Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-04-22
Woekly Market
RevioW
PAGE SEVEN.

RoVtoW
Minneapolis, MIMI, April .2.-
Wheat added 3 1900 S-Sc to the
startling advance Of last Saturday
during the first Ave sessions this week.
There was hesitation and rhronic
the much advertised bull deal in Chi
cago May delivery being the chief
stimulus. In addition to this source
OF strength the market had the help
of Liverpool strength after indifeer-
ehce early in the week and a better
export demand OF moderate reaction
from the earlier upturn.
At the end the Chicago market re-
acted from top prices, bit close Fri
day was 5 lac higher than last Sat
urday's hnish and 11I 1-z@11 3-4e
day holiday. Local May was 3 1-Sc
higher than last Saturday and Zoe
over the close q week ago THURSDAY.
Winter wheat outlook still was the
cause of much uneasiness, although
weather was better and some Of the
reports were optimistic. Further
weather delay to spring wheat seed
ing was an element of uncertainty in
the outlook, but scattered seeding haa
started fairly generally outside Of
North Dakota and Montana. Claims
were heard of reduced acreage OF
Marquis wheat and . larger durum
seeding unless farm work becomes
general in another week. but COM
parison with the 1915 Icrop year
shows the danger line has not been
reached. Prices are in favor Of nor
thern spring varieties compared with
durum, n have been heavily in ia
vor through most OF the crop year.
This inducement and the probability
that lreally low prices for wheat are
out of\the question:. with present i'm
proving in economic conditions int
the elimination Of Russia as an ex-
porting country, may keep up the
acreage If present weather holds.
Dependence on the stimulus of Chi
cago May and the foreign markets
was almost absolute this wceH. Liver
pool gave bulls more help late in the
week. but Ruenos Aires continued TIC
drag. Foreign and domestic statistics
were mixed. out more fbullish in the
: main. On the other hand there wa
slight Improvement in the domestic
cash wheat and)flour situation. and
the regular day to day figures showed
no scarcity Az yet, either in this
country or abroad.
In Chicago it is supposed that sew
eral million bushels of long wheat are
held by a partly speculative and part
~ cash intere It, while cash houses
which have hedged wheat holdings in
various markets by sales of May have
been caught short" 80 far as immc-
date delivery Is concerned. Small
speculative shorts so far have been
the ones to be pinched in The big ad-
vance. The Armour elcv..4 interest
is credited with havirA May sold
against wheat at Missouri river points
n elsewhere. Already considerable
has been moved to Chicago for deliv-
cry, and more is on the way-the es-
timated total 1000, 900 bushes-but
whether 1t will halt the market or be
taken and paid for by longs remains
to be seen.
States visible was recorded this week
j-1.100,0 900 busaels-and total vas
S~3.100,OO0 bushels, against 17,4O0,-
200 bushels last year. Canadian
bonded wheat decreased and amount
in Eurone and afloat shrank heavily
as a result of sharp decrease in
the worlds visible shown this year.
Loss was 100000 bushels, including
$500, 900 bushels decrease outside of
North America. Worlds total, how
ever, was $4,000. 000/bushels, against
129, 0o0, 600 bushels a year ago.
Export business improved from
midweek on and about 100000
bushels was reported sold. mainly new
crop winter wheat for July, August
shipment, although perhaps a third
was Manitobas and durum, mainly the
former. Winnipeg Jagged behind our
markets, indicating a sluggish cash
situation. Futures were up ! 5-s6a
$50 for the week to Fridays close,
| and noSh a shade ga @iar 10rHar