Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-08-19
WEEKLY MARKET
REVIEW

Minneapolis. Mimi, Aug. 19.-Bulls
received little encouragement either
in the news or the action Of the mar
ket this week. a draggy undertone
continuing although interrupted by
sharp rallies on oversold conditions.
Hedge selling continued heavy. for
eign demand was moderate and
cables were unresponsive when our
prices showed signs -of strength. At
the low point of the week prices
were the lowest since last November.
Weakness at Winnipeg and bearish
crop news from Canada was one of
the important beartsh news combina-
lions Of the week.
Favorable Canadian weather and
increase in later crop estimates.
Canadian Bank OF Commerce was
credited with an estimate of 325,O0O,-
900 bushels for western provinces.
against 298, 200. 900 the last govern
ment figures. August official estimate
for all of Canada was $780, 900
bushels. "rh "a
New wheat receipts in the local
market continued of good quality, and
cash premiums were firm after mild
ease early in the week. Millers claim
ed a wide range Of gluten content
ranging from 10 to IA per cent from
nearby stations in this state and the
Dakotas, but the average is well
ahead Of recent years. New No. 1
dark northern last OF this week sold
at 10@18c v September price, or
the same as a week ago. but at One
time premiums were off 1@2c. "A
few struggling cars of choice old No.
1 dark sold 40@44c over. Durum
weakened. q little. Winter wheat
dragged. especially southwestern Of
ferings.
Meanwhile -four demand improved,
with a fairly general movement on
the part of buyers to take hold on the
breaks after recent long continued
Low prices were, set at Chicago be-
low the dollar mark for September
wheat, the market sagging to 9shc.
recovering Immediately, but falling
back Friday within nc Of the low
figure. In the local market the low
point for the week saw September at
$1.03h and December at $1.01A!
The market broke back nea low
again on Friday.
Decline Of course, revived talk Of
possible new low marks we'll down in
the sos, with slow recovery unless
public investment or speculative in
terest Is revived by export support or
bull leadership. It remains to be
seen whether the weight of heavy
early marketing probable IT. the rail-
strike is settled will cause further
serious depression The market has
a way Of turning when new looks
darkest. However, there is no deny
ing that strong help of some kind Il
necessary 'ifnthe market 10 not to con-
tinue dragsy. f
There IL a discouraging financial
and political situation abroad. With
German marks approaching the van
ishing point in value, and failure OF
the financial conference abroad. the
stress still is on the ability Of Europe
to buy our wheat rather than on her
needs. Broomhalrs tentative esti.
mate Of Europe's needs 10 500. 000, 900
bushels and @fort ex-European coun-
tries ~, 900, 900 to SO, 000 900 bushels,
or 656,000.o00s to 670,000.o00 bushels.
Worlds surplus at his sfgures-.-680,-
000, 900 bushels-leaves a!iscant mar
gin. The surplus total included ga
0O0, 900 bushels for the United States
and 2~40,O0O,000 bushels for Canada.
Both may be exceeded. $if expected
crop revision upward Ii realized, but
other countries-Argentine at 112,-
100000 bushels. Australis, 5000. 900
bushels, and India, Danube and Man
churia at 4s, 100000 bushels may
shrink. Il
An interesting compilation was Is
sued In the weekly crop letter oi
Van Dusen Harrington compAny,
which called tho small grain crops Of
the northwest tho best since 1919,
Figures showing bread wheat and
durum, based on the FIRMS survey,
Rhnws J.TENa 1EE5Essf -. FFFN- iFtr N1H5 Ll4gEEE ~ \. 81