The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1924-11-24
POSITION OF
WHEAT FIRM IN
WORLD MARKET
Condition Good DESPITE
Weakness Developing in
Last Weeks Market
MARKET OVER BOUGHT

Washington. Nov. 2t.--Thc grain
market developed slightly weaker
tone toward the close Of the week
ending Nov. 22nd. according to the
weekly grain market review of the
United States Department of Agri-
culture. A somewhat ovcrhought
condition developed in the European
markets for bread grains, which re-
suited in lower prices at Liverpool,
and was reflected in less active
demand for these grains in the U.
S. markets.
After reaching new high levels
for the crop year about the middle
of the week, corn prices declined
sharply to around last weeks close,
as receipts of corn of better quality
increased materially. The demand
for feed grains continued fairly act
i've, and while the oats market fol-
lowed the fluctuations in the corn
market, barley held generally stea-
dy throughout the week.
The position of wheat in the world
market continues firm with latest
estimates in both Argentina and Ca
NADIA showing further reduction in
the crop. The Argentine crop is
placed at 190,OOO,OOO bushels accord
ing to the latest official estimate
which reduces the total exportable
surplus of the principal exporting
countries to around 675,000,000 bush
els, which is about 1O0,OOO.OOO bush
els short of the amount exported by
these countries last year. This re-
duction, together with a reduction
OF about 2OO,OO0,0OO bushels in the
crop in importing countries, has
been reflected in the large exports
from the United States, which now
total approximately ll5,O0O,OO0 bu
not including flour, which up to
Nov. lst, had totaled 5,O73,OO bar
rels, equivalent to 22.sOO,OOO bu. of
wheat, and more than half the wheat
than it is estimated will be available
for export from this country. Stocks
in terminal markets continue heavy
totaling around l00,000.O0O bu., and
these have again become depress-
ing influence on the market, al
though their influence is somewhat
discounted by the smaller farm
stocks.
Cash Demand Sluggish
The cash demand was rather slug.
gish. although premiums held prac-
tically thc same relation to futures
as at the close of the market las.
week. No. l dark northern spring
continued to sell at the December
price to 22c over at Minneapolis;
l3 percent protein. hard winter sold
at to lOc over the December price
at Kansas City, and No. rcd winter
was quoted at $1.64 to $l.67 at St
Louis.
Export bids for hard winter wheat
were around l1%c over the Chicago
December price f. 0. b. vessel fol
December loading at the Gulf. Dur.
UNI wheat prices advanced on {
more active milling demand and also
larger export sales. Duluth export
ers reported several round lots o.
durum sold to foreign countries
principally Italy, during the week
No. amber durum advanced to 3
range of to PIC over the Duluth
November price.
The rye market declined with
wheat. and at the close of the mar.
ket ON Friday was about &c below
the high point reached last week
Export demand was less active ant
stocks in the markets have showr
some accumulation during the pas
few weeks, totaling around 10000,
600 bu. All available rye in thu
United States, however, will be need
cd for European consumption. ant
while prices will fluctuate will
wheat the general market situatio,
is practically unchanged.
Corn Prices High
Corn prices reached the highes
point Of the season when Decembe,
corn at Chicago reached $l.20 PEI
bu. on the 10th. The advance, how
ever, brought out large offering
and prices declined sharply, closin,
on Friday at $1.121s compared will
$l.12ss at the corresponding tim
last week. The excellent weathel
prevailing in the central west wa
favorable for the harvesting Of tn
crop and reports indicate that
large percentage of the crop ha
been gathered. Receipts Of new corr
increased materially in most market
and were also Of better quality, will
the exception Of markets tributar.
to the soft corn area of Ohio an
Indiana.