The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1929-07-19

/ Inc gram IldIhSC continued I'm
settled during the week ending july
Is. Lower estimates for the
United States winter wheat crop.
together with reports of ser;ons
drouth damage to spring wheat
both in the United States and Can
ada were strengthening factors in
the wheat market, according to the
weekly Grain Market Review of
the United States Bureau of Agri-
cultural Economics and last week's
advance was mostly maintained.
Rye was steady with wheat but
better weather for corn and fairly
liberal offerings weakened 4he
market slightly for that grain.
Oats, barley and flax held firm. in
fluenced largely by unfavorable
progress of the new crop.
A total domestic wheat crop of
about 834,000,000 bushels or about
68,COO,C00 bushels smaller than
last year was in prospect at the
first of July. This reduction NAV
nearly offset the increase in carry
over of old grain and supplies Tor
the coming season may be little
larger than last year. Hot winds
IN the hard winter wheat area, to-
gether with drouth conditions N
the spring wheat states, are prin-
cipally responsible for the reduction
IN this seasons crop. About Co.
10000 acres remain for harvest
this season compared with 55,941,-
600 acres harvested last year.
Wheat acreage in Canada was in
creased about 10000 acres and
24,3O5,O00 acres, of which 23,4O8,-
600 acres were spring wheat. The
condition of the crop was placed at
SO per cent of the average yield,
which would suggest an outturn
around 175,000,000 bushels below
last seasons record crop. The crop
deterlorated materially during June
as result of insufficient moisture
and trade reports indicate consider
able further deterioration since the
first of July.
Crop conditions in Europe show
little change from a week ago and
altho preliminary estimates are
still subject to change with the
progress of the season, it appears
from such data as are available al
present that decreases of around
60 million bushels recently reported
In the Danubian countries may be
offset by larger harvests in other
sections and that the final outturn
may not differ greatly from that
OF. last season. Trade reports of the
German crop suggest that the
wheat yield may equal that of 1923
but the rye yield may be moder-
ately lower. Weather in the south
ern hemisphere remains dry and
unfavorable for seeding with pros
! poets that the acreage will be ma
terially reduced in Argentina.
World supplies of wheat at the
first. of July were materially larger
than a year ago. Stocks of old
wheat IN the four principal export,
ing countries, including the United
States, Canada, Argentina and Au4
stralla, appear to be around ITO
million bushels greater than at
this time last season with most
of the increase accounted for in
the U. S. where the estimates a.
valuable Indicate that the carry
over OF old wheat will be about so
million bushels larger than on the
first of July a year ago, assuming
that there will be no material
change in the merchant mill stocks.
Stocks Of Canadian wheat in North
America are around 20 million
bushels greater than on the same
Date last season and supplies in
the southern hemisphere appear to
be around II million bushels more
than year ago, with a reduction
OF around two million bushels in
Australia which is more than off
set by the increase of around 10
million bushels in Argentina. While
an unusually large carryover is in
prospect, present indications are
that this seasons increase COM
pared with a year ago will be
much more than offset by the re,
duction in this seasons harvest
World shipments of wheat con-
tlnue large, shipments to date from
principal exporting areas total in
the neigh6orhood of 876 million
bushels and with weekly shipments
averaging more than 10 million
bushels it apepars likely that more
IMAM 700 million bushels of wheat
VIII have been shipped out from
THESE countries by the close of the
crop year, August 1. This COM |
pares with the preceding record /
Shipment of 814 million bushels inl
I9Io-27. The relatively low world
price of wheat, together with the
shortage of feed grains in Europe
mas stimulated the movement ofE
last seasons record supplies.
CASH WHEAT MARKETS
Harvesting of winter wheat con-
tlnues 20 advance northward and /
marketings of new wheat are in |
creasing. Weather and insect dam
age IN Kansas, Nebraska. Olxlahn.
ma and Colorado have reduced tho /
hard winter crop to around 3Se
OUV,VOO bushels. Earlier arrivals !
nave been of good quality but of
rather low average protein content
Rams in the central west dnr;na
the week retarded harvesting hnf
the movement to southweste,.o ,
markets was heavy. Market stocLs
have been increased to around OK
million bushels but no serious CON
gestlon lis yet reported. Cash wbea+
at Kansas City, advanced &c In To
with premiums for protein shayni,,
increased. 1296 protein No. 2 harg
winter wheat was quoted in that
market July II at lie to Be- ov ,,e
the July price of $1.1S; 121S% 5c
TO &c over; and 1870, &c to 10
over. &c