Evening star., 1924-05-18
FAIRLY FIRM MARKET
IN WHEAT PAST WEEK
Rapid Consumption of World Sup =
ply Held as Chief Contribut-
ing Factor.
OTHER GRAINS IN REVIEW
Corn Regains Strength, Oats and
Rye Hold Steady. .

A fairly firm position was main
tained in the wheat market through
out the week ending May IT, states
| the United States Department of Ag-.
riculture in its weekly review of the
grain market situation. A rapid con-
sumption of the world supplies was
the principal Strengthening factor
| Although a much larger surplus OF
wheat was available this year it now
appears that the carryover will prob
| ably be no larger than usual, and il
the present high rate of consumption
continues world stocks may be re
duced below normal average before.
| the new crop of wheat in Europe and
| North America is available for mar
| ket ~
madam stocks have been rapidly re-
duced and the movement OF wheat
from Australia and Argentina has
also oeen heavy, which has resulted
IN small accumulation OF stocks in
| tries.
| Winter wheat crop prospects in
europe, are reported to be slightly
ABOVE the average condition, but there
| mas oeen a reduction of about 81,
per cent in the winter wheat acre
| age in Europe, United States and
| canada below the amount harvested
Weather conditions continue favor
| able in our hard winter wheat belt.
, and while the seeding of spring wheat
mas oeen somewhat delayed wheat
conditions have been favorable for
'ns spTins gfo@ta Rbeat OF the n.,ser spring wheat
| curing the week and there was a
gooo demand for the desirable mill
ing grades. Other grades, however.
mere Sias rather dull; Premiums for the
| snghty in the hard winter wheat
markets as mills were buying more
on tne lower protein grades as a re-
SUI or the recent decline in -four,
acnve demand for the offerings OF,
red winter wheat, but receipts con
tinued light and there were further
reports of abandonment of acreage
| IN the soft winter wheat states.
Ihe corn market regained consid
erapie strength during the week,
prlncIpaIly because of a light move.
| nent Future prices were still about
per cent below the previous weeks
quotations, but cash prices regained
most of the recent loss.
Corn planting was seriously inter-
| rupted in the territory east of the,
Mississippi River by frequent rains
hnca ana cool weather. and this work IS.
|
planted corn in the south and south q
west made slow growth and condi-
tions generally were rather unfavor-
able. y - :
The demand at most of the markets
| continued in small volume and buyl
| ers were taking only sufficient corn.
for their immediate needs Stocks I'M
| the terminal markets are not large
| but they have been on the Increase,
| during the past few weeks as COM.
| pared with the usual decrease at this
| season of the year. .al
The oats market continued fairly
| steady, with prices unchanged Re-
| ceipts were light, but the demand
| also was of small volume. Prices at
| most markets were practically the
| same as at the close of the previous
| week. -
| The rye market was steady on small
| receipts. There was fair shippins,
| and milling demand. No. 1 and No. 2
| rye sold at Minneapolis at i to Ia
cents over the Minneapolis July
| prices -,
| The barley market continued its
| downward trend and prices made fur,
| ther declines OF 4 to cents per
| bushel. Receipts were fairly heavy
and resulted in a material increase
| in the stocks at Minneapolis and MI
| waukee. Best grades Of barley were
| quoted around 72a73 cents at both
| Minneapolis and Milwaukee. There
was very little demand, as maltsters
| were practically out of the market,