Part 6

The principal bearish factors were the heavy primary receipts, estimated at 15,902,000 bus., which caused large hedging sales; lower foreign markets; and the weakness in foreign exchange. Opposed to these influences were the bullish reports of heavy export sales and the reports that more wheat would be needed by foreign buyers than had been generally anticipated.

STRIKE SETTLEMENT A FACTOR.

The possibility of an early settlement of the railroad and coal strikes and a freer movement of grain were also considered by the trade as factors that would tend to lower wheat prices.

Although corn and oats prices held fairly firm, the tone of the market for these two grains appeared weaker as favorable weather improved the crop prospects. The September corn future at Chicago closed at 62½¢ on July 29, compared with 63¼¢ on July 22.

Receipts of wheat at Chicago were more than 1,000 cars larger than the previous week, totaling 3,177 cars, of which 2,583 were winter wheat. The movement appears to be about normal, however, as 3,973 cars were received during the corresponding week last year. The quality of the wheat received was good, about 71% grading Nos. 1 and 2, and 21% grading No. 3, leaving only about 8% grading below No. 3.

Milling demand was slow during the first part of the week but improved later. Export demand was active and sales totaling 2,600,000 bus. were reported made from Chicago to exporters during the week. Premiums of from 24¢ to 47¢ over the September future prices were still being paid for cash wheat at Minneapolis. This is a reduction, however, of 1¢ from the top and 3¢ from the bottom of the range quoted at the close of the previous week. Receipts, especially of good quality, continued light.

The danger of rust damage had about passed in the spring wheat territory as harvesting was well under way. The first car of new spring wheat arrived during the week. Local mills and buyers were not inclined to put out bids for wheat to arrive. Straight-to-arrive bids for 20‒day delivery were being made at the close of the week at 15¢ over the September price, and for 10‒day delivery at 25¢ over the September. Northwestern mills are reported to be operating at about 60% of their capacity.

In the Soft Winter wheat section the embargoes placed by the railroads against shipments to the South and Southeast restricted shipments to mills in that territory. This caused a lighter milling demand at St. Louis and Cincinnati. At the former market, however, good buying by elevator interests to cover sales for July and August shipments, and by exporters for direct shipment to the Gulf, kept the market firm. Receipts were 1,161 cars, most of which were Soft Winter.

About 82% of the 177 cars of Soft Winter wheat received at Cincinnati graded No. 3 or better, principally because of test weight, and was of good milling quality. Prices were firm notwithstanding the curtailment of outbound shipments.

EXPORTERS ACTIVE AT KANSAS CITY.

Receipts at Kansas City totaled 3,443 cars. The movement from the country was large and is expected to continue in good volume for some time. Milling demand was only fair. Eastern mills took only small lots and Northwestern mills also bought on a small scale because of the promising outlook for Spring wheat. There was an excellent export demand, however, and very active bidding was indulged in by exporters to the Gulf who were eager to obtain wheat to fill sales for shipment. Bids for wheat for August delivery were made as high as 17¢ per bu. over the Chicago September future price but later were reduced to 15¢ premium. Bids for September loading at the Gulf were made at 13¢ over the Chicago September price.

The activity in the export market was especially noticeable at the Atlantic seaboard markets, as the failure of shippers to make delivery on July contracts compelled many exporters to buy in the open market to fill the ocean tonnage already engaged. A number of boats were loaded at two or more ports in order to get sufficient wheat for the cargoes. There was a good demand for Hard Winter for various continental markets, for Red Winter for France, and for Hard Winter and Durum wheat for Italy.

CORN PRICES FAIRLY STEADY.

Although future prices were slightly lower and crop prospects were good, cash corn prices held fairly steady to firm. Receipts were about normal. Shipping orders and export sales absorbed the offerings readily at the principal markets. Primary receipts were estimated at 5,474,000 bus. compared with 4,464,000 bus. last year. Primary shipments were 8,510,000 bus. compared with 5,251,000 bus. a year ago, thus indicating a relatively better demand at present than at the corresponding time last year.

Lake shipments to American ports from Chicago during the week were 2,072,000 bus.

(Concluded on page 116, column 3.)

═══════════════════════════════════════════════════════════════════════ GRAIN EXPORTS.

