Evening star., 1924-05-11
FAIRLY FIRM MARKET
. IN WHEAT FOR week
Rather Unsettled Situation, How
ever, in Other Grains Shown
by Federal Bureau.
CORN AND OATS DEPRESSED
Export Business Shows No Change,
Is Indicated in Review.

4 rather unsettled grain market
situation during the week ending
May 10 is reported by the United
states Department of Agriculture in
Its weekly grain market review.
While a fairly firm tone was main
tanned in most of the wheat markets.
the corn and oats markets were
weaker.
Wheat prices, both cash and future,
were but little changed at any of the
markets during the week. Receipts
were not large and there was a fur
ther reduction in terminal stocks.
The best milling grades of spring
wheat continued to sell at premiums
from z cents to 2f cents over the
May future price. but premiums on
Durum wheat declined materially be-
cause Of falling off in the demand.
The high protein grades of hard
winter wheat sold at slightly lower
premiums, As mills were forced to
buy the cheaper grades because of
the decline in -four and food prices.
There was some Improvement in the
demand for soft winter wheat. par
ucuiarly in those markets supplying
the southern milling trade. While
there was no Improvement in the
Hour demand. southern mills were re-
Foreign situation Unchanged
There was TO material change in
the foreign market situation. The
export movement of wheat from
Canada. Argentina and Australia con-
ttnued heavy, but there was very lit
tie wheat exported from the United
states, because export bids were still
below current prices. There were
offers in the hard winter wheat mar
kets for new crop wheat for August
shipment via the gulf at 7la cents
over the Chicago September future
prices, but no sales were reported.
Exporters and other large operators
were said to be curtRiling their op-
erations pending the outcome of pro-
posed legislation and more definite
The governments estimate of the
winter wheat crop indicated a pro-
duction of about 553.800.000 bushels.
compared with 72.000, 900 bushels last
year. This includes both the hard
and soft winter wheats, and while
crop prospects were good in the hard
winter wheat area. particularly KAN
sas and Nebraska there was an in
dicated decrease of about 80 per cent
in the soft winter wheat production.
Demand for Corn Drops.
There was a further falling off in
the demand for corn at practically all
the markets during the week. Indus
tries were only fairly active and
southern buyers took only sufficient
corn for their immediate needs. The
premiums which have prevailed III
most markets during the past feE
weeks for yellow corn were almost
entirely eliminated and white and
yellow corn were quoted on practi-
calIy the same basis at the principal
markets
Soft roads and farm work restrict
ed movement somewhat, but farmers.
especially in Nebraska, were appar-
acutIy anxious to sell at current
prices.
While there was a. feeling in the
markets that corn prices should not
decline much below the present basis.
buyers were not inclined to contract
for more than their present needs.
The cold and wet weather in the
central west has delayed planting
in many sections great deal of
the seed corn shows low vitality and
farmers hesitate to plant this corn
except under favorable weather con-
ditions.
Oats Practically at Same Level
Oats prices remained practically
unchanged during the week, although
there was a slightly weaker tone in
the market, caused principally by
the weakness in the corn market.
The movement of oats continues of
small volume and stocks are rapidly
diminishing There was good de-
mand in most markets for the choice
country run offerings. but the de-
mand was slow for the lower grades
and for grain from elevator stocks.
The rye market was rather feature
less during the week. There was
very little trading in this grain in
the future markets and the cash
basis at Minneapolis was switched to
the July future on account Of the
very light trade in May.