Grain WHEAT CONTINUED DOWNWARD TREND; CORN FAIRLY STEADY Receipts of Wheat Increased—Heavy Export Sales Continued—Oats Prices Dropped Off.

The steady decline which has prevailed in the wheat market for some time continued during the week ending July 29 when September wheat at Chicago closed at $1.08, 1⅜¢ lower than at the close of the previous week. The heaviest decline occurred on Monday, when September wheat closed at $1.07⅜. The market rallied somewhat toward the close of the week but did not regain the loss sustained during the early part of the week.

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

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