Grain Wheat Unsettled, But Feed Grains Firmer The wheat market fluctuated sharply during the week ending January 9, but there was very little change in the general market situation. Uncertainty as to the outcome of the Argentine crop continued to be a disturbing factor. European buyers failed to come into the market as expected, and foreign demand was dull. Colder weather stimulated the demand for feed grains, and prices held firm. Increased receipts were reflected in larger stocks. Argentine news for the week continued generally favorable, although trade reports were current that a considerable percentage of the wheat in northern Argentina was of poor milling quality. Flood damage occurred in southern Europe, with some loss to winter-sown crops reported from France. Canadian stocks in commercial channels total around 131,000,000 bushels, with about 180,000,000 bushels remaining in all positions for export, according to trade estimates. The uncertainty as to the Argentine surplus and the higher prices prevailing in the American markets apparently were causing European buyers to await more definite information about the Argentine surplus. Receipts of wheat in the United States markets increased sharply during the week under review, although stocks in commercial channels showed a further decrease of about a million bushels. Shipments during the holidays were very light, which makes the increase this week appear larger than if compared with receipts earlier in December. Offerings of spring wheat were heavier, but demand became less active and premiums were slightly reduced. Twelve per cent protein No. 1 dark northern was quoted at the close of the week at Minneapolis at 76-11e over the May price; 121⁄2 per cent 9-13 over, and 13 per cent 126-15¢ over, with an additional 2-4 premium for each 14 per cent protein. Durum premiums were higher, as a result of a better demand and smaller offerings, No. 1 amber being quoted at Minneapolis at the Duluth May price to 19¢ over. Duluth May durum advanced 1¢ for the week, closing on Friday at $1.513⁄44. The demand for winter wheat was more active and premiums were higher. Eastern and Central States mills as well as local elevators bought hard winter wheat in the central western markets. Receipts increased during the weck, with farmers showing somewhat greater inclination to sell at present prices, although some are still reported to be holding for $2. Flour demand continued inactive. No. 2 hard winter wheat 12 per cent protein was quoted at Kansas City at the close of the week at 86-9¢ over the May price, 122 per cent 96-102¢ over, and 13 per cent 1026-11e over. The demand for soft winter wheat was better than for some time. Offerings were very light at practically all the markets. Texas mills were active buyers at Kansas City, and milling demand was also active at St. Louis, where one car of No. 2 red winter 7 per cent dockage sold at $2 per bushel. Ordinary cars of No. 2 red winter were selling at $1.95-$1.98 at the principal markets. The demand on the Pacific coast was only moderate, as export demand continued limited, consisting of only occasional sales of parcel shipments. Country offerings continued light and, according to trade estimates, about 40 per cent of the crop still remained in farmers' hands. CORN MARKET FIRM The corn market held steady throughout the week, with demand improved by the colder weather. Receipts were much larger, totaling at the principal markets nearly 11,000,000 bushels. Shipments from the markets were also larger; but stocks in commercial channels were increased about 4,000,000 bushels, totaling at the close of the week nearly 22,000,000 bushels. Market stocks are now slightly larger than at the corresponding time last year. The better grades of corn were in good demand at all the markets, but corn showing damage or high moisture sold lower. Considerable high-moisture corn was still being received in the markets of the Corn Belt, although the quality has improved materially over earlier shipments. There continues to be some export demand, exports for the week totaling around 864,000 bushels. Exports since November 1 have totaled slightly over 5,000,000 bushels, compared with 1,500,000 bushels for the same period last year. An important feature in the domestic market during the week was the offer of a large implement concern to accept corn in payment on purchases of farm machinery on the basis of $1 per bushel for No. 2 corn at Chicago.. Pacific coast buyers were bidding actively for corn at Omaha toward the close of the week. No. 3 yellow corn was quoted in the principal markets at from 76¢-78¢ per bushel. The oats market was firm, with other grains, and the demand continued good, with continued active buying by southwestern concerns. Commercial stocks continued large, but showed a decrease from those of the previous week notwithstanding that receipts were more than twice as large as for the previous week. Current demand continues active and was more than sufficient to absorb the current offerings. The rye market was less active than wheat but advanced slightly over 1é per bushel during the week. There was some scattered export business, but mills and elevators absorbed most of the