Evening star., 1924-06-01
WHEAT HODLSSTEADY,
CORN TREND UPWARD
Review of Price Movements in
Grain Past Week Through
out the Country.
CROP CONDITIONS NOTED
Statement by Department of Agri-
culture Covering the Markets.

steady grain market is reported
by the United States Depa rtment Of
Agriculture in it's weekly grain mar
ket review. Wheat prices held ST eady
throughout the week and closed the
| month in a firmer position than at tho
close of the previous month. There
has been a continued heavy world
movement of wheat during the month
and what appeared to be large sur
plus has been rapidly consumed
Slightly moro than half of the esti-
mated cxportabIe surplus of wheat in
Argentina and Australia has already
been exported The large Canadian
stocks have been greatly reduced and
me STOCKS IN commercial channels in
the United States are only about 10
100000 bushels larger than at The
corresponding time last wear
European Winter Wheat.
Crop conditions of winter wheat in
the European countries arc probably
slightly above the average. There
were unfavorabic reports from the
states early in the week caused 10y
dry weather, but showers later ma
terially relieved the situation and no
serious damage has been reported 10
date The remaining acreage of soft
winter wheat is reported 10 be dong
we'll because of The wet, cool weather
prevailing in that area
imports OF wheat except in bond for
milling purposes have practically
been discontinued Exports have also
been very light and have been almost
entirely of wheat from the Pacific
coast.
The cash demand for spring wheat
was slightly more urgent during the
week and premiums were advanced
about ] cent per buShel for the best
milling grades There was a better
milling demand also for the hard
winter wheats. az mills were re-
plenishing their stocks, fearing the
outcome Of pending legislation. New
crop wheat was being offered for cx-
port for July-AugISt delivery al
about cents over the Chicago Sep
tember price f. q. b. vessel at the
gulf. but bids were about . cents
below this basis, and very few sales
have been made.
Trend of Corn Prices
The trend of corn prices has been
slightly upward during the month
and the price level is now praCtical llv
the same as at the corrcSponaing
time last year. The light movement
of corn, together with continued un-
favorable weather in the corn belt
have been the principal strengthen
q
too wet and cold for the proper
termination of the crop and consid-
erabie replanting has been necessary
While commercial stocks are now
time last year. they have been de-
creasing steadily during the past few
weeks.
Prices have been maintained more
because of light receipts, however.
than by an active demand Ruvers
nave been taking only sufficient corn
Tor their lmm ediate needs and any
material increase in receipts would
probably weaken the market No
great increase in the movement is
expected until after the rush of farm
work, but if unfavorabIe weather
conditions continue a large move
inent may not materialze. Prices are
but little changed from those pre-
Vaii1ng at the close of the previous
week.
Little Change in Oats.
The oats market changed but little
| throughout the month and at. the
close prices were practically the
weekly movement continued of good
volume. but stocks in commercial
! channels continued TO decrease and
at the close of the week We're only
about half the amount at the cor
oats from Texas were being offered
for late June and July shipment af
prices materially lower than old crop
grain and tended to check the south
ern demand from the central wester,,
mark cts.
The rye market continued uuiet
There was some export demand early
IN the week. but at the close prac-
tlcally the only demand was from
mills and prices for No. 9 rye werr
| around 63a63 L at the close of the
week at Minneapolis
The barley market continued the
upward trend which prevailed during
| the previous week and at the close
prices were 4a5 higher