Part 8

_Hominy feed._—Hominy feed prices showed little change from last week. Eastern mills shaded prices to effect sales. The demand was scattered and mostly from single car buyers. Production was good, particularly by mills having orders for grits for the Russian Relief. Offerings by western mills increased because of the limited sales during the past month and the accumulation of stocks. Supplies in dealers’ hands continued fair. The movement was light.

_Alfalfa meal._—The supply of alfalfa meal was about equal to the demand, which was normal for this time of the year, inquiries having been received from all over the country. Prices for meal are governed largely by trend of hay prices, and as the yield of second cutting in many instances was less than was expected, with poor prospects for the third cutting, the alfalfa meal situation was quite firm. The supplies of hay available for milling have been reduced considerably through extensive purchases by sheep feeders. Millers, therefore, do not expect to make heavy offerings in the near future. In fact, many mills were unable to accept business for immediate, quick, or prompt shipment. The movement was fair.

WEEKLY GRAIN MARKET REVIEW.

(Concluded from page 114.)

and to Canadian ports 1,431,000 bus. Total shipments for the season to Canadian ports stand at 11,757,000 bus.

Increased offerings of oats caused prices to decline 1¢ to 2¢ per bu. during the week. The demand was light because buyers were expecting new crop prices to be lower. The general movement was not large, however, as total primary receipts were only 4,775,000 bus., or not quite one-half of the amount reported received during the corresponding week last year.

The visible supply of grain at the close of the week was given as follows: Oats, 36,667,000 bus.; corn, 19,509,000 bus.; and wheat, 19,667,000 bus. Wheat and flour on ocean passage totaled 48,936,000 bus., compared with 57,960,000 bus. one year ago.

_Cotton_ PRICES SAG DURING WEEK; SPOT SALES SHOW INCREASE Reports of More Favorable Weather in the Main Cotton States Was Factor in Market.

The week ending July 29 witnessed sagging prices in cotton, due primarily to reports of more favorable weather for the growing crop. Both the railroad and coal strikes had their effect, and the unsettled condition in foreign exchange was also a factor.

The average price of Middling as determined from the quotations of the 10 designated spot markets closed at 21.69¢ per lb. on July 29, compared with 22.10¢ at the close of the previous week and 10.81¢ for the corresponding day last year. The decline in October future contracts on the New York Cotton Exchange amounted to 38 points, and on the New Orleans Cotton Exchange to 39 points. October future contracts on the Liverpool Cotton Association closed at 12.24d. per lb. on July 28, compared with 12.59d. at the close of the previous week and 8.39d. for the corresponding day last year.

The volume of spot sales as reported by the cotton exchanges in the 10 designated markets was somewhat larger than the previous week, amounting to 29,057 bales, compared with 26,939 bales the previous week and 29,715 bales for the corresponding period in 1921. The total sales reported by the exchanges in the 10 designated spot markets from Aug. 1 to July 29 amounted to 3,361,605 bales, compared with 3,303,552 bales for the corresponding period last season.

Dullness was reported to have developed in the dry goods trade, but with little change in the price levels as compared with those of the previous week.

Closing Future Prices for July 29 and for the Corresponding Days in 1921 and 1920.

─────────┬─────────────────────────────┬───────────────────────────── Month. │ New York. │ New Orleans. ─────────┼─────────┬─────────┬─────────┼─────────┬─────────┬───────── │ 1922 │ 1921 │ 1920 │ 1922 │ 1921 │ 1920 ─────────┼─────────┼─────────┼─────────┼─────────┼─────────┼───────── │_Cents._ │_Cents._ │_Cents._ │_Cents._ │_Cents._ │_Cents._ October │ 21.42│ 12.14│ 31.27│ 20.96│ 11.66│ 30.31 December │ 21.35│ 12.65│ 30.00│ 20.85│ 12.00│ 29.35 January │ 21.21│ 12.60│ 29.18│ 20.81│ 12.08│ 28.90 March │ 21.18│ 12.95│ 28.90│ 20.71│ 12.40│ 28.50 May │ 21.05│ 13.08│ 28.50│ 20.60│ 12.47│ 27.90 ─────────┴─────────┴─────────┴─────────┴─────────┴─────────┴─────────

Spot Quotations for Middling Upland Cotton at New York on July 29, for Each of the Past 32 Years.

