Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-07-01
WEEKLY MARKET
REVIEW

o~A1 "A
ter wehat yields than expected in
some sections and better cash news
gave wheat prices a further rally
this week. Local futures led the
field, advancing more than winter
wheat or Canadian markets. Country
offerings of new wheat were moder-
ate in tho southwest and spring wheat
movement continued light. There
was recovery from depression in win
ter wheat cash prices and here az
well. July delivery developed con-
gestion and moderate buying by cash
shorts ran the price up sharply Fri
day before the first delivery day.
Wheat started with a break of 2 IA
@2 1-2 Monday on cash weakness
n good showers in the American
northwest, with drought relief in the
Canadian provinces. Attention shift
ed the next day to southwestern
claims of poor yields, and recovery
was helped by a big decrease in the
worlds visible supply. Bradstreet's
report showed a loss of 6,247, 900
! bushels for the week. including s2.-
: 100000 bushels in Europe and af1oat.
Total worlds visible was down to
115.237,000 bushels, against 10S,030,-
900 bushels a year ago.
. Local futures showed price gains
from Monday on and the Friday close
was 3 "a higher than a week ago
for July and &c higher for Septem-
Der. Chicago Jagged behind, closing
l lac higher and Winnipeg wasl 3-sc
higher. -
Private crop reports confirmed
mailer yields than expected in parts
of the winter wheat belt as a result
of the heal wave. b. W. Sh " esti7
mate was STA, 600, 900 bushels, against
the governments 607, 600, 900 bushels
l last month and final last, year OF
(, $4,000 Q bushels. P. 8. Goodman
cut the estimate even more to $685.
00O, 900 bushels.
Both estimates raised the spring
wheat promise. although reducing
condition. as the government par
yield increases automatically. Snow
made spring wheat 262, OOO, 900 bush
els, and Goodman $50, 00o, 900 bush
els. June government estimate was
247,0o0.00O bushels. and final yield
last year was 20S,000,O00 bushels.
: Claims of black rust from parts OF
some impression on sentiment late in
the week. Some rust always. is in
evidence. and apparently it is a ques-
ton of weather favorable or unfavor-
able to it's spread. So far there has
been rust weather only for a day or
two at a time. Van Dusen Harring-
ton company's weekly letter said
black rust confirmed was in early
stages and on lower leaves, not on the
stem. Bulk of the northwest crop
low is headed, and the newt three
weeks weather promises to have
much to do with the course of prices
Unless something happens, a good
if not a bumper spring wheat crop If
expected.
Foreign and export news "a bear
ish. European buyers continue to
hold off, doing practically no buying
of new winter wheat in spite Of the
stimulus of advancing futures. More
business was done in Manitobas, main.
ly lower grades. n Winnipeg up
turn Of 2@6c in their poor mhfat
was one of the null talking points
in midweek. 1t was claimed 5000. 000
bushels offgrade wheat was sold from
Canadian markets for the week,
Daily estimates of leading eastern
authorities. however. only averaged
around 1000 bushels Canadian and
American wheat.
Rains in France. New South Wales
and United Kingdom helped the for
eign crop outlook. Argentine's new
crop was getting a good start. Ship
ments from the South American grow
er were %4,644.O00 bushels. against
3,370,0 900 bushels the previous week
and ~a,11s,000 bushels last year, tend
ing to conrm belief that the recent
official crop estimate was too low
Broornhall estimates remaining sur.
plus at 5000. 900 bushels.
United States visible supply de-
creased %2.612.00O bushels. with tota'
bushels last year. Canadian visible
decreased $4,000 bushels, with tot
22,270.00O bushels. against S,314,0Oo
bushels a ear ago.
Spring wheat was relatively l@2 Il
higher for medium grades and 2@4c
higher for wheat, compared With
a week ago. No. l dark northern
sold at 9@2Sc over July. compared
with S@26 vel, and No. ; dark
pared with sc under to zoe over last
! Saturday. Durum was Arm to lie high.
er, No. l amber 3@16c owe Duluth
July and No. l mixed JulySto 10c over
Mill capacity in operation continued
low and flour demand was spotted,
with fair sales several days early In
the week and a slow down on the
advance. Northwestern Miller's fg-
ures on spring wheat mil capacity
were 10 per cent. Local shipments
continued moderate. Bulk OF the de.
mand was for prompt shipment, the
trade being unsettled by the relative.
ly low winter wheat lour basis and
start OF the new crop movement.
Corn was steadker in the local ma
ket than In Chicago. and good cash
demand narrowed up discounts under
July in the east No. 2 yellow sold
at 4 1-3@5c under the future, against
8 3-46G lac under q week ago. Rye
was slow to r~espondfto wheat strength
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