Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-09-16
Weekly Market Review

AAASA S0oSO IA AOSol ACSCAPtS anu S0Sy
cash premiums were leading influence
es making for a lower, price range this
week. There also was a slower -four
demand, outside. interest in q specu-
lattve or investment way was lacking
and foreign markets and foreign ex-
change rates were easier. The local
markets broke 2 3-4@4 $50 before
the turn came when recovery from
low point amounted to i $4,000.
Winnipeg was relatively easy thru
out the week. Futures declined until
December was within l Sac of the
soc mark and October 3 5-8c over that
level. with No. I northern Manitoba
&c over October price, or 90 5-Sc at
low point, our prices held little attrac-
ton for foreign buyers. Daily sales
abroad were around $780, 900 bushels,
largely Canadian wheat. On the rally
Friday Winnipeg December was &c
under Chicago December, the widest
spread on the crop. +
Local cash wheat demand was spot
ted. Larger receipts gave buyers an
advantage and premiums for top quail
ity wheat were reduced &c for the
week. Ordinary to poor spring wheat
was 305c lower. Mills took all the
sharp. high gluten test spring wheat
around 23@25c over December price,
and anything around IA per cent glut-
EN- sold 1@2c higher. Soft, low test
No. l dark sold as low as &c over. No.
l northern was 2@1Oc over. Durum
was a little steadier than spring for
choice No. 1 amber, but easy for poor.
No. l. amber was 4@16c over Duluth
September. Flour demand was less
brisk thar last week, buyers appar-
emily filled up temporarily and upset
by the setback in wheat prices. Mills
continued to run over 60 per cent ca
pacity and shipments averaged large.
The war menace which seemed to
loom as a result of the Turkish situa-
ton was an important item on the
bull side on the recovery. Even If
war should be only Of short duration
the fact remained that hostilities
might reduc winter grain seedlings in
Europe and stir up a demand for
North American wheat against posi-
bic needs If he struggle should be pro-
longed. An oversofd condition in the
wheat trade on the earlier decline,
which took December wheat at Chi
cago to a new low level on the crop,
also helped the recovery. The ad-
vance demonstrated the fact that
there Is a day of reckoning for the
short when he Is wrong on market
facts.
The upturn left sentiment mixed.
Without war help the cold, hard fact
OF aggressive Canadian competition
and a crop for the dominion of at
least $4,000, 900 bushels Gas Official
ly estimated) will come to the fore
again. European financial difficulties,
indifferent foreign demand and hedge
sales against increasing receipts of
domestic and Canadian wheat also
will figure in the market equation.
War might further cripple Europe's
finances Tor time, and inevitably in
the long rum, thus deferring demand
at a time when our receipts are in
creasing. At h same time wal no
doubt would start speculative interest
in wheat.
Ordinary statistics for the week re-
vealed no figures far away from ex-
pectat1ons. True, the visible supply
increase of $500. 900 bushels was larE-
er than looked for, and worlds visible
increased 5,647,0O bushels, but the
normal season for increase had been
overdue, largely as a result of the rail
strike. Practical settlement of the
strike pointed to larger movement to
terminals. The part of the trade which
is friendly to wheat and would like
10 be buliish looked with uneasiness
on this prospect.
3 ~o6SN WALL "1lCdl, jul "dA
relatively firm, with net losses small.
Oat declined 1901 Lac, but rallied
well late in the week. Fridays close
l-2c higher to 3-8c lower than a week
ago, September showing the gain, Rye
was l lac lower for September. but
only Lac off for December. Barley
was q shade up. Cash demand for oats
and barley was good for choice and
ialr Tor ordinary quality, elevators
leadlng buyers. Mills and shippers
took the No. 2 rye at / 1000 over
September price. No. l and 2 yellow
corn sold at 3@4c under Chicago
September.
Flaxseed reacted from last weeks
> 1-2c advance, at one time ruling s
l-2c lower for September and &c low
er Tor October, compared with last
saturday. Recovery followed, howev-
er, with crushers fair buyers of fu-
lures and offerings moderate.
p medium for No. / seed held
unchanged in the local market, &c
over September being paid. To arrive
was unchanged at September price,
Crushers were running as they could
secure supplies of seed, but were not
anxious buyers of seed, although oil
demand In h last two weeks has
oeen the best in some time. Meal has
Jagged. but demand picked up this
week and prices showed frmness Lo-
cal shipments of both oil and meal
showed an increasing tendency.
At the same time country offerings
OF seed increased following last weeks
rally and somewhat larger receipts
ore expected. Crushers, however, have
no stocks on hand. On Sept. 9 local
stocks were 62,217 bushels against H.
O63,S75 a year ago. Small stocks here
and elsewhere have offset the efect
OF n larger crop this year.
MINNEAPOLIS GRAIN REVIEW.