The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1924-08-25

|SLU MI SOME;;
WHEATWEAKER
A decline of 10c per bushel in
corn prices was the outstanding fea-
ture Of the grain market during the
week ending August 23rd, according
to the weekly review of the United
States Department of Agriculture.
Better weather throughout the
corn belt was a weakening factor in
the market and caused rather heavy
selling in the future market, which
had, apparently, advanced to a point
beyond that warranted by the gem
eral market and crop conditions.
Cash prices generally followed the
decline in futures as the demand
was limited. Since corn prices have
reached their present high level
buyers have taken only sufficient
corn for their immediate needs,
which has resulted in an accumula-
ton of stocks in the terminal mar
kets. These stocks now total more
than 100000 bushels, which is
more than twice as much as was in
store at the corresponding time last
year.
Southern and southwestern buy
ing was less active as crop prospects
are fairly good in that section.
Northern buyers, however, became
more active at Kansas City and 9TH
err Southwestern markets where
prices have been relatively lower
than at Chicago.
Further importations of Argen-
tine corn were reported at Atlantic
Coast ports and total importations
into the United States and Canada
are now estimated at between $780,
900 and 100000 bushels. Accord
ing to recent estimates, possibly
95,OOO,0O0 bushels of corn are still
available for export from Argen-
tina, but only a small percentage
OF this is likely to come to the
United States. Rigid quarantine
restrictions against the importation
of this corn into the United States
are IN effect, and the Canadian
Government issued regulations eff
fective August LIST, which, it is I'M
derstood, prohibits the importation
of any grain into that country ex-
cept from the United States.
Corn Market Unsettled
The corn market is still in an un-
settled condition and will be greatly
affected by weather changes during
the next few weeks.
The wheat market was weaker in
sympathy with corn, and prices at
the close of the week we're 5 to &c
below those prevailing a week ago.
Continued heavy receipts of wheat,
which have resulted in large accu-
mutations at the markets, together
with falling off in the demand
particularly from local mills, were
also weakening factors in the mar
ket. The visible supply is now about
100000 bushels larger than last
year, and stocks at Wichita and
Kansas City were near the largest
on record
Receipts OF hard winter wheat
have fallen off materially, but the
demand for the wheat is also of
smaller volume as the Southwestern
mills have their needs we'll supplied
and Northwestern mills have with
drawn from the hard winter wheat
rkntc hnro1So of
the movement Of the new spring
wheat. Elevator interests have also
become more cautious buyers as
their stocks are becoming heavier.
The movement of new spring wheat
increased materially during the
week and receipts showed an excel
lent demand. Threshing returns al
SO show larger yield than has been
generally expected and reports from
trade sources indicate that the
Spying wheat crop will probably be
at least 50,0OO,OOO bushels larger
than the Government report of Au-
gust 1st. Premiums for spring
wheat held fairly steady, and No.
new Dark Northern sold at 4 to 16c
over the Sept. price at Minneapolis.
Mills were active buyers of new
wheat, feeling that later arrivals
would show weather damage be-
cause of the rainy weather which
prevailed in the spring wheat belt.
Durum wheat receipts were fairly
liberal on practically all new wheat.
No. l amber durum was quoted at
Minneapolis at 6 to &c over the Du-
luth Sept. price, which closed on
Friday at $1.21R.
The oats market was weaker with
corn and wheat, and prices declined
3 to &c during the week. The har-
vesting of oats is practically COM
pIeted in the United States and
larger movement was generally ex-
pected by the trade. Receipts dur
ing the week were materially larger
than last week, but with the high
price of corn there are indications
that the heavy after-harvest move
ment will not be as large as usual.
There was an active demand for the
arrivals at practically all the mar
kets and receipts generally were we'll
absorbed. At the decline on FRIDAY.
however, sellers were reluctant to
dispose of their grain, and at Omaha,
particularly, considerable grain was
carried over unsold