The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1924-07-14
WORLD SUPPLY
SH0RTAGEHELD
TO BE FACTOR
Decrease in Production in
Northwest State Also
Aids Price Ascent
OFFERINGS ABSORBED
Heavy. Marketing of Wheat
From Southwestern States
Fails to Halt Advance
TOUCH HIGH POINT

TOUCH HIGH POINT
Chicago, July IA. (By the A. P)-
All deliveries of wheat jumped to
new high price record for the season
today as soon as the market opened.
Foreigners and houses with eastern
and Northwestern connections were
active buyers. Reports Of increasing
damage from drought in Canada were
chiefly responsible. Initial quota
tions which ranged from 7-S to 2 7-S
cents higher, with September 1.19 IL
to l.2O Ia and December l.22 IL
to 1928 7-S, were followed by slight
additional gains.
Subsequently dry weather reports
from parts of North Dakota and
about rust in North Dakota had an
additional bullish influence and Sd.
too, did reports that 100000 BUSH
els had been purchased today for
shipment to Europe. The close was
strong 4Hc to 42sc net higher, Sep
tember $l.23 to $l.23M and Decem-
ber $1.253. to SIPS.
Washington, July 1a..-Corn prices
reached new high levels when the
Government report disclosed the
poorest crop condit on in years, and
estimated the crop ut about 5OO,-
OGU, 900 bushels less than last year,
ktates the United States Department
of Agriculture in lis grain market
review Cor the week ending July II,
issued today.
July future prices at Chicago ad-
vanced about &c auripg the week,
end cash prices folIOwe,! the ad-
vance in futures and sold we'll ABOVE
$l.OO in the Central Western mar
kets. No 3 white corn at Kansas
City sold on parity with the bulk
of No. 3 hard winter wheat.
The higher prices, however. failed
20 increase the movement, and re-
ceipts at all markets continued
light. There was au active demand
from feeders, shippers and rnlliers,
which readily absorbed all the Of
ferings, but the buying generally
was for current needs.
a. Additional Strength
While the trade generally had
discounted the Government report,
the estimate showing II probable
crop of only 2,515, 100000 bushels
impaired additional strength to the
market and forced prices to the new
high level. These high prices, how
ever, will cause a larger use Of oats,
barley, low grade wheat and other
grains, and also more careful feed
ing by farmers. The stocks of old
corn on the farms apparently are
larger than at this time last year,
and with the decreased hog supply,
less corn will be necessary for farm
consumption during the next crop
year.
Notwithstanding the heavy
movement of wheat in the South
western markets, wheat prices firm
and closed about &c higher for the
week ending Friday. Wichita re-
ceived 1887 cars of wheat during the
week, the largest receipts in the
history of that market. A good de-
mand from local and Northwestern
mills, however, was sufficient to
absorb these large offerings at pre-
vailing prices. Receipts were also
large at Kansas City, and movement
was expected to become general
throughout the entire Southwest, in
cluding Nebraska, within the next
ten days. Northwestern mills were
the most active buyers, both at this
market and ut surrounding country
points, at prices considerably high
er than terminal elevator interests
or Gulf importers were offering.
The limited demand for new flour
caused Southwestern mills to con-
fine their purchases to- immediate
needs, and mills generally seemed
disinclined to accumulate stocks.
Production IL Less
The demand for spring wheat con-
tinued of good volume, while re-
ceipts of desirable grades became
smaller. The demand was rather
slow early in the week, but became
more active as prices advanced in
the futures markets.
The strength in the wheat market
was attributed principally to the
worlds market situation, and the i'm
creased hedging pressure and large
offerings of new hard winter wheat
were given but little attention.
While the July 1st, estimate was for
a crop of 74O,0OO.000 bushels, an
increase of about 100000 bushels
over the forecast on June lst, the
prospects for the worlds crop we're
for q considerably smaller crop.
ficjal reports from about half of the
countries in the Northern Hemis-
phere showed probable decrease
Of percent in production, while
reports from various sources for the
remaining territory indicated that
the total Ynodnqtiqn might be as
much al, aA,p9reanN below last. years
production. The latest official re-
port Of Canadian production indi-
CONTINUED on page three.)