offerings at prices ranging from 36-4¢ under the May price. The barley market in the Central West was slightly lower, as a result of poor demand for products of malting industries. Receipts were only moderate, however, and the demand was sufficient to prevent any accumulation. The export demand on the Pacific coast continued rather dull, although some improvement was reported in European demand. Choice brewing barley was quoted at San Francisco at $1.85 tidewater. Field-run 44-pound barley was quoted at $1.70 per 100 and feed barley at $1.55. California barley at Los Angeles was quoted at $1.85 per 100. European markets were practically unchanged, with superior barley quoted in London at $2.17 per 100 c. i. f. Other samples were quoted at $2.27-$2.44 per 100 c. i. f. The flax market held fairly steady, although the prospect of a record crop in Argentina continued to be a weakening factor in the market. According to trade estimates, around 2,500,000 bushels of flax are still available for market in the United States from the 1925 crop. The demand from crushers continues good and readily absorbed the light receipts. No. 1 seed sold at Minneapolis at 26-76 under the May price, which closed Friday at $2.57, a decline of about 34¢ for the week. Forward Steps Taken by Ohio Apple Growers Consideration is being given by the management of the Ohio Fruit Growers' Cooperative Association, Columbus, Ohio, to the advisability of formulating a definite program for limiting the number of varieties of apples grown for commercial purposes. With the formation of the association, which is a federation of local units, attention was given to standardization problems and, in the opinion of the management, considerable headway has been made. Packing houses operated by the local units have been established near the producing orchards, and these have proved an effective means for improving the grade of fruit and insuring a standard pack. As a result of four years of consistent work, the output of the units is not only fairly uniform, but has become favorably known to those in the channels of trade. Timothy ruled steady. The Boston market was draggy, and receivers were cutting prices to move the cars and avoid demurrage charges. Receipts were not large, but the arrivals for several weeks previous had been in excess of current takings and there was an accumulation of medium grade hay, while consumers' needs had been well supplied. Heavy receipts, nearly 300 cars, weakened the market at New York, while the rainy weather restricted buying, and prices declined about $1 per ton, although the light offerings of best timothy were less affected. The bulk of the arrivals consisted of medium quality of Canadian hay, hard pressed in small bales. The better grades moved off with some pressure, but stocks of lowgrade clover and grass mixtures were accumulating and were hard to sell. Hay was quiet at Philadelphia, but the offerings of good hay moved at steady prices, the lower grades moving at irregular prices. Both warehouses were filled with undergrades, largely of a grass mixture. The Baltimore market was practically unchanged, with the lower grades arriving in excess of consumers' takings, while good hay continued to meet a good demand. Snow was expected to reduce the trucking of near-by hay and to cause some increase in the demand. Re ceipts at Richmond continue light, with a good outlet for current offerings of No. 1 timothy, while poor grades of timothy sold fairly well. Light arrivals with a brisk demand forced prices higher at Pittsburgh, where the better grades of timothy were especially in demand. Colder weather increased consumers' requirements at Cincinnati, while shipping inquiries were more numerous and the light receipts were readily absorbed at higher prices. Receipts were moderate at Chicago and met a brisk demand. While quotations were unchanged, it was easier to make sales at the top of the quotations, and some especially good cars commanded premiums. Outside inquiries continued for clover and clover mixtures, but local requirements absorbed most of the arrivals and very few cars were reconsigned. Light Alsike Mixed, from northern Michigan, continued to sell above quoted prices. Timothy ruled steady at St. Louis, with offerings equal to trade needs, and light offerings held the Minneapolis-St. Paul market steady. Prices declined around 50¢ at Kansas City. Trading was quiet in southern markets. Prices were slightly higher at Memphis and the races were a factor in the New Orleans market, although demand from other sources was slack at this point. No new business was reported at Savannah, but the stocks of off-grade hay were being reduced. Alfalfa averaged higher in spite of the decline on the Pacific coast. Increased receipts weakened the market at Richmond. Quotations were unchanged at Cincinnati. Offerings at Chicago were hardly adequate for local needs, while there was a good shipping inquiry for all grades of alfalfa. Offerings of 44 cars at St. Louis were liberal and buyers' needs were well supplied. Prices of this hay ruled steady at Minneapolis-St. Paul, with 13 cars arriving. Receipts of 60 cars at Omaha moved off readily at slightly higher quotations and the tracks were