Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-07-31
Weekly Market Review

Minneapolis, Mimi. July BIZ
Wheat turned steady and held with
In a narrow range late in the week
after a sharp early break on crop
news, increasing receipts, heavy hedg-
ing pressure in the southwest and
GUS week. Big export sales. saved the
mArkot from further decline.
Exporters and mills did enough
hedge buying to urn prices moder-
ately higher with. the aid OF a a mod
crate speculative demand based on
the theory that the previous decline
had gone far enough to warrant a
rally. After midweek the market
was only a fraction to a cent away
direction. The local market natur-
ally vas steadier than winter wheat
markets. Chicago, Kansas City and
other southwestern markets had large
receipts in spite Of the rail strike,
Cash markets broke badly the first
Of the week. but export buying took
the slack out of the market later.
Meanwhile the first two car. OF new
spring wheat were received at Min
neapolis. showing fine quality and
weight. and selling at stiff premiums.
Crop news changed little. and wea-
ther of the week apparently insured
the safety of the crop against rust.
except in parts of the Red river VAL
ley. where there is some s%hrinkage.
Late fields in North Dakota show rust
In some sections. but filing reached
the stage where rust development
Will have to speed up to catch much
of the late wheat. Harvest was gen
eral over much of Minnesota. ana
South Dakotat n will get a good
start in North Dakota next week.
Threshing was being speeded in ear
~ sections. with returns which SEEM
ed to justify expectations Of a good
Notwithstanding the northwest has
not had for several years. The first
cars of new spring wheat graded No.
! dark northern, weighed 60 pounds
and the hrst-from belmont, S. D.
sold at Csc over September. A mod
crate business to arrive was passing
at 20@22c owe September, all Au-
gust shipment.
Cutting Of wheat in Canada start
ed the last of the week in Manitoba
and IN western provinces will get go
ing next week. A crop well owe 30O,-
100000 bushels is estimated, despite
drouth in parts of the west. Winni-
peg reflected this in d draggy under
tone for deferred futures. which were
a fraction lower Friday than they
We're last Saturday. Chicago was held
IA 1c lower. Minneapolis was 5-sc
higher for September, 1-Sc lower for
December. the latter dragging to 2
1-2c discount under the former,
against 1. 3-Sc a week ago.
Much of the export business re-
ported at 1900 900 bushels or better
each day was against iold sales, but
new business totaled perhaps 7,0OO,-
600 bushels. The rail strike played
a part In squirting new demand and
buying by exporters who were short
the lash wheat against previous sales.
Effect OF the export sales on the
market varied because new sales
abroad caused hedge buying of flu
lures. while buying Of cash wheat
against oldsales generally meant
orders to sell out hedge purchases of
utures. United Kingdom.-France
Italy and Germany were among the
weeks buyers. Scandinavian coun-
tries bought moderately.
buying in the Argentine, where ne
gotiations were on .for 5000, 900
bushels, . to be shipped 1000. 900
bushels monthly. Meanwhile Argen-
tine shipments continued to make
official crop figures ridiculous, the
weeks total 3,757.oO0 bushels,
against ~2,593.0O0 bushels last week
and $4,000 bushels last year, Sup
posed surplus has been largely over
shipped. the total>to late being 1o9.-
100000 bushels, n Broomhall esti-
mated 100000 bushels remains
available from the last two crops.
Sales of American winter wheat
SC. far have been we'll below last
years total. but the demand this
week would make up the deficiency if
continued for long. Foreign buying.
however, showed hat close study of
worlds conditions, ~marketwise as
we'll as statistically, has lost none of
its usual cunning. Demand did not
develop until after a drastic break
and daily business came in on the
dips and slackened on the rallies.
Europe needs a large part of the
North American surplus whether es-
Inmates of European yields under last
year have been overdrawn or not, but
the necessity Of buying on an ad-
vance has not been felt abroad and
may wait on world developments for
some time.
On account of delayed threshing and
movement in the southwest the L. S.
visible total fell 100000 bushels un-
der the total a veal ago. Gain in
primary receipts. however. indicated
little further progress in hat direc-
ton for the present. Visible showed
the first increase in many weeks
10000 bushels. Worlds visible also