─────────── Cents. 1891 8.00 1892 7.50 1893 8.12 1894 7.00 1895 7.00 1896 7.31 1897 7.94 1898 6.06 1899 6.12 1900 10.06 1901 8.12 1902 9.06 1903 13.25 1904 10.70 1905 11.05 1906 10.90 1907 12.90 1908 10.70 1909 12.75 1910 16.05 1911 13.50 1912 13.25 1913 11.95 1914 12.75 1915 9.35 1916 13.30 1917 25.20 1918 28.55 1919 35.15 1920 40.00 1921 11.95 1922 21.75 ───────────

Cotton Movement from August 1 to July 28.

[Information from commercial sources.]

──────────────────────────────────────────┬───────────┬─────────── │ 1921‒22 │ 1920‒21 ──────────────────────────────────────────┼───────────┼─────────── │ _Bales._ │ _Bales._ Port receipts │ 6,084,471│ 6,713,411 Port stocks │ 499,345│ 1,347,936 Interior receipts │ 7,224,067│ 7,546,577 Interior stocks │ 388,830│ 1,129,231 Into sight │ │ 11,565,262 Northern spinners’ takings │ │ 2,088,516 Southern spinners’ takings │ 4,126,522│ 2,874,678 World’s visible supply of American cotton │ 2,021,888│ 4,108,428 ──────────────────────────────────────────┴───────────┴───────────

SPOT COTTON QUOTATIONS.

Price of Middling spot cotton for July 29 and the commercial differences in price between Middling and other grades of American Upland cotton at each of the 10 markets named, together with the total number of bales sold during the week ending July 29, as reported to the U. S. Department of Agriculture by the cotton exchanges in these markets.

────────────────┬──────────┬────────┬─────────┬───────────┬──────── │ │ │ │ │ │ Norfolk. │Augusta.│Savannah.│Montgomery.│Memphis. ────────────────┼──────────┼────────┼─────────┼───────────┼──────── White Standards:│_On._[33] │ _On._ │ _On._ │ _On._ │ _On._ Middling Fair │ 200│ 125│ 125│ 163│ 225 Strict Good │ │ │ │ │ Middling │ 150│ 100│ 100│ 125│ 150 Good Middling │ 100│ 75│ 75│ 88│ 100 Strict │ │ │ │ │ Middling │ 50│ 38│ 50│ 50│ 50 Middling │ 21.63│ 21.63│ 21.50│ 21.38│ 22.50 │_Off._[33]│ _Off._ │ _Off._ │ _Off._ │ _Off._ Strict Low │ │ │ │ │ Middling │ 50│ 37│ 50│ 50│ 50 Low Middling │ 100│ 100│ 100│ 125│ 125 Strict Good │ │ │ │ │ Ordinary[34]│ 175│ 175│ 150│ 200│ 225 Good │ │ │ │ │ Ordinary[34]│ 250│ 275│ 200│ 275│ 325 Yellow Tinged: │ │ │ │ │ Good Middling │ Even.│ Even.│ Even.│ Even.│ Even. Strict │ │ │ │ │ Middling │ 50│ 37│ 50│ 75│ 50 Middling[34] │ 100│ 100│ 150│ 175│ 150 Strict Low │ │ │ │ │ Middling[34]│ 175│ 175│ 225│ 250│ 225 Low │ │ │ │ │ Middling[34]│ 275│ 275│ 300│ 325│ 325 Yellow Stained: │ │ │ │ │ Good Middling │ 100│ 100│ 100│ 125│ 125 Strict │ │ │ │ │ Middling[34]│ 200│ 175│ 200│ 200│ 225 Middling[34] │ 275│ 300│ 300│ 275│ 275 Blue Stained: │ │ │ │ │ Good │ │ │ │ │ Middling[34]│ 150│ 100│ 150│ 150│ 100 Strict │ │ │ │ │ Middling[34]│ 225│ 200│ 225│ 225│ 150 Middling[34] │ 300│ 300│ 300│ 300│ 200 Sales for week, │ │ │ │ │ bales │ 531│ 233│ 169│ 472│ 1,200 ────────────────┴──────────┴────────┴─────────┴───────────┴────────