cleared daily. Arrivals at Kansas City were 329 cars, but a brisk demand forced higher quotations. The bulk of the receipts was coming from Nebraska, but much of the best hay was being shipped from Wyoming and shipments from the latter territory were increasing. The shipping trade to the South and the Southeast was becoming more active and the dairies were taking fair quantities of dairy hay, particularly of the better grades, but mill takings were of small volume, with many of the mills closed down or running at reduced capacity. Some of the mills that were operating were buying much of their hay direct from the country. Alfalfa prices worked lower at Los Angeles. Considerable pasturage was available in this section and demand was only fair. Grain hays, however, were selling at steady prices, possibly since this kind of hay was being taken more by road camps and other construction work so that the demand was little affected by the pasturage available. Alfalfa had been going mostly to dairymen. Alfalfa quotations at San Francisco were unchanged, but trade reports indicate a dull market, with only a little trading. Good clover met a brisk demand. Quotations were slightly higher at Pittsburgh and were advanced at Cincinnati. Outside inquiry helped the market at Chicago, where only three cars were received, and clover was scarce at St. Louis, with four cars arriving. Carload Prices of Hay and Straw, Per Ton, at Important Markets, January 9, 1926 Feed Feed Prices Mostly Unchanged The mill-feed market during the week ending January 9 continued firm for wheat feeds and linseed meal, but the demand was limited and price fluctuations were within a range of about 25¢ per ton. The market for cottonseed meal and hominy feed was weaker, while other feeds held steady at practically the same prices prevailing during the previous week. The demand for wheat mill feeds was somewhat spasmodic, with the market situation firm one day and easier the next. In the northwestern spring-wheat markets the buying was scattered, although eastern markets took a little feed almost daily for prompt all-rail shipment. Toward the last of the week the demand slackened somewhat, but offerings were too small to cause any important reductions in prices. Rumors of sales by Canadian mills of export flour for Russia have been current in the market, but these have not been fully confirmed. If large sales of Canadian flour are made abroad mill-feed markets in this country are likely to be weakened as a result of the competition from increased offerings of Canadian feed. At the present time prices of Canadian feed are such that feed from the northwestern markets can be sold in competition with it in eastern markets. Offerings of winter wheat mill feeds appear to be more liberal than from the spring wheat mills, although this is probably the result of a dull demand rather than because of any material increase in production. The demand from the west coast, recently very active, has fallen off as a result of lower quotations by western coast mills. There were no new developments in the linseed-meal market during the week. Prices remained unchanged and mills reported sufficient orders to keep their current production moving. Some mills were said to be still behind on deliveries, which tended to cause a rather firm situation on meal for near-by shipment. Offerings of meal for February shipment were rather liberal by both mills and resellers at Buffalo, and while resellers were reported to be actively soliciting business they were not placing their stocks on the market. There was a fair export demand, but the volume of exports was not large. outlook for the linseed-meal market is rather unsettled. supply of domestic flaxseed is becoming small, while latest reports from Argentina indicate a bumper crop in that country. With such a large crop available it seems probable that offerings of Argentine seed will be pressed on the market, which may make plenty of seed available to eastern crushers at lower prices. While crushers that import seed obtain a reduction in the duty if the meal is exported, they may offer the meal in this country if prices are sufficiently high. The The While cottonseed meal prices were practically unchanged during the week, the tone of the market was weak. Offerings of meal have been in excess of the limited demand except possibly for the high-protein grades, offerings of which are very small. The offerings of the lower grades are liberal, and these are selling at discounts of $2-$6 per ton under the prime grades and are selling mostly by sample rather than grade. Some of this low-grade meal has recently been taken by fertilizer interests. The relatively low price of cottonseed meal has been a factor in the linseed market and has tended to prevent linseed-meal prices from advancing. Gluten-feed prices have also remained practically unchanged, although stocks are of fair volume and production continues heavy. Prices are being guaranteed against decline on date of arrival at destination on sales for delivery at shippers' option during February. The demand, while not heavy, continued of good volume in the Central West. The hominy-feed market was rather inactive, and while quotations