Wheat Inspected Out under American Grades Only. Flour Not Included.

[Thousands of bushels; i. e., 000 omitted.]

───────────────────────────────┬───────┬───────┬───────┬───────┬─────── │Wheat. │ Corn. │ Oats. │Barley.│ Rye. ───────────────────────────────┼───────┼───────┼───────┼───────┼─────── Week ending July 29, 1922: │ │ │ │ │ Atlantic ports[28] │ 1,430│ 1,788│ 758│ 296│ 319 Gulf ports[29] │ 1,068│ 19│ 12│ │ Pacific ports[30] │ 130│ │ │ 823│ ───────────────────────────────┼───────┼───────┼───────┼───────┼─────── Total │ 2,628│ 1,807│ 770│ 1,119│ 319 Previous week │ 2,727│ 2,065│ 940│ 319│ 690 Corresponding week last year │ 8,515│ 566│ 93│ 66│ 471 Total July 1 to 29, 1922 │ 11,125│ 6,066│ 2,544│ 2,269│ 2,154 Corresponding period last year │ 19,993│ 3,236│ 233│ 1,445│ 862 ───────────────────────────────┴───────┴───────┴───────┴───────┴───────

GRAIN PRICES.

Daily Average of Cash Sales at Certain Markets, Week ending Friday, July 28, 1922.

[Cents per bushel.]

WHEAT.