────────────────┬──────┬───────┬────────┬──────────┬────────┬────────── │Little│ │ │ │ New │ │Rock. │Dallas.│Houston.│Galveston.│Orleans.│ Average. ────────────────┼──────┼───────┼────────┼──────────┼────────┼────────── White Standards:│_On._ │ _On._ │ _On._ │ _On._ │ _On._ │ _On._ Middling Fair │ 200│ 200│ 150│ 250│ 175│ 181 Strict Good │ │ │ │ │ │ Middling │ 150│ 150│ 125│ 175│ 150│ 138 Good Middling │ 100│ 100│ 100│ 100│ 100│ 94 Strict │ │ │ │ │ │ Middling │ 75│ 75│ 50│ 50│ 50│ 54 Middling │ 21.50│ 21.45│ 21.90│ 21.95│ 21.50│ 21.69 │_Off._│_Off._ │ _Off._ │ _Off._ │ _Off._ │ _Off._ Strict Low │ │ │ │ │ │ Middling │ 50│ 75│ 75│ 75│ 50│ 56 Low Middling │ 125│ 150│ 150│ 150│ 125│ 125 Strict Good │ │ │ │ │ │ Ordinary[34]│ 225│ 250│ 250│ 250│ 225│ 213 Good │ │ │ │ │ │ Ordinary[34]│ 325│ 350│ 350│ 350│ 325│ 303 Yellow Tinged: │ │ │ │ │ │ Good Middling │[35]25│ Even.│ Even.│ Even.│ Even.│ [35]3 Strict │ │ │ │ │ │ Middling │ 50│ 75│ 50│ 50│ 50│ 54 Middling[34] │ 150│ 175│ 175│ 175│ 200│ 155 Strict Low │ │ │ │ │ │ Middling[34]│ 225│ 250│ 250│ 250│ 250│ 228 Low │ │ │ │ │ │ Middling[34]│ 300│ 325│ 325│ 325│ 325│ 310 Yellow Stained: │ │ │ │ │ │ Good Middling │ 125│ 150│ 150│ 150│ 125│ 125 Strict │ │ │ │ │ │ Middling[34]│ 200│ 250│ 250│ 225│ 250│ 218 Middling[34] │ 275│ 350│ 350│ 325│ 300│ 303 Blue Stained: │ │ │ │ │ │ Good │ │ │ │ │ │ Middling[34]│ 125│ 175│ 150│ 150│ 125│ 138 Strict │ │ │ │ │ │ Middling[34]│ 225│ 250│ 225│ 225│ 175│ 213 Middling[34] │ 325│ 325│ 300│ 300│ 300│ 295 Sales for week, │ │ │ │ │ │ bales │ 56│ 7,113│ 7,283│ 6,739│ 5,261│[36]29,057 ────────────────┴──────┴───────┴────────┴──────────┴────────┴──────────

Exports of American Cotton from August 1 to July 28.

[Information from commercial sources.]

To— │ 1921‒22 │ 1920‒21 ────────────────┼──────────┼────────── │ _Bales._ │ _Bales._ Great Britain │ 1,755,531│ 1,753,072 France │ 763,220│ 575,436 Germany │ 1,421,822│ 1,326,405 Italy │ 488,710│ 508,678 Japan │ 810,199│ 629,599 China │ 90,666│ 74,741 Spain │ 311,763│ 253,899 Belgium │ 172,485│ 195,473 Other countries │ 219,597│ 266,148 ────────────────┼──────────┼────────── Total │ 6,033,993│ 5,583,451 ────────────────┴──────────┴──────────

Exports for the week ending July 28 amounted to 48,449 bales, compared with 96,434 bales the previous week and 157,465 bales for the corresponding week in 1921.

