeared on the reactions, Dut
on the upturns leading longs sold out
holdings and belated bulls found pric-
es were not continuing the upWard
movement. When cables showed that
foreign markets had supplied press
ing needs and were overbought. like
American markets there was a scram-
bic Of eleventh hour longs to secure
profits or limit losses.
"A sheer break of more than &C re-
suited from general selling Thursday
and pressure carried over into the
Friday trading when low prices were
4 7-Sc below last Saturdays close for
May and 3 lac lower for July. Bot
tom prices were IL 1-Sc lower than
last weeks high record of $1.49 3-4
and lie lower than the price of $1.39
IL set up by July delivery. On the
late rally, however, prices were cnly
1 1902 1-2c under last Saturdays
close.
News developments were rather
bearish from the start Of the week.
Cables faltered, stocks in Europe and
afioat increased heavily, expert de-
mand for Canadian and gulf wheat
slowed down, there was further rain
and snow relief in drouthy sections
of the southwest and cash wheat de-
mand from domestic sources turned
quiet instead Of increasing as enthusi-
astic bulls had predicted. Flour sales
also continued slow. buyers failing to
be stampeded by the new high prices
Of last week.
Buenos Aires also lost ground in
with Liverpool and Ameri-
markets and shipments from
that country continued large, al
though slightly less than for the pre-
vious week. Large movement to ports
shipments yer 5,240,000
bushels against $500 bushels the
before and 1,2S9,oO0 bushels
last year. Prices broke in their mar
ket about as much as here. Australian
also were arriving in lib
eral volume in English and continent
tai markets and underseliing Cana
dian and the cheaper gulf wheat.
Worlds visible supply increased
S47,0OO bushels as a result of an
increase Of $500, 900 bushels on ocean
passage and net gain in Europe and
afioat of 1880, 900 bushels. Brad
y T. a WILL ~ % CSNAA . vi
80, 600, 900 bushels larger than a year
ago. Our own visible decreased mod
erate-1, 223, 600 bushels-with total
0 100000 bushels against $4,000, 900
bushels last year.
Now that the market has had a
setback much will depend
On whether Europe continues to buy
freely and on the amount that can be
in the Argentine. The crop of
India also is within a month of har-
vest, n a yield neal normal" is ex-
pected compared with an almost COM
plete failure last year.
Domestic cash wheat demand con-
habitually slack, Inc spot pric-
es have Jagged behind futures in the
|ast two weeks. Local prices for any,
Thing below choice milling quality
2@5c lower compared with May.
/ dark northern sold late in the
week at 7@23c I'VE May. compared
with 10@24c i've last Saturday. No.
dark northern vas sc under to 19c
against Sc under to zoe over a
week ago. Durum also was easier,
with No. l amber solo over Duluth
May against 3@19c over last week.
On the break some -four business
was caught, but the market was spot
although generally somewhat
better. The capacity of spring wheat
mills in operation declined for the
week covered by the Northwestern
Miller report, and at Al per cent was
8 per CEN below three weeks ago.
General n generous rainfall in
the southwest. covering all the i'm
portant territory in Kansas. Okla
homa and Texas, resulted in greening
up of fields where seed apparently was
dead, according to numerous authori-
ties. Pessimism apparently is over for
the time being. at least until growth
discloses whether the plant performs
its usual strong comeback. Genuine
spring weather usually means optim-
ism, and unless foreign markets sup
ply further sensational advances in
prices or good, steady buying of
American wheat there may be a per-
iod of when spring scenery rules
sentiment. Worlds statistics, howev-
er, indicate close adjustment Of sup
plies to probable demand and good
buying is likely on breaks. Sterling
exchange again figured in the market
a decline from recent high h%indering
export business for a time. For the
week, however, about 100000 BUSH
els of Manitoba and perhaps $780, 600
bushels of gulf wheat were sold
abroad.
Rye was the one strong feature of
the grain list, Fridays close showing
an advance Of l 1-2c over last Satur-
day. The explanation was in the con-
tinued light movement to terminal
markets n a welcome improvement
in the export demand. The latter fea-
ture developed IN the earlier break
and it was estimated $500, 900 to g.
100000 bushels were sold for export
for the week, both to Russian and
Scandinavian buyers.
Reaction in Chicago corn futures
was reflected by local cash pyices. but
the market showed st~ubbornness on
the decline of 1 1-2 @ &c. Minneapolis
receipts were large compared with
other years, but a good general de-
mand existed. some from the east
and No. 3 yellow gained 1-2c on Chi
cago May, selling at 11@11c unde,
the future, declining 2@2 1-2c cheap.
er. Oats broke with leading markets
May breaking &c when profit taking
sales fell into the hands of weak
holders and st0ploss selling resulted.
Increase Of nearly 1000. 900 bushels
In the corn visible supply and 1000.
900 bushels in oats. with termina,
markets close to twice as large as q
year ago. show why these market.
labor under a handicap, as As, 900. Oot
bushels of ri and So, ooO,O 900 bush.
els of oats r hedged in various flu.
ture markets.
Flaxseed gained q 1-2c for thu
week to Fridays close. but was reac.
tionary after Wednesday,. Small offer
ings made moderate speculative de.
mand and buying in of hedges effec