Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-06-17

Mvinlneapcl,a, s5ung 7.-wh.at y.
YeloRed further weakness this wsek.
fine rains in thu northwest and cels-
tinped progress III harvest and afaWth
Nm winter wheat states creating besF-s
ish sentiment in, all markets. Slow ssk-
port demand, sluggish .fpAF demand
and fairly large vtsthls supply totall5
added to the effect Of favorable crop
news. Cash wheat was weAk here and
IN the sOuthweet. In addition specula-s
tive demand Was liFnitsd.
duly wheat broke to el,2e and Sep:
TENDER to Sl.lf AS hut had8a GOOD
rally Friday when the se4hnHrd re-
ported the frst large export sales for
some time. Business was estimated at
close to 1000, 900 bushels and the
market recovered 60 ON the news. At.
low point he market was on 8 SIZE
for July and 4 3-4c for September
from last Saturdays closing levels.
Export news will be an important.
factor In coming weeks. More inter-
est Is to be expected at times after
the severe recent break. At the same
time new wheat will begin to move in
the extreme southwest and compete
with elevator wheat in that direction.
An oklahoma, point was reported to-
have loaded the first new winter
itC0S# Aot JN0u00o Ill III IHEr WC8A ~ ~
few cars OF No; dark hard, 50
pounds to the hnshel. Tha cash mar
ket in the southwestern market Ras
diseounting the impending movement,
fancy milling wheat declining 2Oc
from last Saturday.
Cash market here also reflected
somewhat larger. receipts, weakness
in other markets and continued slug
gish -four demand. Local caxh<pyeni-
iums declined 3G5c for the week, the
inside figure for the fancy dark north.
3q4c lower, and soft Minnesota
springs were or a nickel. Ordinary to
poor No. 5 dark northern, sold at
July price to AZ under, with choice
up to e2c over, compared with a.
range of July prize to 25c ayerIqiast
Saturday. No. / dark northern vaa
SG26c over compared with LOG go
over. a week ago. ~
Flour demand improved little, al.
though buyers who had beer holding
oft IN account OF the bull market in
May and later because prices began
sliding have been compelled to. buy
occasional good lots at times to take
care of pressing needs. CAPACITY in
operation increased somewhat, how
ever. to about 40 per cent. Winter
wheat -four prices were down sharp
", making competition hard to over
come f'7t1s"
The. spread Of harvesting. in the
winter wheat states and generous
rains in the northwest had the usual
effect on sentiment. Dry conditions
which were developing in parts of h
northwest were relieved and the
spring wheat belt as a Whole got am
ple rainfall. Reports to local houses
were almost uniformly favorable.
There was "A mold scare over hot
weather in the southwest, with tenn
peratures we'll over 40 for w days.
but the mercury eased of a hit and
the plant in the heading stage only.
in fields where termination was de-
ferred until this spring. This are was
largely in western Kansas and spots
in Oklahoma and Texas. i.
English and Argentine futures and
spot prices declined sharply. There
was reselling by United. kinEdem
buyers, practically offsetting new pur-
chases from other sources ur to the
buying squirt of Friday. European
crop news was better with rain relief
iu drou,hy sections OF France, Unit
ed Kingdom and parts of central Eu-
rope. ltaly's cFop was estimated at
about the same yield as last year de-
spite earlier uneasiness over, results.
On the other and the monsoon in
India was said to he disappointing,
rains having been insufficient. Last
weeks report estimated the CROP, in
India at 100, 900, 900 bushels more
than last rear. If rains are seriously
deficient the expected 5~o.0o0,oo0
bushels exportable may he modified.
Argentine crop figures, said to be |
official, which indicated a remaining
surplus Of 100000 bushels against
A, O00. 900 bushels according to
Broomhall. were given little cFedence.
The weeks shipments of 3,e51,0oO
bushels and visible, supply at ports OF
400. 900, bushels with claims Of fair
movement from the interior helie the
report. Weak action in Buenes Aires
also was out of line with a situation
such as the figures suggest. North
American exports continued light. at
4.371,00O bushels, a million less than
last week and 2,5o0,000 bushels under
a year ago. ~
/, The market has had a severe break,
selling down from $1.4S fer July since,
early in May when high prices were
partly the result Of May deals par
ticularly at Chicago, At low Friday
tho nearby month was of 1ac. Chica-a
60 was of from $1.2a te $1.os 5-S.
Talk of dollar wheat there may he
realized, or there may be unexpected
reversal Of trend. European needs,
however. mean no permanent low
price basis. g,
Coarse grains declined moderately
with wheat. but deyeloned a steadier
undertone on the break. Chicago corn
futures came hack we'll. while oats
Jagged on account of. large stocks and
slow cash demand. Receipts were
lighter for all coarse grains with. a.
sharp drop in local corn offerings.
Late in the week corn prices were,
unchanged for the week after &c de,s
cline earlier. 4
There was a strong upturn in flax
utunes, led by Ruenos Aires and
Winnipeg. Dry weather talk in Can
ada. estimator of smaller acreage in
our northwest and SINAI receipts
were helps In 1Oc recovery. Linseed
oil and meal demand continued quiet.
With no modification Of favorable
crop news Oh rye. and with over.
wheat prices rye futures and cash
dragged lower, but the market had
better suppor, OF the decline.
- SUGAR.
New York. June lS-Yhe early raw
sugar was firm and while no Eales
Of Cubas were 'reR0rted there were