Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-08-12
WEEKLY
REVIEW

NXlEW .fs
Unsettled general trade conditions
as a result OF the rail aud coal strike,
disturbing foreign financial news, In
creasing spring wheat receipts and
falling cash premiums were leading
factors in a moderate setback in
wheat prices his week. Weakness at -,
Winnipeg and bearish Canadian crop
estimates also played a part In de-
pressing the market. At the same
time buying power was restricted BY ,
indifference Of domestic cash and
speculative buyers and uncertainty
anon exporters while the London
conference was in progress and for
eign exchange prices were unsettled.
Support, however, caused covering
rallies and the market,-helde we'll in
face of general pessimism.
At the close Wednesday and again
Friday the active futures were 2 Is
o. ga cents lower than last Satur-
day. In the same period cash wheat
fancy old crop No. / dark northern
and choice old No.. 2 and 8 dark.
Receipts of new wheat increased to
about 70 cars Thursday and 100 cars
Friday. Quality of the inew wheat,
practically all from Minnesota and
! South Dakota, was good and weight
we'll above last year, but gluten con-
running under 10 per cent, and, min
buyers favored the old wheat. AZ .
result the range widened temporarily.
and new wheat premiums sagged off
by degrees while good milling quality
old wheat held firm. ~
Official crop estimates were issued
during the week for this country and
| Cono4o orH thew YoQHoe a total RI
000, 900 bushels larger than last year.
Winnipeg futures were weaker h
American markets. declining 4 Ia
cents, while Chicago September was
off 2 IA cents. and local September
2 ga cents. The Canadian estimate
was s2l.ooo,o 900 bushels, or more thar
20, 10 900 bushels ahead of last year.
U. S. government report made spring
] wheat yield >263, 900, 900 bushels and
winter 542, O00, 900 bushels, or $685.
900, 900 all wheat, against final OF
795, 600. 900 bushels last year. Spring
total was SIS, 600, 900 bushels larger
and winter 100000 smaller than in
els in North Dakota 100000 in
Minnesota. 100000 in South Daz
kota, and ~, % 900 in Montana.
Totals indicated in the four states
were: North Dakota, 1~O3.153,000
bushels; Minnesota, 31,1s4.000; South,
236,000. II
Big receipts would follow early
settlement of the rail strike. but de-
pression probably would be short
lived las both foreign and domestic
buyers have held off awaiting the
clearing up of possibilities and de
mand would increase automatically.
with a better economic outlook. "
i Old No. / dark northern sold at
30@42 cents over September late in
the week., while new was 13@26
cents over. A week g top for old
was 40 cents over and for new 80
cents over. To arrive bids also de-
clined, easing to 10@15 cents over
the future. -, rs
Flour demand which was confined
almost entirely to a moderate BUSH
ness for prompt shipment was largely
responsible for the s~lackening of de-
mand for cash wheat. Larger wheat
receipts and offerings to arrive also
figured. Flour sales IN a new crop.
normal, and offerings on the basis of
new wheat have failed to arouse In
~terest among flour buyers. In. spite
|of the strikes the general attitude.
except where nearby supplies were
needed, was one of indifference, indi-
eating bearish views Of the future.
But while pessimism ruled and
$500 ~ w &lC CIlON
of the market, there was a feeling
that the worst news was out and that
change for the better would.:fndH the
market responsive Weight of hedg-
ling pressure, however. will become
heavier before it is lighter. and ex-
speculative demand are needed to
hold. or turn the balance. Europe's
needs are estimated ahead Of last
year, and close worlds supply and
demand adjustment is seen. Change
In foreign financial and political con-
ditions, however. will have to come
II advances are to be maintained.
Coarse grains felt the effect of
wheat weakness, and with bearish
government crop figures and sluggish
cash demand corn and oats futures
declined 2 cents for the week. Corn
crop was estimated at SOFT, 900 BUSH
les, Or 100000, 900 bushels more than
July total ia and only 73,ooo,eoo bushels
at 1.251.O00,000 bushels were 64,-
100000 bushels over July. Discour-
aged liquidation dragged prices. lower.
although the local market was rela-
D lively cent.stronger than Chicago,
with cash still frmer. Barley, de-
clined l "a cents for Septembers The
government estimate was raised TO-
100000 bushels to $4,000. 900 bushels
against $4,000 900 bushels in 1921,
Rye crop was lowered 2,40. 900 bush
els, but total was 70. 600.O0O bushels.
against $4,000 900 bushels last wear.
September rye was off 2 IA cents
from last Saturday to a new low.
There was less export interest in
corn, while rye sales were fair. Oats
were neglected. -. -
Declining Canadian and Argentine
prices. favorable weather and cron
news, with liberal discounts for to
arrive flax. compared with SPOT. made
a weak f1axseed market, prices de-
Ginning s l-4@e IL cents. Winnipeg
futures established themselves well
under 81. Local to arrive sales were
= cents e September price Tor
irregular 20 day shipment. Spot offer
lngs We're practically nil, but crushers
were conservative buyers. Spot No. /
NJ closed 1907 cents over the near
future. Oil and meal continued n,iet
N SIOUX CITY LIVE STOCK.
Sioux City, Ia. Aug. 12.-Cattle re-
celpts, 800; market to- a
week ago, strong, rs, lower: fed steers
2 yearlings! $8.5O@10.5O; grass
: steers and %yearlings, $3.50 az OK.
. grass. cows and heifers, S4.25 @S5o.
y rat cows n heifers, S5.76 sG0.
Gamers. s2.50@4.00; veais. : .oS@,
> s.oo; feeders, s6.O0@7.75; calves,
$a'oo 7.2S; feeding COWS and heifers'
$S;oo@5.00; stockers; $4.5O@7.25. 80
Hogs receipts. $500; market steady