The producers news., 1927-03-04
Corn Prices Lowest on Crop-Other
Feed Grains Dull-Wheat Market
Fairly Steady.

Continued heavy receipts of corn
during the week ending February 26,
without corresponding increase in
demand forced corn prices to the low
est point on the crop, according to
the weekly Grain Market Review of
the United States Department of Ag-
riculture. The weakness in corn was
reflected in a dull market for other
feed grains and was also a weaken
ing influence in the wheat market.
Wheat and rye prices, however, made
only slight declines.
WHEAT: There were no features
of Importance in the general wheat
market situation during the week. A
general strike of dock workers was
threatened in Argentina and the
strike has already commenced at Ro-
sariO. Argentine shipments, how,
ever, tOtaled about 6,350,O0O bushels.
practically all of which was to
England, the continent, or on orders.
Total exports from Argentina since
the first OF January are slightly ov-
er 36,OOO,000 bushels compared with
about 16,730,0O0 bushels for the
same period last year. The heavy
movement from the Southern hemi
sphere is reflected in the large am
cunt on ocean passage, which is now
around 100000 bushels. This
Southern hemisphere wheat is now
beginning to arrive in European mar.
kets but is being we'll absorbed, Liv-
erpOOl prices for spot grain remain
ing firm. Notwithstanding the heavy
movement of Argentine wheat there
continues to be a fair export demand
for United States wheat and about
12,5OO,0OO bushels were exported aS
flour. United States wheat continues
to sell at a considerable premium ov-
er Argentine wheat, hard winters be.
! ing quoted in Liverpool at the close
of the week at $1.62 per bushel com
pared with S1.52 for Argentine wheat
and $1.67 for best grades of Cana
dian spring wheat. Ocean freight
ers were slightly lower and exporter!
were bidding around $1.4612 for No
2 hard winter wheat delivered at gul.
ports.
Milling demand for wheat continu
ed dull, particularly for soft winte
wheat, which sold at the lowest price
since the mid-harvest movement
Mills in the st. Louis territory wer,
getting soft wheat in local territor,
and Southern mills were not accumu
lating stocks. No. 2 red winter wa
selling at the close of the week a
st. Louis at $1.32 to $1.33, at Cincin
natl at $1.34 to $1,35, at Toledo a
| $1.35-$1.36, at Chicago at $136
S1.38. Premiums for hard winte
wheat were practically unchange
with No. 2 hard winter wheat II pc
cent protein quoted at Kansas City a
about &c over the May price, whic
closed February 25th, at S1.32 Ii
1912 per cent protein sold at 21a
premium over the May and 13 pc
cent protein at &c over.
The cash market for spring whea
was also practically unchanged a
though sound, dry types were sellin
at slightly higher premiums early
the week. Dry, heavyweight Nor
tana wheat was in good demand bot
at Minneapolis and Duluth II pe
cent protein No. l Dark Norther
sold at the May price to &c over ;
Minneapolis; 1912 per cent, 1c to
: over; and 13 per cent, &c to SC owe
Minneapolis May wheat closed Febrl
ary 25 at S1.38 SIS. Mills were a
tive buyers of choice durum whe;
| while elevators took the medium al
ordinary grades. Duluth May duru
! closed February 25th, at S1.411
with best types of Nos. 1 and Ar
Der selling as high as 25c over Il
May price. No. durum sold at Il
over the May and No. 1 red duru
at 10c under the May price.
| A fair parcel business was done
the Pacific Northwest both with ia
an and Europe but prices were lo'
cred slightly at Portland and Sc
| and Western white wheat sold at t
close of the week at $1.31 18$1.32 p
] bushel Some wheat was report
- moving to California mills but
. milling demand generally was n
very active. Winter wheat is repol
ed in good condition for this time
the year.
RYE: Rye prices declined abe
1Hc but the market situation W
relatively firmer than for otE
] grains. While not a great amOU
was sold for export there were
7 number of foreign bids ranging OF