Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-03-18
WEEKLY MARKET
REPORT

eAnueu tne 1lf0t OF n week n low
prices Wednesday were lax cents
nnder top Of two weeks ago. when
leading bulls began to take profits on
long wheat. Az was indicated in this
column the (markak vas topheavy;
Europe'o urgent needs were satisfied
Tor the t1me bein& with Australian
ana Argentine wheat arriving in large
volunne; domestic cash wheat and
1lour trade lacked snappy and finally
weakly held futures went yer when
debated bulls sold to stop losses.
After midweek there was a notice
able change. The market rallied
strongly on Thursday and continued
n upturn during the next session.
The market had become as oversold
as 1t was overbought two weeks ago.
Apparently English and continental In
terests also we're over-confident on
the setback. Liverpool cash prices
crashed badly and large arrivals Of
consigned Australian wheat found
ouXers scared by the break. Liverpool
futures were down about is cents
from the high point and immediate
milling needs were supplies. Cables
reported much %reselling. Recovery in.
america, however, was quickly re-
iiected IN their markets. especially as
Buenos Aires bulged S cents in two
days.
Early decline was soon recovered in
American markets. Bulls regained'
their courage with the first signs Of
strength, with leadership in Chicago
from strong interests in the trade.
When the market get near $1.4o here
ana $1.S5 at Chicago shorts rushed
TO cover and speeded up the advance.
Result was that the close Friday
was 81 cents higher than last Sat
urday for Minneapolis May and *
cents higher for July. Chicago May
was II cents up and July TX cents
up from a week ago. Winnipeg was
1A to 4 cents higher; July stronger
than May.
smaller country offerings on the de-
cline and a letdown in receipts, es-
pecially in the local market; better
cash wheat demand, and a flare-up
IN flour buying on the Thursday rally
the comeback. Technical market con-
ditions and general belief in close ad-
1ustnent OF worlds supplies to prob
able demand also played a leading
part in the markets reversal Of form.
The technical factor was that weak
longs had liquidated and many had
turned to the bear side, believing the
break would go farther.
Most of the daily statistics were
nearish. blu the market anticipates
the future and long distance bulls are
numerous. Drop in receipts suggested
probable decrease in the visible sup
ply and when the lighter offerings
spurred cash demand the market was
ready to respond. Local cash wheat
advanced 2 to 8 cents compared with
the trading differences last week. At
tnat time offerings of medium and
lover grades were taken by buyers
! at almost daily concessions in
price. With smaller receipts prices
improved. No. 1 dark northern was
> 70 "a cents over May on Friday.
against z to % cents over last satur-
Jay. No. 3 dark northern was 3 cents
unoer &c ~ cents over, against s cents
under to 10 cents over a week ago.
LoWer grades were up more.
-Four sales Thursday and Friday
We're the best in several weeks, the
quick rally in futures arousing buyers.
capacity In operation remained under
90 per cent, but daily local shipments
averaged over $4,000 barrels.
Visible supply decreased 1900, 900
bushels last week n further shrink
age ls expected Monday. Total as last
reported was $500, 900 bushels
AGAINST $4,000 bushels last year.
with the smaller estimated farm re-
serves country elevator and mill
stocks, probably 80, 900, 900 bushels
a scant snrpI,,s ~ = ~ ~ 'MS !, WIN
renaininr prs.en ',vvo.ooo nussaels
for ITn;ted s+.tes wv u1hAa A
waaks 49,. 80 wv, ~
h,sh ole ~ 49, 80 I''VV.oov
the sea hoa- noxihs OUT ~
I'm tho rest ~ 10 &C. mneat makes
Americ.n +ota I'o .''a.ius.reet Nortn
million.
The su+bori+ia. - -
orr cran iepohteo southwest
tho ra;ns p~fvspecls much better after
Kansas nronatsa - M 1nn nnd pno present
els Oklahoma 80 1yv,oo0,oo. Dusn-
0oo hnahaio anu ieaas at 5000
than 5oToon oon heuuI,tn1 .otal more
YES ar uus.els snort OF iast
conId i'm nra.a "a. lavotAoie weather
Cow f,,t,,rapp "spu =
'arter tho SsaEso a.h -. WIN Wneat
MAJ - 49, aeenne wnicn took chicago
close for E.rtae,, uur hlsh pony. M
cent under = veal wa" as only z TO n
time Inoa1 a we.A 20. AZ tl1e same
" ana = 800 Apls oecreaseo
nedars IS soJu seneral demand from
d;soenna au narroWed up the
-. nue. ChicAso' NO. . yell
Nv Nv ea.neu Il 70 - cents compared
49, eie iutu1e' selling t 10 to ION
oem uaaer lineage May on Friday
, ~ Win - TO IL cents under
nant. oaluruay. mixed sold Il to ~
u ~" iess man yeiiow compared with
~ " cents less 'tnan a week ago.
aagreIrs was enough elevator buying to
atoio conpeutlon with demand from
oe o : sources. Local stocks increased
aLS,vVV oueneis TOT n week and are
aoo 1,lao,ooo bushels gains 600,-
wy ousneis last yea
oa's lolio"ed the corn market and
May closed n cent lower for the