The producers news., 1927-07-08
Grain Market Holding Firm: New
Crop Wheat in Demand: Weather
More Favorable for Corn Crop.

Trade report of rust development
in the spring wheat States, particu-
larly South Dakota, together with an
active demand for the moderate of
ferings of new winter wheat held the
wheat market firm during the week
ending July 2, according to the week
ly Grain Market Review of the Unit
ed States Department of Agriculture.
Lighter receipts Of corn, together
with the general lateness of the new
crop which was making only moder-
ate progress, advanced corn prices.
The market for oats, rye and barley
were slightly weaker.
Private trade estimates as of July
l placed the winter wheat crop from
100000 to 35,000,000 bushels higher
than official estimate of June l. I'm
official estimate of the spring wheat
crop were also increased over their
June l figures and forecasts a crop
50,000,000 to 75,000,0000 bushels larg-
er than was harvested last year. The
influence of these larger estimates in
the markets, however, was offset by
the possibility of rust damage in the
spring wheat States and also by the
relatively light movement of the new
winter wheat.
Foreign markets also held firm, re-
flecting the small supplies in Eur
Ope and the rather unsatisfactory
seeding conditions in the southern
hemisphere. Current official and
trade reports indicate that the Euro
pean crops of wheat, barley and oats
this season may be somewhat above
average with rye barely average.
Russian yields are expected to be be-
low last season. Arrivals of wheat
in European ports were below those
of the preceding week and were in
excess of shipments resulting in a
reduction in amounts on ocean pass
age.
WHEAT: Receipts new wheat Fort
Worth totaled 1896 cars, the largest
on record and were practically all
new crop grain of excellent quality
and high protein content. Receipts
of new wheat at other Central West
ern markets, however, were not large
and was readily taken. Hedging of
the new grain was only moderate vol
ume and was not depressing factor
in the market. New No. l dark hard
was quoted delivered Texas common
points S1.52-$1.54 per bushel. Export
bids range $1.50 per bushel for No
hard winter for prompt shipment
delivered Texas gulf ports. High pro-
teln wheat was more plentiful al
Kansas City but premiums were adj
vanced as a result of the active de-
mand. No. 2 hard winter with Is
/ per cent protein or more sold at 16c-
tic over the Kansas City July which
closed July 1 at $1.35. 13 per cent
protein sold at 12-131ac over the
July. Soft winter wheat prices rang
ed from unchanged to about &c lower
at the principal markets. New soft
red winter wheat is expected on the
st. Louis market during the coming
week and dealers were bidding the
st. Louis September price for No. {
red for shipment by July Is. Ship
pers were not inclined to sell, howev
er, and no purchases were reported.
The market for spring wheat wa.
dull. Mill demand was limited anC
offerings of new winter wheat were
competing with the spring wheat
4 particularly the medium and low pro
tein lots. While premiums were quot
ed unchanged, more cars were selling
at the low ranges. 12 per cent pro
TEN No. 1 Dark Northern was quot
ed at the close of the week at Min
neapOljs at 12c-13c over the Jul,
price, which closed July 1 at SLAB 3-6
Is per cent protein was quoted at s.
to 16c over the July. The Canadian
markets for cash wheat were ais,
somewhat easier, No. 1 Canadian nor
thern being quoted at Winnipeg a
S1.6O12. This is comparable in
general way to the best types of Nc
Dark Northern which were quote,
at Minneapolis at $1.54 3-8-S1.6O .3-S
Offerings of durum wheat were ligh
and of only fair demand. No.
Amber was quoted at Duluth a
around $1.58 per bushel.
The threshing of new wheat wa
getting we'll under way in California
Coed milling wheat was quoted a
Los Angeles at $2.25-S2.3O per 10
pounds and No. 1 hard white wa
selling at San Francisco at $3.50 pe
100 pounds. Offerings of wheat wer
quite large at the latter market, an
with a large crop in prospect thi
year the tone of the market was be
coming weaker. Receipts at Sa
Francisco total S55 tons.
RYE: The excellent prospects fo
the new rye crop which according t
private trade estimates indicate
crop of about $4,000, 0,000-51, 900, 90
bushels weakened the market an
prices declined ABOUT SC per bushe
Receipts were very light and wer
readily taken at around $1.06-$1.O
per bushel for No. 2 rye at Mime
apolis and S1.12-$1.121a at Chicago.
CORN: The corn market advance
3c-4c per bushel with smaller receipt
decreasing and prospects of some rt
duction in the commercial stock
Present prospects, according to pr
vate trade estimates indicate a Gro
300, 900, ,000-400, 900 bushels small
er than last year. Weather condition
: were fairly favorable during the wee
but the crop only made fair progress
. emphasizing the necessity of .ver
favorable growing weather durin
the remainder of the season. The be-
ter grades were selling around 81 pc
bushel at the principal markets., N
: 3 yellow being quoted at Chicago {
99c-$1, Kansas City 97c-$1; st. Loui
No. 2 yellow $1.O3-$1.O37A; and ON;
: ha 94c.
: OATS: The prospects for large
natS c,.o,, 4Lic- r-on,. tonatha-. rrritl,