Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-02-13
Weekly Market
Review

N0VUOvV
Minneapolis, Mimi, Feb. IL
Wheat continued to advance this
week in spite Of profit taking by buy
ers who got into the market well be-
low current levels. The theory that
a substantial reaction was due after
the steady climb which has taken flu
lures up zoe in a month was not
realized. however, as new buying
came into the market on all moder-
ate reactions. The result was that
setbacks did not go far and prices
moved up sharply for the week.
Advancing prices at Buenos Aires
and Liverpool again furnished the
chief buying stimulus. The leading
Argentine market showed almost as
consistent strength as last week. 1t
was evident the early movement was
in keen demand and Broomhall re-
G.,-a A-..a.u.l Ouyins III petite.
with the United Kingdom and cont
mental buyers. Liverpool reflected
the advance in South America anG
our strength also had it's reflex OF.
their markets.
Another influence on the upgrad,
was the southwestern crop news.
Drouth was not relieved in the west
ern third of Kansas and in parts OF
Texas Inc Oklahoma. where dry
weather has prevailed most of tn.
time since seeding. Reports of high
winds n dust storms in Kansas at
tracted attention. A good percentage
of the crop in these sections is dor
mant or has not terminated. AScroi
expert like B. w. Snew. however. VIII.
stated he had known such gen
eral agreement among observers as &c
4 "a ~S<t~o D---~
crop was unwilling to go on record a:
to the probable outcome. Wheat IL
that state has a way of coming back
blu it seems certain conditions will
have to be unusually favorable tC
make a fair to good crop.
The week was marked by an in.
crease in speculative interest here and
in all markets and particularly a.
Chicago the trade bAadened ma
terially, and New York speculativ,
buying was a factor. This help wa
more potent in the local market tha,
removal of hedges by mills, as thu
flour trade continued to rule quiet te
only fair.
Fridays close showed May whea
&C higher than last Saturday, Will,
July was up 7Ac. May rye made tn.
first snappy upward move sine,
Europe began to take practically n,
interest in the market more than !:
year ago. The weeks advance WI
SIC n cash prices were a shad
stronger than futures. Coarse grain.
ais made substantial advances. Ma,
corn advanced sac, May oats 1c
May barley &c. The 1axseed marke,
continued to climb, May closing lbt
higher.
In line with the foreign strength
was a statement by Broomha!l tina,
he had revised upward his estimate Of
non-European import requirement
n added that worlds balance OF
supply and demand probabilities lef,
a margin near 5o,o00,o00 bu. There
was a report that an estimate re.
ceived at Washington made the Ar.
eentine crop 1855, 0oo. 900 bu. agains,
I~es.ooo,ooo bu. last year. but a late
message said the bureau Of market.
did not know Of such a report. Tn,
estimate would mea less than 80,
100000 blu. surplus, against forme,
figures up to $780, 600, 900 bu. not in.
Guiding a carry over from the las,
crop.
Wheat receipts here were moderate
this week and choice, high glu.e,
spring offerings in the top four grade
sold well at firm trading differences
Best No. l dark northern sold at i,
ad and Nos. 2 and 3 dark at q
advance. Range on No. 1 dark wa,
12@24c over May and -or No. 3 darl
@2oc over. Local flour capacity II
operation eased off sllgntly to a. pr,
cent, against 40 the week before an,
average of As in February last ven ,
Hard winter wheat mills operated a,
81 per cent capacity, according to tn.
Northwestern Miller and soft wine,
mills at ~ per cent.
Cash wheat in the southwes,
dragged behind futures. with con
tinued large receipts at Kansas civ
This movement in the face of bar
financial conditions.
Canadian Inc Gulf wheat was II
quiet demand most Of the week n
spite OF the Argentine situation. sale,
i'm proved a little late in the weeL
but only small amounts OF Unite,
state wheat were sold. Bradtreets'
weekly shipments for thi. couoty,
n Canada were 400 600 hu. Ar
gentine total was 800, 900 bu.
against 47s,o00 bu. wheat lat ycar
The visible supply at chief Argentin,
ports increased 2,7eo.eoo hn. for tn,
week. total being 100000 bu,
gaainst 2.20O. 900 hu. last year.
Corn WIS in good demand from ex
porters and domestic cash demant
was fair to good. Receipts, especial
ly at Chicago. were large, but in
creased speculative demand took car.
OF hedging sales and the market al
yanced readily. Chicago was up 4,
for the week to Fridays close. Ad'
vancing livestock prices pointed Il
Increased feeding on the farms anr
wheat strength was a senttmneta
help. $500
Advances in oats brought out hold
nxa OF tired longs. Reports Of som,
further Improvement in export DE-
napd and ntrsnsth in other Of,
finally ontwetshed other Influences
The ~ advance was helped by W,
,ntts OF fair export sales. Local ~
ce,rts were light and No. 2 sold M I,
l0!hc over May price. or reiativel,
lie better than a week ago. I.oca
cash corn and oats prscea also wer,
nrTn com pared with futures. F1ay
seed bulge was on cash strength
ore,sn news 2 brisk demand from
cr-lishers for tho Hight local rece;nty
No. ] .$,ot sold Mt &c rnd.r Mav ~ 4,