The producers news., 1927-06-03
Grain Market Continues Very Firm
Weather Conditions Dominant Fac
tor.


tor.
Weather conditions were the dom
inant factor in the grain market dur
ing the week ending May 28th with
continued cold and wet weather in
the corn belt and the spring wheat
areas and drought in the Southwest,
prices of most grains were forced to
new high levels on the crop, accord
ing to the weekly Grain Market Re-
view of the United States Depart
ment of Agriculture. The volume of
trading in cash grain was not large
and the demand, particularly for corn
became less active at the higher quo
tatiOns.
Winter wheat suffered further de-
terioration in Oklahoma where the
outlook is now generally poor. The
crop is poor also in western Kansas
where high drying winds have caused
serious damage. Harvest is progress
ing under favorable weather condi-
tiOns in Texas but yields are reported
only fair because of rust damage and
droughty conditions. Conditions were
also unfavorable for seeding spring
wheat in the northeastern portion of
the belt, including southeastern North
Dakota, and also in Montana and
some of this area may not now be
| seeded to wheat. While growth is
| slow because of cool weather the
early seeded grain continues good
| color and stand.
A survey of the Canadian prairie
provinces by the Manitoba Free Press
indicates a decrease of about 25 per
cent in wheat acreage in Manitoba.
2O per cent in Saskatchewan, and 10
per cent in Alberta. This would indi-
cate a total acreage of about 17,86O.-
900 acres compared with 21,897. 900
acres harvested last year. About 90
per cent of the wheat seeding has
been completed, according to this re-
port.
European crop conditions continue
generally favorable. The condition of
the French crop is very good but the
acreage is about 2 per cent less than
was harvested last year. A fair Weld
is expected in Italy. Slight local de-
terloration is reported in some parts
OF the Danubian countries but the
condition in this area continues about
average. Russian conditions are also
about average.
WHEAT: Future prices advanced
about lie per bushel during the week
ending May 27 and cash prices gen
orally followed the advance in tbe
future market. There was a good
demand from mills for the better
grades of hard winter wheat with less
attention paid to protein. The adj
vanclng prices have brought out Iarg-
er offerings but these were readily
absorbed and storage stocks were re-
duced. The first new winter wheat
was marketed in Texas. 1t tested 62
pounds and sold at local shipnino
point at S1.25 per bushel. No. 2 hard
winter II per cent protein was quot
ed at Kansas City at 1O1ac to lie
over the Kansas City July, which
closed May 27 at $1.46 7-8; 125h per
cent protein was selling at 111ac ov-
er; and IL per cent 121ac over the
July. Northwestern millers have re-
Gently been active buyers in the
southwest. The export demand for
hard winter wheat was not active but
bids were said to range around 71Sc
over the Chicago July, which would
be equivalent to about S1.611s per
oushel for No. 1 hard winter on
tracks at Gulf ports. No. 2 red win
ter afloat was quoted in Liverpool at
Sl.60 per bushel compared with 81 6G
! p for Argentine Barusso and 81, ,73H
for No. Manitoba.
Soft winter wheat was in fairly ac-
tive demand from southern mills
which were replenishing depIeteC
stocks. No. 2 red winter being QUOT
ed at St. Louis at $1.5O-$1.51; Chi
cago S1.52-154; Cincinnati S1.51-S151
p.
Dry, high protein spring wheat
was in good demand and Offering;
showing 1872 per cent protein q
higher, weighing So pounds or better
moved readily at firm prices. 13 pel
cent protein was quoted at Minneapo
rs at Ic to 13c over the July, which
advanced 3-4c and closed Nav 27 a
Sl.5l a. The Winnipeg cash marke
was also very firm and followed tn,
dull advance in future prices. No.
Manitoba which compares in genera
with the best quality United State
No. | Dark Northern was selling a
SL6fl4. The cash durum market wa
also firm with No. 1 Amber quote,
at the close of the week at aroun,
SL6S-S1.70 per bushel. Very ittl
trading in old crop wheat was report
ed on the Pacific coast. Millers wer
buying old crop Big Bend bluestem a
around S1.62 per bushel. Whit
wheats for export were selling a
Portland at S1.501a-SL51. New Gro
wheat was being contracted for a
San Francisco at S2.45 per 100 pound
tor June delivery and S2.40 for Jul,
/ No. l hard winter wheat was quote