Stocks of Government Classed Cotton at Future

Markets.

Inspected cotton, Government classed, in warehouses at the ports of New York and New Orleans on July 28, 1922, and on the corresponding day in 1921, of the grades tenderable on future contracts made on the exchanges in these markets subject to section 5 of the United States cotton futures act, as amended:

──────────────────────────────┬───────────────────┬─────────────────── Grade. │ New York. │ New Orleans. ──────────────────────────────┼─────────┬─────────┼─────────┬───────── │ 1922 │ 1921 │ 1922 │ 1921 ──────────────────────────────┼─────────┼─────────┼─────────┼───────── │_Bales._ │_Bales._ │_Bales._ │_Bales._ Middling Fair │ 10│ │ │ 3 Strict Good Middling │ 812│ 239│ 89│ 290 Good Middling │ 9,155│ 4,531│ 295│ 3,532 Strict Middling │ 31,539│ 20,766│ 1,373│ 21,618 Middling │ 46,874│ 51,498│ 4,418│ 34,835 Strict Low Middling │ 25,588│ 43,045│ 3,052│ 19,408 Low Middling │ 4,475│ 10,590│ 368│ 7,264 Good Middling Yellow Tinged │ 3,941│ 4,518│ 665│ 3,130 Strict Middling Yellow Tinged │ 2,134│ 3,630│ 596│ 3,087 Good Middling Yellow Stained │ 21│ 35│ 3│ 4 ──────────────────────────────┼─────────┼─────────┼─────────┼───────── Total │ 124,549│ 138,852│ 10,859│ 93,171 ──────────────────────────────┴─────────┴─────────┴─────────┴─────────

Total stocks of cotton, all kinds, on July 28 at the port of New York were 150,889 bales, and for the corresponding day in 1921, 156,141 bales; at the port of New Orleans 98,090 bales, and for the corresponding day in 1921, 421,349 bales.

Premium Staple Cotton.

A poor demand for premium staple cotton was reported at New Orleans and a limited demand with light offerings at Memphis. Some of the sales reported in these two markets during the week were as follows:

New Orleans: Cents. Middling to Strict Middling, 1 to 1–1/16 ins. 23⅜ Low Middling, 1–1/16 ins. 20½ Middling to Strict Middling, 1–1/16 to 1⅛ ins. 24¾ Memphis: Strict Middling, full, 1–3/16 to 1¼ ins. 32

The average premiums quoted in the New Orleans and Memphis markets for the staple lengths specified are stated below for Middling cotton based on Middling short-staple cotton at 21½¢ per lb. at New Orleans and 22½¢ at Memphis on July 29, 1922, and 11¢ per lb. at New Orleans and 10¾¢ at Memphis on July 30, 1921.

────────────┬─────────────────────┬───────────────────── Length. │ New Orleans. │ Memphis. ────────────┼──────────┬──────────┼──────────┬────────── │ 1922 │ 1921 │ 1922 │ 1921 ────────────┼──────────┼──────────┼──────────┼────────── │_Points._ │_Points._ │_Points._ │_Points._ 1–1/16 ins. │ 150│ 75│ 100│ 125 1⅛ ins. │ 375│ 500│ 400│ 625 1–3/16 ins. │ 550│ 800│ 700│ 925 1¼ ins. │ 800│ 1,100│ 1,000│ 1,125 ────────────┴──────────┴──────────┴──────────┴──────────

Quotations reported on July 28 for Pima American-Egyptian cotton f. o. b. New England mill points were as follows: No. 1 grade, 38½¢ per lb.; No. 2, 36½¢; No. 3, 34½¢. A year ago Pima cotton on the same terms was quoted at 33¢ per lb. for No. 2 and No. 3 grades.

British Wool Imports for First Half of 1922

Total 677,634,000 Pounds.

