The people's voice., 1943-07-23
HEDGING Makes
GRAIN MARKETS
take SLIDE


July 16 than during recent weeks
Prices lost ground as hedging pres
sure against new crop movement in
creased. Winter wheat moved to
market in volume while the harvest
ing season for rye, oats, and barley
was near at hand. Spring wheat crop
news continued highly favorable and
and the bulk of the crop is travelling
toward maturity under excellent con,
ditions. All these factors, along with
a slow mill demand because of light
flour trade, kept the tone of the
wheat market on the easy side De-
clines however were held to narrow
limits since prices at spring wheat
markets have dropped slightly below
loan levels and further substantial de-
clines are not considered probable.
Feed grains were little unsettled
by rye weakness and nearness of new
crop movement but continud tight
corn marketing situation tended to
stabilize values for oats and barley.
WHEAT: Harvesting of winter
w hS1o "eeo hSoi ms SolilPlCblOu III lI6
southwest and had advanced as far
north as central Ohio and northern
Indiana. Combining was nearly COM
pleted in Kansas except in the ex-
treme northwest. Yields were re-
ported good in the Ohio Valley and
better than anticipated in the western
plains. Spring wheat has made ex-
cellent progress and is heading and
filling nicely. Some grain was turn
ing at the middle of the week in
eastern South Dakota.
There were no new developments
in the stem rust situation. Winter
wheat is so far advanced as to pre-
clude the possibility of further de-
velopment of stem rust except in late
fields. In the spring wheat area there
is liberal sprinkling of rust which
northward and westward
where grains in general are CORE
spondingly later. A high portion of
the acreage is planted to the resistant
varieties and there are no indications
that these varieties will be attacked
by new or unusual rusts although the
amount of rust in fields of the Rival
variety in Minnesota is greater than
would be expected.
In the Canadian prairie provinces,
hot weather caused rapid growth of
crops but also caused some deteriOra-
ton where the moisture supply was
deficient. Except in Manitoba and in
some sections of Alberta crop pros
)ects were lowered as a result of the
leat and drouth. Deterioration was
greatest in southeastern Alberta and
western Saskatchewan. Manitoba re-
,eived good general rains which en-
lanced crop prospects. Coarse grain
.rops are variable in condition, par
icularly in Saskatchewan and Alber-
a, while flax appears to be thin and
yeedy at a number of points and is
eing attacked by rust, chiefly in Sas-
.atchewan
Reports from Europe indicate most
Y satisfactory prospects with the har-
esting progressing. Heavy yields
re in prospect in the United King
ON. About an average harvest is
eported in Rumania and Hungry but
n above average outturn is indicated
I Bulgaria. The drouth has been
roken in Bulgaria but extensive dam
ge occurred.
In the southern Hemisphere soil
onditions are reported very satisfac-
,ry for wheat and flaxseeding in Ar
entina and substantial acreage in
'eases are believed likely. In Aus
ALA seeding is backward in some
sctions and we'll advanced in others.
omestic consumption of wheat has
cen unusually heavy both in Aus
ALA and Argentina this season. Be-
luse of the increased use of corn and
e short crop, there appears to be
} surplus of this grain
CASH WHEAT: Movement of cash
heat to northwestern terminals was
rye as Minneapolis received 1880
RS of all classes and Duluth un-
AIDED 956. A large share of these
ceipts consisted of CCC grain which
is not offered for sale but was re-
went into local store. Mill demand
r cash wheat was narrow and pre-
ums were barely maintained with a
ght easing noted in the higher pro-
IN lots. Ordinary proteins No. l
TX northern wheat was quoted at
1sc over the Minneapolis Septem-
r wheat price, which declined 1Mc
the week and closed Friday, July
at $1.37. Thirteen per cent pro-
n brought no additional premium
lie 14% protein was called &c over
, ordinary; 1870 protein, &c over;
1 1870 protein, &c over the ordinary
s. BIDS for diversion point wheat
lc not very active and ran only
,ut u c-1c over those for local un.
ding and then only for the higher
tein lots. Inspections indicated II
S of winter wheat and 2S6 cars of
um in the weeks receipts. The
rage protein content of the hard
spring wheat tested during the
TX was 13.43% and the durum
40.
)urum futures prices were off &c
the week and in addition premi-
5 on cash durum were about 1c
er at the top of the range and 1c
&c weaker on the intermediate and
grade lots. Duluth September
um closed Friday, July 16, at $1.39
en- cents over the Duluth Septem-
price was about the top on the
l.. IL
grade lots not suitable for mill