Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-01-02
WEAKNESS IN
Gi'R,ANMARKET
DURING WEEK
Belief Among Traders i
That Worst of Depres-
sion is Past.

Minneapolis. Minnesota. Dec. 31.-
Weakness replaced strength in the
Whea. market this week. Increased
final government crop figures. slug
sish export and domestic demand. in
crease in stocks in spite of small rcs
ceipts n bearisn foreign news were
leading factors making for weakness.
The week started easy on slow cash
news. draggy cables and increase in
the visible. supply in the United States
and Canada. Preliminary announce
lnsnt from Washington regarding the
forthcoming final crop figures also
was a handicap TO bulls. as an increase
OF 2o.oe0,0hO to 10000, coo bushels III
the wheat total was expected as IL re-
suit OF announced revision CT acreage
on the basis of the new census.
When the figures finally We're an
nounced the market had largely dis
counted the increase and 4 sharp rally
developed on an expected -builish
showing in the report on the new win
Ter wheat, crop due after the close OF
the market THURSDAY. Weakness re-
turned. however. when Friday cables
brought reports of Argentine wheat
undertaking American in this export
market. weakness at Winnipeg and
some disappointment ovcr the govern
ment repcct&on the new southwestern
crop.
In addition there was pressure Of
liquidation Friday from large holdings
Of wheat By a leading Chicago stock
and grain commission firm. which late
in the session vas reported TO have
one into Bankruptcy.
Crop Smaller.
Final government crop figures esti-
mated the 1921 wheat crop at 1874
100000 bushels. against $4,000. 000
bushei last year. Spring wheat total
was eos .000. 900 bushels compared
with 222.ooo.o00 bushels last year.
The increase over the last government
corn estimate decreased 10000, ooo
bushels from the last report to g.
0S1.00o.0o bushels. against S.:31.-
100000 bushels last year. Oats de-
creased 100000 to 1861. 600 .00o
bushels against 1.4a6.00o bushels H
1920. Rye estimate was $4,000. 0o0
bushels against $4,000. 900 bushels las
year. and barley 15l.ooo.ooo bushels
against $4,000 900 bushels last year.
The winter wheat por issued aft
e" the close Of the market Thursday
made the condition IS. agains. IS last
year and n ten year average OF So. Or
the revised acreage tho report indicat
ed a crop of . 100000 bushels. or 81,
100000 bushels loss than last vear.
The report showed conditions favor
able in soft winter wheat states. .bu-
Kansas with about a n,a rter. OF thu
acreage was so. Oklahoma o4 anC
Texas AZ. In these states a fayora bl,
Winter would help considerably. l,
1ai1-1S rrop- Of 100000 bushel!
.,,t.L 4 - .rI +;
tion OF 79.3.
Z. Gains Wiped Out.
Nhea. sold back later in the weel
close to final prices of two weeks ago
losing most Of the ground gained las
week. July delivery sold at sl.1S Ia
tho exact closing point Of TWO week;
ago and MAJ at s1.20 ia was With,
1c~of~th. recent low. December HEX
Dnftel'. although a. low point of sl.2:
it was only LAC over tho finish tw,
m.ens nacE :, n%ei.Gveraes on Gon,rac,
.Ga;onO bushels rendered for he wee,
and $4,000 bushels for the month /,
Saturday.
SLOW local cash marke. continued
with receipts light and dun -four trad
making mill BUYERS ofish. Cash pre
NUNS. for good milling GRADES he'll,
stead, hou,cyor with NJ ! darL nov
ihoYN b u lEc over NAV, No. - 3I1Dc
dur,,m was May nricc IN 1oc over.
little easier for tho week
Local mill;n- apacity in oneratio,
was lighter again, being ~ ner cen,
asaine. 40 the week hefore and 4
per cent the December average las
wear. Flour buvinp continued on
hand to mouth basis.
Sentiment was adversely affecte
late in ting week by Argentine new:
So hoanan 5aiaoe' "aa ~ nc
;c,n u.boa. y En;nn ,ma ~
ana elsie nrices ,andad 80 uaasS,
t,,o ;ncrea "a nrassnro ~
sn,,+,,arn 800, 49, -hn
$3.50 f,r ~ v.a s n.sea..a.a ah1h
~ oeo h,eha,- 49,, - one ~ =
~ ,.eat 49, ,na - 80 ~,
70, nerrs 49, - NV a. ae'
49, Re- r. 80 49, n a. hIa ea;a ~. ~ =.
anattr intha .nos, mnn art se sas, a.
~ tho nnrtti, ,.nro ,an6 '''o
- - .o.si "eie SOU
Believe Worst is Over.
There is a disposition in tho fra
to believe the worst of market den.a.
sim is oyer b,1t q return to mster;a
IL higher prices is DOUBTED Howave
with ligh. ia moderate recotnts ind
Gated most of The baIance Of Tho cro
wear the load CT present large stool
should be lightened by removaI :,
hedges as wheat moves into consIm,
tiye channels.
Canadjan and southern hon,isnba,