The total imports of sheep and lambs’ wool by the United Kingdom during the first six months of 1922 amounted to 677,634,000 lbs., compared with 369,325,100 lbs. during the same period of 1921.

Most of the wool came from Australia, New Zealand, British South Africa, and Argentina. The imports from Australia and New Zealand combined amounted to 445,466,900 lbs., compared with only 251,225,300 lbs. during the first six months of 1921, while the imports from British South Africa increased from 56,904,600 lbs. in the first half of 1921 to 110,333,300 lbs. in the first half of 1922. The imports from Argentina increased from 16,548,300 lbs. in the first half of 1921 to 23,545,000 lbs. in the corresponding half of 1922.

_Weather_ RAINS BENEFITED VEGETATION IN MANY INTERIOR DISTRICTS Conditions Mostly Favorable for Cotton—Wheat Too Far Advanced for Much Rust Damage.

Beneficial rains were received during the week ending Aug. 1 in many Central Valley districts, but the rainfall was of rather local character and many areas were still in need of moisture. The rainfall was especially beneficial for growing crops in Iowa, much of South Dakota, portions of Kansas, and parts of the Ohio Valley States. Vegetation was improved also in the northwestern Plains area and in many sections of the central Rocky Mountain States.

Showers brought some relief in the far Southwest, particularly in portions of Arizona and northern New Mexico, but other localities in that area were still in need of rain. Very little rain occurred from the lower Great Plains southward and the high temperatures in that area were accompanied in some localities by destructive hot winds. Late truck needed rain also in some other Southern States. Farm work made good progress generally, except for some delay, principally in north Central States, caused by heavy rainfall. Roads were mostly in good condition.

THRASHING SOMEWHAT RETARDED.

_Small grains._—There was considerable rainfall during the week in many localities of the North Central States, and thrashing of small grains was retarded in this section. There was some injury to grain in shock also in portions of the upper Mississippi Valley, particularly in Iowa. East of the Mississippi River this work made generally good progress under favorable weather conditions, while harvesting of late grain and thrashing progressed rapidly in the far Northwestern States. Plowing for fall seeding showed progress in the lower Missouri Valley, the north central Great Plains States, and in some Ohio Valley districts, with the soil mostly in good condition.

Reports of black rust in spring wheat continued from the central and eastern portions of North Dakota, but the crop was too far advanced to suffer serious damage. There was some local damage by hail in Minnesota, and the condition of spring wheat is variable in that State, though on the whole it is generally fair. The crop was largely harvested in South Dakota and some thrashing was done with fair yields with the grain of good to excellent quality.

Oat and barley harvests continued in the Northeastern States, and thrashing progressed in the Ohio Valley region. The yields in the latter area were mostly disappointing. Considerable oats in shock were damaged in Iowa by molding, rotting, and sprouting due to wet weather. Oats were benefited in many of the later western districts by the showers of the week. Flax was reported in mostly good condition in South Dakota. Rice did well in California and the condition and progress of this crop was reported as good in Texas. Harvest of the early rice crop was in progress in Louisiana.

_Corn._—The rainfall in the central and upper Mississippi Valley, much of the Great Plains area, and in localities of the Ohio Valley was very beneficial to corn. The late crop, however, in the lower Great Plains, in Texas, and some other southern localities needed rain badly. The condition and development of the crop were reported as excellent in all sections of Missouri and fair to very good in Iowa. Moderately heavy rains occurred in the last-named State, especially in the western portion, where moisture had been badly needed. The progress of the crop was very good in Illinois, fair to very good in Indiana generally, although it needed rain in the eastern portion of the latter State. Corn was in good condition in Ohio but needed rain in many places.

The crop was favorably affected by the weather in the Middle Atlantic States and was doing well in northeastern districts. The nights continued too cool for best development of this crop in the western upper Lake region, where growth was backward. Fields were uneven but generally fair and showed some improvement in Minnesota. Corn had mostly tasseled out to the extreme north central portion of the country. Broom corn was damaged by drought in the southern Great Plains, especially in western Oklahoma.

MOSTLY FAVORABLE FOR COTTON.