─────────────────────────┬──────┬──────┬──────┬──────┬──────┬────── │ Sat. │ Mon. │ Tue. │ Wed │ Thr. │ Fri. ─────────────────────────┼──────┼──────┼──────┼──────┼──────┼────── CHICAGO. │ │ │ │ │ │ Hard Winter No. 1 │ 114¼│ 111¾│ 112¾│ 114¼│ 113│ 114¼ No. 2 │ 114¼│ 111½│ 112│ 113¼│ 112│ 113½ No. 3 │ │ 109½│ 110½│ 112│ 111¾│ 112¾ Yel. Hrd. Win. No. 1 │ │ 109½│ 112¼│ │ 111¾│ 112¾ No. 2 │ 113¼│ 111│ 111│ 112¼│ 111│ 112¼ No. 3 │ │ 110½│ │ 111│ 110│ 111¾ Red Winter No. 2 │ 113½│ 110½│ 110│ 110¼│ 110¼│ 111¼ No. 3 │ 112¼│ 108¾│ 108¾│ 108│ 107¾│ 108½ MINNEAPOLIS. │ │ │ │ │ │ Dark. Nor. Spg. No. 1 │ 161│ 158│ 157│ 160│ 155│ 157 No. 2 │ 158│ 153│ 152│ 153│ 150│ 156 No. 3 │ 156│ 152│ 151│ 151│ 149│ 152 Nor. Spring No. 2 │ 152│ 153│ │ 154│ │ No. 3 │ 149│ 131│ 143│ 140│ 128│ KANSAS CITY. │ │ │ │ │ │ Drk. Hrd. Win. No. 1 │ 115│ 116½│ 110│ 117¼│ 115│ 114¾ No. 2 │ 126│ 121⅜│ 119⅜│ 117│ 115⅜│ 122 No. 3 │ 129⅝│ 121⅞│ 120⅜│ 119⅝│ 122⅝│ 122¼ Hard Winter No. 1 │ 108¾│ 107⅝│ 109⅜│ 107│ 107│ 109 No. 2 │ 108⅜│ 106½│ 106⅛│ 106│ 106 ⅜│ 107¾ No. 3 │ 107½│ 104½│ 105¼│ 107⅜│ 106⅝│ 108¾ Yel. Hrd. Win. No. 2 │ 104│ 102│ 102¼│ │ 101│ 104 No. 3 │ 103⅝│ 101│ 101⅛│ 101½│ 105⅝│ 103⅜ Red Winter No. 2 │ 104⅝│ 103¼│ 103⅞│ 104¾│ 105⅛│ 106⅜ No. 3 │ 101⅜│ 99⅛│ 100⅜│ 101⅝│ 101⅝│ 103⅜ OMAHA. │ │ │ │ │ │ Drk. Hrd. Win. No. 1 │ │ 117│ │ │ 118│ 118½ No. 2 │ 119│ 114│ 118│ 120│ 118│ 117 No. 3 │ 118¾│ 112¾│ 115⅛│ 115½│ │ Hard Winter No. 1 │ 104½│ 101⅛│ 102⅞│ 102½│ 102½│ 104 No. 2 │ 103½│ 100⅜│ 101⅞│ 102⅜│ 104¾│ 106 No. 3 │ 104¼│ 99⅜│ 102¼│ 101⅜│ 101½│ 103 Yel. Hrd. Win. No. 1 │ │ │ │ 103│ 102½│ 104 No. 2 │ 103│ 99½│ 101⅞│ 102│ 101½│ ST. LOUIS. │ │ │ │ │ │ Red Winter No. 2 │ 111½│ 109¾│ 111½│ 110¾│ 110½│ 111¾ No. 3 │ 106½│ 106│ 107½│ 107½│ 107½│ 109¼ ─────────────────────────┴──────┴──────┴──────┴──────┴──────┴────── CORN. ─────────────────────────┬──────┬──────┬──────┬──────┬──────┬────── CHICAGO. │ │ │ │ │ │ White No. 1 │ │ 64¼│ 64½│ 64¾│ │ 65¾ No. 2 │ 65│ 64│ 64¼│ 64¾│ 64¼│ 65 No. 3 │ 64¼│ 63¾│ │ 64¼│ 63¼│ 65 Yellow No. 1 │ 65¼│ 64½│ 64½│ │ 64¼│ 65¾ No. 2 │ 65¼│ 64¼│ 64⅓│ 64¾│ 64│ 64¼ No. 3 │ 63¾│ 63¾│ 64│ 64│ 63½│ 65¼ Mixed No. 1 │ │ 64½│ 64¼│ 64½│ │ No. 2 │ 65│ 64¼│ 64¼│ 64½│ 64│ 65¼ No. 3 │ 65│ 63¾│ 63¾│ 64│ 63¾│ MINNEAPOLIS. │ │ │ │ │ │ Yellow No. 1 │ 59¾│ 59│ 58¾│ 58¾│ 58¾│ 59¾ No. 2 │ 59│ 59¼│ 58½│ │ 58½│ 60¼ KANSAS CITY. │ │ │ │ │ │ White No. 2 │ 57│ 56│ 56│ 56½│ 56½│ Yellow No. 2 │ 61│ 60│ 60│ 59½│ 61│ 62½ Mixed No. 2 │ 57½│ 55¾│ 57⅛│ 57⅛│ │ 58½ OMAHA. │ │ │ │ │ │ White No. 2 │ 56⅜│ 55½│ │ 56│ 55│ 55⅞ Yellow No. 1 │ 58½│ 57⅓│ │ │ 57½│ 58½ No. 2 │ 58½│ 57¾│ 57⅞│ 58│ 57¾│ 58¼ No. 3 │ │ │ 58│ 57¾│ │ 58¼ Mixed No. 2 │ 56¾│ 55⅜│ 56│ 56⅜│ 55│ 56⅛ ST. LOUIS. │ │ │ │ │ │ White No. 1 │ 63¾│ 63│ │ 63½│ │ No. 2 │ 63½│ 62¾│ 63│ 63│ 62¼│ 64 Yellow No. 1 │ │ 65│ 65¾│ │ 65½│ 66½ No. 2 │ 66│ 65│ 65½│ 65½│ 65│ 66½ No. 3 │ 65½│ │ 65│ │ 64│ ─────────────────────────┴──────┴──────┴──────┴──────┴──────┴────── OATS. ─────────────────────────┬──────┬──────┬──────┬──────┬──────┬────── CHICAGO. │ │ │ │ │ │ White No. 1 │ 37¼│ 36½│ 37│ │ 37½│ 39¼ No. 2 │ 36¼│ 35¼│ 34½│ 35¾│ 35¾│ 37¼ No. 3 │ 34¼│ 33│ 33¼│ 34½│ 34│ 34¾ MINNEAPOLIS. │ │ │ │ │ │ White No. 2 │ 31¾│ 30│ 31│ 31¼│ │ 32½ No. 3 │ 31│ 30│ 30│ 30¾│ 30½│ 31 OMAHA. │ │ │ │ │ │ White No. 2 │ │ 32│ 32│ 32│ 32½│ 33 No. 3 │ 33½│ 31½│ 31¾│ 32│ 31⅞│ 32⅜ ST. LOUIS. │ │ │ │ │ │ White No. 2 │ 37¾│ 36¾│ 36½│ 35¾│ 36│ 36 No. 3 │ 36¾│ 36│ 35¾│ 35¼│ 35¼│ 35¾ ─────────────────────────┴──────┴──────┴──────┴──────┴──────┴────── RYE. ─────────────────────────┬──────┬──────┬──────┬──────┬──────┬────── CHICAGO. │ │ │ │ │ │ Rye No. 2 │ 85½│ 83½│ 81¼│ 81│ 80│ 80½ MINNEAPOLIS. │ │ │ │ │ │ Western No. 2 │ 77│ 75│ 73¾│ 73│ 72½│ 74 ─────────────────────────┴──────┴──────┴──────┴──────┴──────┴────── Daily Closing Prices of Futures. ─────────────────────────┬──────┬──────┬──────┬──────┬──────┬────── CHICAGO. │ │ │ │ │ │ Wheat July │ 111¾│ 108│ 110│ 109¾│ 110⅜│ 111½ Sept │ 109¼│ 107¼│ 107⅜│ 107⅛│ 108⅛│ 108¼ Corn July │ 62⅛│ 61⅞│ 61¾│ 61⅜│ 62½│ 64½ Sept │ 63⅜│ 62⅞│ 62⅜│ 61¾│ 62⅜│ 63½ Oats July │ 32¼│ 31½│ 31⅜│ 32│ 32⅛│ 32⅜ Sept │ 34│ 33⅝│ 33⅝│ 33⅞│ 34¼│ 34⅜ KANSAS CITY. │ │ │ │ │ │ Wheat July │ 102¼│ 100│ 100⅝│ 100¼│ 101½│ 102 Sept │ 100¾│ 99⅜│ 99½│ 99¼│ 100¼│ 100½ Corn July │ 53⅞│ 52½│ 52│ 52¼│ 52¼│ 55 Sept │ 55⅞│ 54⅞│ 54½│ 53¾│ 54⅜│ 56⅜ Oats July │ 34│ 34│ 31│ 31│ 31½│ 31½ Sept │ 33¾│ 32⅞│ 32⅞│ 33⅜│ 33⅜│ 33⅞ ─────────────────────────┴──────┴──────┴──────┴──────┴──────┴──────

