Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-01-23
Weekly Market
Review

nAyAA6 ny lAS ISu6SAAK ICIfCk SV1Il-
mission. moderate receipts in all
markets and better trade sentiment
as a result of buying of futures against
export business made a higher range
Of prices this week. May wheat ad-
vanced 3Sc at best and July &C. but
there was a reaction from top, when
buying failed to follow the market
during the Friday market was not
encouraging to bulls as a good deal
of bullish news was current through
out the week and price response was
not up to trade ideas as to what was
justified.
The fact hat Russian relief pur-
chases of spring wheat were entirely
OF Manitoba's caused some disap-
pointment and longs were uncertain
over the Argentine outlook and top
T, heavy action in English markets. The
result was profit taking. In addition
the public interest in the market was
light and commission house demand
was not broad enough to help the ad-
vance. Legislation has not prevented
speculation. but it has limited it by
creating Apparently out
side trading will take time to come
Jack.
Professional buying. partly pecu-
lative and partly buying in of hedges
against the wheat sold for export sup
piled a fair upward impetus. Much
of the Canadian wheat has been hedg-
Chicago. n buying against the Rus
sian sales was a material factor in the
Inarket
Russian relief purchases Ut seed
! wheat totaled $1,000 bushels. and
the cost was about $4,000, 900. In ad-
dition a Greek order was filed. with
small miscellaneous sales. making
~,- 4 nm nnE h,vNohn1c IN oil 1VNtnf
buying from English and continental
SOURCES was in the Argentine. where
prices were 10 cents under Manitoba's
and at times several cents below
American winters. Weight OF the
Argentine wheat noted in cables-62
pounds and overland reports of
quality Indicated that competition will
be stronger than last year. when quail
lily was poor.
The local mArket. was the brightest
spot in the country SO tar as caeh
wheat was concerned. In the south
west cash prices Jagged behind futures
especially late in the week. when some
increase in country offerings was re.
ported. Locally there was a good
milling demand which took the sharp
er gluten offerings readily at a slight
advance compared. with May. No. !
dark northern sold at 12922c over
the future. compared with II
over last Saturday. No. 2 n 3 dark
northern also were up 1c relatively
with No. 3 dark at May price to 1se
over, compared with. May to 15c ovel
last week. Local stocks decreased
:. eos. 900 bushels. according to estimates
} compared with 35 900 bushel decrease
last year. .....
Durum also showed firmness. ad.
!, yancing &c more than the 1hc gair
made by Duluth May. No i, ambel
l,.-,,-, u~1J 80 @ ~ O., Nx-nw thu fsy$Nl~o
Winter wheat ran about even Will
durum. in proportion to. the daily re.
l cepits. and prices we're steady. Mon
tana No. l dark hard was s@11c ove1
May. Kansas No. 2 hard May to 81
over and Nebraska 4@5c. under
Spring wheat made up. 50 Del cent o,
slightly more of the local receipts.
There was a quiet -four marke
here. but some Improvement was not
I ed late in the week. although the ad
vance failed to bring in buyers II
! numbers. According to the North
: western Miller spring wheat mill
I operated at ~ per cent capacity com
y pared with 80 e cent a week ago
Local receipts increased and RI,
! around 40 per cent of local dali
capacity Of 100000 barrels.
II In the southwest -four. was quiet 4
: well as wheat. OfferinEs of whea
from southwestern Erowers were larg
: er on the advance. WIN le0S
ii liable crop outlook an influence. Beat
J tered rain and snow was reported i
parts Of Kansas and Oklahoma.
Indications are for a further mod
crate decrease in the visible supply o
wheat Monday. Loss OF .1.440;040 bl
. last Monday made the total q $4,000
= Ibu. az compared with 38.100,ge0 u
: year ago Canadian visible decrease
!. $4,000 blu. last week with total %,
: Z 100000 blu. against 100000 bu. laa
year.
: High prices for the week were mad
9 following the report Of q Chicago sta
2 tistican estimating farm reserves 2
.sTl1O, 900. 900 btu. AGAINST 207 900 10 9
2 March Last year. The trade was slo'
z Ito accept the figures. and larger Wis
g Bile total and fair stocks In counts
elevatorsa and mills were regardedi
partial Offset.
y Arxentine shipments increasl
&! sharply Tor the week. being s4.z23.e(
BIZ. against 54s.0sO bu. last week. ~
ssrslA5 900 bu. last year. private eSt
innate raissds old and new Gro surpi,
q ftofS6.0o0,aO 900 bu. Brcomhail repor
g "a pressure ~ Argentine oherin