The Bismarck tribune., 1924-11-10
Firm Tone Developed During
Week Is Ascribed to Buy
ing, Crop Reports
MUCH WHEAT Is SOLD
Stock on Farms Lower Than
Usual This Time of Year,
Says U. S. Report

Agriculture, and wheat and rye price,
advanced to near the high point of
the crop reached about the middle
of October. The barley market re-
mained steady while flax gained
about 10 cents per bushel. Corn and
oats also were firm.
Renewed export buying of good
volume, together with falling off
in the country movement was the
principal strengthening factor in the
! wheat and rye markets. Foreign
crop and market conditions were also
less favorable. Continued dry wea-
ther in Argentina is causing some de-
tcrioration in crop prospects in that
country, and Argentine exporters
were reported to be buying back for
ward contracts in London.
! While no definite figures are
available, it appears that more wheat
than usual has been sold from the
farms, and that farm stocks are
materially less than at this time
last year, Notwithstanding the in
creased production. Altogether the
position of the wheat market has
become firm, the only weakening fac
tor of Importance being the large
visible supply, totaling around 9O,-
100000 bushels.
Exports to date total nearly l00,-
100000 bushels, compared with
about half that amount for the same
period last year. Flour production
has consumed about 100000 bush
els more wheat than during the first
four months of last year, but most
of this has been accounted for in
the increased exports.
Cash Wheat Us
Cash wheat prices followed the
futures and advanced about 10 cents
per bushel during the week. No.
l hard spring and No. 1 dark north
ern were quoted at the Dec price to
20 cents over, but the bulk of the
sales were around 9 to II cents over
the December price at Minneapolis
Receipts fell off slightly at both
Minneapolis and Duluth, but were
still Of large volume. Durum prices
were also higher showing u gain OF
about 5 81 cents at Duluth for the
week ending Friday.
There was a more active demand
for hard winter wheat both from
mills and exporters. Export bids ad-
vanced to around 10 cents over the
Chicago December price f. o. b. yes
sci at the Gulf for No. hard winter
wheat for immediate shipment.
Heavier sales on these bids were re-
ported, which somewhat relieved the (,
congestion at Kansas City and other
hard winter wheat markets. Inter |
iOr mills were more active buyers !
because of the possibility of a short |
age Of wheat for their local require
ments later in the crop year caused |
by the heavy movement of wheat
from the farms at this time Soft
winter wheat also shared in the ad-
vance of spring and hard winter, but
milling demand was Of smaller vol
ume because of less active demand
for soft winter wheat flour.
Rye Higher
Higher prices for rye in the
European markets were reflected in
a more active demand and higher
prices for American rye. Export
sales were again large and elevator
interests were also buying grain to
fill contracts for shipment. The pO-
sition of the rye market continues
very firm because Of the smaller
world supply.
There was an increased movement
IF new crop during the week, but
receipts were relatively small. Re-
.eipts of old corn also were not large
With the demand more active than
'or sometime. Cash prices advanced
to cents in most Of the markets.
No. 2 yellow selling over a range
If from about SLOT at Minneapolis
md Kansas City to Sill at Chicago
md st. Louis. New corn is selling ,
It rather wide discounts under the
I'D, depending on condition and mois-
ure content. Iowa is reported to =
,e buying corn out of Kansas City, !.
which is unusual but reflects the
,oor condition of the crop in that
tate.
Demand for Oats
There was some Improvement in
he demand for oats, and prices ad-
anced to 8 cents. Stocks, however, .
ontinue large. although the coun-
ry movement has become somewhat |
mailer. Eastern buyers were more
ctive. and, there was some export in
uiry. Oats exports, however, have
OF been large, totaling only about {
800 900 bushels. o
The barley market was dull during
he i:y part of the week. Receipts
'e:c heavy and the lack Of elevator !
pace created weakness in the cash A
IL ket situation. Later in the week,
G vcver, barley prices advanced with
:her grains and showed a good
arriving profit. This created a bet
az demand and offerings were we'll
bso,bed. December barley at Mimi
apolis closed on Friday at "a 7-S F
ents, with cash barley quoted at &c z
, 80 cents. T
Argentine Crop Outlook
Further unfavorable news from the
rgentine crop and demand for lin
eed oil were the strengthening fac
us in the flax market. Rain and
now in Canada also caught some of
le flax unthreshed, and it is now {
sported that some Of this will prob
bly, not be threshed until spring. 1
lax future prices at Minneapolis ad-
anced 10 cents for the week and E
osed on Friday at $2.55, fpr the r
ecember. Cash prices, however,
i'd not follow the full advance Of the l