The people's voice. [volume] (Helena, Mont.) 1939-1969, 1942-05-15
GRAIN MARKETS
SUSTAINED BY
CROP LOAN Rates

which firmed grains at the close O.
the previous week continued to be the
principal sustaining influence during
the week ended May s, according tt
the department Of agriculture. Other
factors, such as favorable crop pros
poets, huge carryover supplies, the
acute storage situation, and a thir
commercial demand, all were weaken
ing influences. Wheat futures prices
dropped about 1 nc per bushel from
the weeks high point but strength in
cash premiums along with a small net
gain in the basic futures brought cash
wheat prices at Minneapolis about 21z
cents per bushel over levels of a
week ago. Top quotations on mailing
barley went at new seasonal peaks
while flax prices showed material
gains, influenced by large purchases
of linseed oil for the account of gov
ernmental agencies.
WHEAT: The winter wheat crop
continued to make satisfactory prog
ress rather generally but fair weather
would be helpful in western portions.
In the Atlantic states, dry weather
has restricted growth but top soil dry
ness is much of the Ohio Valley was
relieved by beneficial showers during
the week. In Kansas the crop is
about 10 days earlier than usual and
is one to two feet high in western
parts Of that state. Rapid growth
was also reported in Oklahoma and
northwestern Texas. Seeding of
spring wheat has been largely COM
pleted except in northwestern sec
tions Plants are up and doing we'll
in eastern and southern portions of
the belt and seeding Is nearly COM
pleted in southern North Dakota.
EARLY fields show good stands al
though low temperatures have re-
tarded growth. Recent rains have
brought about a nearly ideal moisture
situation throughout the spring wheat
belt.
April / wheat stocks of sol, $4,000
bushels indicate a disappearance, jan
larry March, of 185,815,000 bushels, or
nearly 100000 bushels more than
Turing the corresponding months last
year. For the nine months, July
through March, however, wheat dis
appearance was nearly 100000
bushels less than for the correspond
ng months last season and totaled ap-
529,000,OO0 bushels. The
harp reduction in utilization during
he July-September quarter has not
,een fully offset by increased con-
sumption during the past six months.
Holdings Of wheat by the Commodity
Credit Corporation as of May to-
aled 121, 100000 bushels. Holdings
f corn on that date were slightly
yer 66,5O0,00O bushels.
Unofficial returns of the wheat ref
rendum held May Q indicate that
quotas for the 1912 crop
las been approved by a favorable |
'ote Of $3.50. The voting in the
GAL referendum gave favorable
'ote of $40. Under the 1912 vote,
Wheat seeded within AAA acreage al |
otments may be marketed without re-
friction. Wheat produced on acre
ge in excess of the allotment will \
o subject to per bushel penalty |
f SIC, which is half Of the basic
ban rate which nationally will aver
ge $1.14 to farmers. All other regu-
atoms will be similar to those of
GAL.
Argentina's grain storage problem
as become acute with surplus stocks
pproximating 27,600,OO0 tons, accord
lg to information received by the
ffice of Foreign Agricultural Rela-
ons. Existing storage facilities are