Evening star., 1924-06-08
UNSETTLED MARKET.
HITS WHEAT PRICES
severe Slump Early in Week, But
Reaction Brings Steady
Undertone.
CORN MARKET HOLDS FIRM
General Conditions in Grain Re.
viewed by q. S. Agents.

an unsettled condition in the Sra;r
iarhet is reported for the week end.
ing June by the United States D.-
partment OF Agriculture in its veek.
~ grain market review. Followirv
the closing out of the Nav contracts
ana the final disposition OF nend;n~
legislation the wheat market spf.
ieieu rather severe slump early in
the week. but later the market read
ousted itself and a firm undertone
again was apparent in the market all
though at the close of the market q,
FRIDAY future prices showed sone
oecine compared with those at the
corresponding time last week. For
elsn crop news showed but little
change, although reports were cur
rent that the weather had become un-
, rasorapie IN parts of Russia. Ger
many. Italy and France.
The fourth forecast OF India.s
wheat crop, which has Just been
mace public. estimates the crop this
year at 361, 900 bushels. which Is
ABOUT 100000 bushels less than the
hnal estimate last year Private esti-
mates of the acreage OF spring wheat
IN Canada show a decrease OF about.
> per cent for the principal wheat
territory
Rains Prove Beneficial.
Rains during the week in the hard
winter wheat belt OF the United
States were very beneficial to the
crop and no serious damage has been
reported to date. The weather dur
ing the next few weeks, however. will
continue to be a very important fac
tor in both the winter and spring
wheat areas.
The demand for cash wheat contin-
2rflVP hn -l
kets and premiums were firm. There
was only fair milling demand for
the hard winter wheat and the an
preaching harvest in the south weak
ened the demand materially for soft
red winter wheat. Prices of winter
wheat ranged from l cent to cents
lower for the week
The corn market maintained the
firm position which il had attained
during the previous week. The cool
belt continued unfavorable for the
growth of the crop and the prospects
in some sections were reported to be
the poorest for some years. Con-
siderable replanting has been neces-
sary and the crop generally is two
to three weeks late.
Receipts Not of Large Volume.
Receipts at the principal markets
were not of large volume. but there
also was a limited demand. In fact
a good part of the strength was
caused more by the light movement
than by any activity in the demand.
Comme rcial stocks are more than
twice the amount Of the correspond
ing time last year with prospects of
smaller consumption during the re-
mainder of the crop year than pre-
vailed last year. The progress Of the
new crop will be an important factor
in the market for some time.
The oats market also continued
firm. While the offerings Of new crop
oats in the southwest were restrict
ing the demand for old oats to some
extent, the demand was sufficient to
readily absorb all of the limited re-
ceipts at firm prices. Notwithstand-
ing the large crop harvested last year
| the stocks in comercial channels have
ent time are only about 100000
bushels compared with $4,000. 600
bushels last year.
Rye Market Weaker.
The rye market was weaker with
wheat early in the week but advanced
later and at the close OF the week
| was relatively firmer. Some export
fair milling demand. No. l and No.
rye sold at the close of the week
at Minneapolis at around 63c-64c
per bushel. Rye stocks have been de-
creasing materially each week but
are still relatively large for this time
of the year.
The barley market was quite Arm
and prices made further advances of
2c-3c per bushel- No. barley at
Milwaukee was quoted S0c-S5c and at
Minneapolis the price ranged from
51c-74c per bushel. S
The fax market advanced slightly
during the week at Minneapolis. Re-
ceipts were very light and were
scarcely equal to the demand which
was not a large volume. July fax
closed on Friday at Minneapolis al
Soo-N