Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-06-24
WEEKLY MARKET
REVIEW

80 oVusn eSl ana dry weather In
Canada started good buying in an
oversold market The early break was
l@s5--4@2 3-Sc, but this loss was re-
EaiDed and the market was 4 FRO
Q l-2c>.up from week ago at hish
point Friday. Advance was checked
~ uniformly optimistic crop news
from the northwest. Rain also. reliey-
ed drouth In parts Of the Canadian
northwest. y a 2 |
Crop news was mixed. Late winter
wheat which did notsgerminate until
spring was reported to be ripcninr
prematurely and heading short as a
result Of hot weather, with prospects
OF shrunken grain. but there was
wide divergence of Wow as regards
the outcome. s.y. ~ 4
Reports to local houses indicated
spring wheat is heading In South Da-
kota and several North Dakota points
reported marquis wheat in head,
Wimbledon n Neche were among
the first to report heading. Scattered
early in the week and a good
rain In parts of western North Da-
kota helped prospects, in the largest
producing state. A few scattering
black rust reports came in, but the
Van ,Dusen-Harrington weekly crop
letter said there was no damage to
date. n the future rests with the
weather, It,.
A late report from Goodman, the
crop expert. said heat damage in the
indicated a smaller crop
prospect han on June 1. the loss
promising to be greater than the in
dicated spring wheat gains. other
trade reviews called heat damage
moderate, and Modern " Miller said
western Kansas promised more than
a snort time ago, as fields expected
to be abandoned would be cut.
Cash wheat weakness acted az a
check on Minneapolis July. Decline
in spring wheat premiums was sharp
early in the week. especially for any
thing under choice milling quality.
Later a steadier feeling developed on
the ow side of the market. No. /
dark northern late in the week was
S@s6c e July. the same as a week
ago. where " days before it was 6
@26c over. Little No. / Did within
3@5c' of top premium. No. 3 dark
finally sold sc under July to zoe over,
compared with SC under to 22c over.
Earlier there were sales OF poor No.
3 at &c under. Durum held al 4@15c
over Duluth July. Cash demand was
not keen at any, time, but offerings
were moderate.
Pressure of winter wheat in \ the
cash market and lower prices here
and In the southwest were weights on
local cash and futures early in the
week. So also were further showers
In the northwest and a let-down in
the heat wave in winter, wheat states.
But high temperatures returned,
stimulating speculative demand. Fore
cast late In the week of cooler wealth
er checked buying enthusiasm on the
upturn. 1t was a typical weather
market.
Chicago and Winnipeg lakged be-
hing h local market on the upside.
Weight of hedging sales already was
a factor In the eastern market. The
last half of the week purchases 1T
new wheat to arrive were around
100000 bushels a day. A few cars of
new wheat were received at Kansas
City and st. Louis, but after a heavy
run of old wheat Monday the south
western marketS had smaller daily
arrivals and cash markets recovered
from marked first of the week weak
ness. The Canadian market advanced
more than Sc above last weeks close,
but reacted Friday when rain and
moderating temperatures relieved
fears Of dry weather damage. Wind
accompanying the rain caused wire
trouble and the trade was in doubt
as to the extent OF the precipitation,
but setback of 1-2c in Winnipeg fu-
lures Friday was considered signifi-
cant.
Barring unexpected losses there
will be a good crop, and the north
e year to date resembles 1915. the
bumper year. Winter wheat could be
reduced moderately and still be above
fnal last year Of 5S7, 900, 900 bushels.
June ! government estimate was 6O7,-
100000 bushels. When winter wheat
moves in volume export demand or
speculative buying will be necessary
to prevent breaks. Europe's needs,
however. will be as large as last year.
and bulls will take hold on the first
signs of foreign buying.
Statistics were of the same general
character as in recent weeks, after
1.194,000 bushels decrease the U. s.
visible remained more than 13.00O,-
900 bushels larger than last year at
24,614,O00 bushels. Worlds visible de-
creased 4,163,00 bushels, all in
North America. with total 122,184,-
bushels against lO7.7S6. 900 bushels
a year ago. Canadian visible is 22.-
$4,000 bushels against s,2ss,ooo
bushels last year. Argentine ship
ments Of $4,000 bushels offered a
further argument against the absurd
Official" crop estimate Of last week.
and with larger North American ex-
ports a worlds shipment total over
10, 0 900 bushels is indicated Nom
day.
Corn futures. moved UP nearly &c
at Chicago Inc local prices followed.
both cash Inc futures. Better cash
demand in the east, good shipping de-
mand here and moderate country Of
ferines were bullishs Influences. Crop
start also has been unfavorable
enough to demand unusually favor
able weather.
Crop news on oats was buliish in
numerous sections Of tho central pro-
ducing area, although mainly good
from the northwest. Bulls advanced
prices on the theory a.short cropMaa
likely and big stocks OF old oats
would be. needed. Barley was up on
heat damage claims and light re-
ceipts. with q fair demand in the cash
market. Corn visible increased ~
100000 bushels. but sat decreased
400, 900 bushels and rye and barley
decreased moderately.
Trend in rye waF upward with
lowed, by recovery to sac for July.
and arm. for oats. Cash barley ad-
vanced 20 for the week. $
Recovery continued. In naxseed. with
cash again over $3.50 and No. i spot
selling at July price to &c over Lead.
tnk local crop report estimated north
werssrn acreage about the same a
last yeS;. Dry weather In Canada And
rally at Buenos Aires helped the ImAf.
ket