Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-09-02
Weekly Market Review

moderate ana the market showed fai
resistance on the break. Bearish new,
was in h ascendency throughout tn,
week. Early there were bearish for
! 8 financial reports, weak cables
dull export demand, fairly heavy re
ceipts and resultant hedge sales, de
cline at Winnipeg uhders$ 81 for all de
hveries and bearish crop and casl
news from Canada. In addition tn,
Tincher bill was felt with speculativ,
interest already restricted by previou,
legislation. The market needed sup
port OF some kind, and the curren,
export and milling trade hedge buy
Ing failed to balance hedging pres.
sure.
In spite Of these handicaps, how.
ever, there was a less pessimistic feel.
ing In the trade on the theory that
the intrinsic value Of wheat is some.
where around 81. The wage situation
and relatively higher prices for a few
com modities continued to foster be.
lief that secondary imitation may de.
velop later. Buying leadership de.
veloped a fair bull following, blu,
dragging prices caused nervous lioui.
dation on the setbacks. Many who
were bullish on ultimate European
demand when the German Preparations
question is settled, and who believed
the market would receive support on
moderate further declines, lacked
courage under existing unsettled con.
ditions. - -
Possibilities and probabilities in the
way of news had more to do with the
rallies than actual news, With a
moratorium for Germany IN
marks and better genera demand
Europe was expected. Harvesf
operations tend to confirm estimates
OF short crops in Europe, and ever
partial relief from financial difricul-
.les was thought likely to be reflected
IN the export market. Current export
market. Current export sales, how
aver: amounted to no more than a
ooo.ooo bushel daily average. made
up largely OF cheaper Manitobas and
Discount Of durum and Canadian
wheat, with rye at around 1c a no,nd
at. current market prices. han con.
tinued to increase difficulties reced
ny bulls. In the international market
Argentine wheat also has continues
70 sell below American winters. al
tnough shipments from the south
american producer have dropped on
ana remaining surplus is estimated
at only $4,000. 900 bushels. Late in
the week No. l and 2 Manitoba wheat
aieo was quoted. c.. 1. T. Europe within
a cent OF American No. 2 hard win
Ter. The higher milling quality Of
springs Of course made thi.
equlvalen to a considerable discount
Tor u wheat. Small southwestern
"neat sales abroad and occasional re-
selling by English holders at discount
unoer replacement value therefore
was not strange.
Only slight change eight wav was
Town by U. s., Canadian and wheat
stocks. u. 8. visible decreased 1900
pushels; Canadian visible decreased
$4,000 bushels. worlds visible in
creased 1,2SS,000 bushels. due to
gain Of 10000 bushels in Euron
n anoa Next week total gain
should be larger.
80 far CASH premiums for good to
cnoice spring wheat have shown a
hardening tendency. There was an adj
vance IN better class of No. / dark
for the week, the range on
last saturday being 1920 over Sep
tom Der n the last Of this week "a
zoe over. Wheat which showed high
glutent content and scattered cars ~
cnoice to run out of town sold at %
@2Sc over. No. 3 dark northern was
under to $15c over, against &c un-
to 12c owe on last SATURDAYS
sales. Current, more matured receipts
nave shown higher gluten on the ay-
than h early run, but there
10 Wider variation on this score, while
me receipts this year show much mar
rover range on weight than a wear
ago. "'
Average dry gluten Of early receipts
was around Ills per cent but now
runs higher and later may come IN
~ per cent, according to good au-
thorfties. compared with 12.4 last
year. At any rate, laboratories are
working on mixtures for gluten ia
maintain the grade of spring wheat
and with a moderate mixture
OF high gluten durum established as
not dangerous to quality. the local
mills have bought practically no win
ter wheat to round out the blend for
early CROP grinding. This is in sharp
to recent years, when winter
was of sharper quality than this
year.
The Canadian situation probably
the most potent bearish influence
outside OF European news. Early re-
ports foreshadowed increased crop
0IN IotS VI Lie Week Il lead.
ing Canadian bank placed the crop in
provinces at $50, oo0, 900 bush
els against $4,000, 900 bushels last
year and q record yield of $50, 900. 900
bushe In 1915. P. 8. Goodman, stat
for a Chicago house maintain
ing an elaborate crop estimating syy-
tenn. put the yield at 374.0 90, 600 BUSH
els. with 400, 000,0 900 bushels for all
At the same time there was prom
lse that our WI spring wheat crop
would exceed August government fg-
Tres. Goodman's estimate of 271.oOO.-
200 bushels was 5000. 900 bushels over
st official figures. while Crop Expert
W. Snow estimated the crop at
2Ss. 000. 900 bushels. The latter's total
Tor spring and winter wheat was
100000, 900 bushels against 795. OOO.-
200 bushels last cal Bullish private
on corn helped to hold
wheat late in the week.
Bullish private crop reports on corn
lad to complete with ample current
supplies. draggy cash market and
liquidation by longs discouraged BY
asy grain markets. The net result
a a practically unchanged market
Chicago and 1-2c decline in local
september. Local cash prices were
Unchanged compared with Chicago
septem Der. No. ! and 2 yellow selling
2@3c under the future. Per-
odic corn strength helped oats, and
change for the week was the smallest
fractions. There was a brisk de-
nand for heavy new oats at 3 100
premium over September, with ordi-l
1ary to poor l@1 1-2c over. Barley
.ained &c for cash offerings and i
for September. Good mailing Of
were wanted. In spite Of. A
air shipping demand rye eased mod
for cash and futures. Duluth
lad big receipts and particiDafad IN