_Hay ^{and} Feed_ HAY MARKETS GENERALLY DULL AND LOWER DURING PAST WEEK Local Conditions Were Ruling Factors—Quality of New Hay Shipments Only Fair So Far.

Local conditions were again the principal factors in the hay market situation for the week ending July 29. Eastern markets were experiencing the mid-season dullness, while central western markets were having some difficulty in disposing of the increasing receipts of new hay, much of which was not of desirable quality for shipment. The railroad strike was reported as curtailing shipments in some sections, but generally the effects of the strike were not noticeable in the markets. The average price of hay was lowered slightly during the week, but the larger declines were in the eastern markets, where prices were being worked to a new hay basis.

Receipts were lighter in the East but heavier in the West, as is shown in the following table, which gives receipts in carloads at several important markets for the weeks ending July 22 and July 29, 1922 and July 30, 1921:

─────────────────────┬───────────────────┬───────── City. │ 1922 │ 1921 ─────────────────────┼─────────┬─────────┼───────── │July 29. │July 22. │July 30. ─────────────────────┼─────────┼─────────┼───────── Boston │ 39│ 30│ New York │ 173│ 280│ 192 Philadelphia │ 69│ 41│ Pittsburgh │ 44│ 29│ Cincinnati │ 188│ 113│ 146 Chicago │ 258│ 191│ 228 Minneapolis-St. Paul │ 208│ 141│ 54 St. Louis │ 121│ 88│ Kansas City │ 360│ 330│ Los Angeles │ 48│ 84│ 224 San Francisco │ 138│ │ 253 ─────────────────────┴─────────┴─────────┴─────────

TIMOTHY LOWER IN EAST.

_Timothy._—Notwithstanding the light receipts, prices declined $1.50‒$2.50 per ton on No. 1 timothy hay at New York and Boston during the week. Very little good hay was offered and the poorer grades were not wanted. Buyers appeared to prefer to await larger receipts of new hay. The few cars of new hay arriving were mostly No. 3 or lower and some were heating. Light receipts caused firm prices most of the week at Philadelphia and good old hay was in demand at Pittsburgh. New hay, most of which graded No. 2, sold at $5 discount under old No. 1 prices at the latter market.

Good quality old hay and new cool, sweet hay sold readily at Chicago, but the poorer grades, of which there was an oversupply, sold at heavy discounts. Southside yards were congested with off-grade hay. Nearly all the new hay was reported to be overripe and of poor color. Many cars were heating, also.

The timothy market developed an easier tone at both Cincinnati and St. Louis. The local demand was limited and prices were said to be too high to stimulate a shipping demand to the South and Southeast. There was, however, very little inquiry from the southern markets, as Johnson grass and other local hays were on the market in good supply.

ALFALFA MOVEMENT LIGHT.

_Alfalfa._—The movement of alfalfa from Kansas and other Southwestern States was comparatively light, as the second crop of alfalfa was much smaller than the first because of the hot, dry weather which recently prevailed in that territory. The shortage of water in some sections will also probably cause a lighter yield of the third crop so that producers are not inclined to sell their stocks at prices unsatisfactory to them. Kansas City reported a more active demand from the cotton belt as well as from the local dairy trade.

Advances in prices for all grades were reported from Los Angeles where receipts were light. Choice rabbit hay sold as high as $25 per ton. Receipts at San Francisco were heavier and prices were much lower than at the southern market.

_Prairie._—Prairie hay constituted the bulk of the receipts at Minneapolis and Kansas City. Dealers and consumers who had accumulated large stocks of hay in expectation of a curtailed supply because of the rail strike were not interested and the market ruled dull. The stockyards offered the principal outlet at Minneapolis. Country supplies of prairie were reported heavy and little improvement in the market was expected.

_Straw._—Receipts of straw were light but equal to the demand in most markets. Some old rye straw was wanted in eastern markets. There was an oversupply of wheat straw at Chicago. Current quotations were as follows: No. 1 wheat—Boston (old) $19, Baltimore $12, Pittsburgh $13.50, Chicago $9, Cincinnati $10.50, Richmond $12; No. 1 oat—Boston (old) $20, Baltimore $12.50, Pittsburgh $13.50, Chicago $11.50, Cincinnati $10.50; No. 1 rye (straight)—Boston (new) $30, New York (new) $22, Baltimore $30; No. 1 rye (tangled)—Pittsburgh $13.50, Chicago $13, Cincinnati $11.

MILL FEED MARKETS DISPLAYED WEAK TENDENCY DURING WEEK Heavy Production of Wheat Feeds Cause of Rather Large Accumulations—Alfalfa Meal Firm.

The mill feed market was in a weak position during the week ending July 29. Increased production and offerings of the more important feedstuffs with no material improvement in the demand from principal feeding sections resulted in an easier feeling and lower quotations, especially for bran and cottonseed meal.

During the early part of the week the market held steady, but as soon as production figures became more generally known buyers turned resellers and endeavored to realize profits on their long contracts. During the last few days of the week trading was practically at a standstill, with sellers anxious to dispose of nearby shipment stuff. Stocks in hands of interior dealers were thought to be fairly good for this season of the year and advices indicate that they are being disposed of only slowly. The movement was fair.

_Wheat mill feeds._—Bran was easily the weakest of the wheat mill feeds and on heavy offerings declined to $14 in the Minneapolis market. Standard middlings and the heavy wheat feeds held slightly better, flour middlings and reddog of ordinary quality commanding $24.50 and $29.50, respectively, in that market. Production in southwestern and northwestern mills increased substantially and an easier market prevailed. Most of the markets quoted bran $1‒$2 lower than last week. The movement

(Concluded on page 116, column 2.)

CARLOAD PRICES OF HAY AND FEED AT IMPORTANT MARKETS, JULY 29, 1922.

[In dollars per ton.]