were unchanged from those of the previous week reports indicated that sales were being made in limited quantities at prices slightly below current quotations. The firm grain prices were a strengthening factor in the market, but the lack of an active demand caused producers and jobbers to discount their quotations in order to move the feed. There was also little change in the alfalfa-meal market, very little trading taking place at any of the markets. Most of the meal being offered at Chicago was from the Colorado and Wyoming mills, that ground in the southwestern markets being by feed manufacturers for their own use. The higher price for alfalfa hay has made it more profitable in many sections to sell the hay than to grind it into meal. Prices for digester tankage remain practically unchanged at $65 per ton at the principal markets. The heavy decrease in the marketing and slaughtering of hogs has limited the production of tankage, but sufficient amounts are available for the current demand. The mill-feed market on the Pacific coast was stronger for practically all feeds. There were more buyers in the market and local mill stocks were small, intermountain mills being practically the only ones quoting feed in that territory. These quotations, however, were below those of Kansas and other central western mills. Prairie Hay Market Review Prairie averaged higher. Quotations were nominally unchanged at Chicago, where only 3 cars arrived. Demand for feeding prairie has been small at this market, but good packing hay was in good demand and fair supply. Quotations were slightly higher at St. Louis, with 10 cars offered, and light receipts moved readily at Minneapolis-St. Paul at unchanged quotations. Quotations were forced about 25¢ higher at Omaha, with the moderate offerings of 41 cars being taken readily. Country reports indicated that some country stockmen or feeders were paying as much as the Omaha prices and that hay was being held closely in many districts. Prices ruled higher at Kansas City, with moderate receipts, but it appeared that a better quality of prairie was arriving. The stockyards were taking only around 10 cars weekly on account of light receipts of cattle; but some hay was going to warehouse, and local retailers bought a few of the best cars, while an occasional car was shipped to near-by feeders. Cotton Receipts at 10 Designated Spot Markets, August 1, 1925January 8, 1926, and Stocks on January 8, 1926, with Comparisons [Compiled from commercial reports] Prices Advance Cotton prices were up about e per lb. during the week ending January 9. Present prices are approximately 334¢ per lb. below those for the corresponding period in 1925, about 26 higher than the low point touched so far this season and 4¢ below the high point. A somewhat better inquiry for spot cotton was reported, particularly for the grades above Middling. Some advance was also reported in the basis for white grades. Offerings for the grades below Middling continued free, with reports indicating actual transactions limited. Various reports during the week indicated a better feeling in both domestic and foreign dry-goods markets, with a somewhat improved turnover in the volume of business. Slight price reductions were indicated for certain fabrics. Among the features of the week were reports that considerable interest was manifested in the new crop months. On the New York Cotton Exchange March future contracts were up 13 points, closing at 19.90%, compared with 23.87¢ one year ago; and on the New Orleans Cotton Exchange they were up 11 points, closing at 19.334, against 23.70¢ on the corresponding day in 1925. On the Chicago Board of Trade March future contracts were up 24 points closing at 19.576. This price compares with 23.90 on the corresponding day last year. Sales of spot cotton in 10 designated markets showed an increased volume, amounting to 123,030 bales, compared with 72,748 bales for the corresponding week in 1925. The average price of No. 5 or Middling spot cotton advanced 16 points, closing at 19.85¢ per lb. One year ago the corresponding price stood at 23.656. Some reports indicated that certain domestic mills were experimenting with the lower grades, of which a good supply is reported and it is the hope of holders of such cottons that there will be a freer movement of these in the near future. Port receipts. Norfolk.. Augusta.. Savannah.. Montgomery. New Orleans. Memphis. Little Rock. Dallas... Houston.. Galveston... Total... 1 Holiday. Mon Tue. Wed Thu. Fri. Sat. Mon Tue Wed Thu. Fri. Sat Cts. Cts. Cts. Cts. Cts. Cts. Cts. Cts. Cts. Cts. Cts. Cts. 19. 94 19. 63 19. 81 19. 81 19. 88 19. 75 23. 38 23. 75 23. 50 23. 63 23. 7523.75 20.00 19.75 19. 94 19. 94 20.00 19.88 23. 38 23. 75 23. 50 23. 56 23. 63 23.63 20. 03 19. 70 19. 86 19. 92 20.00 19. 86 23. 63 24.04 23. 76 23. 88 23. 83 23. 78 19. 50 19. 15 19. 38 19. 25 19. 35 19. 20 22. 90'23. 30'23, 00 23. 12 23. 20 23. 20 20.30 19.82 20.07 20.07 (1) 20. 11 23. 45 23.85 23.60 (1) 23.80 23.70 19. 50 19. 50 19. 50 19. 50, 19. 50 19. 50 24. 00 24. 00 24. 00 24.00 24. 00 24.00 20.00 19. 75 20. 00 20.00 20.00 20.00 23. 38 23.88 23. 62 23.62 23.62 23.62 19. 5519. 20 19. 45 19. 45 19. 55,19. 40 22. 90 23.30 23. 00 23. 10 23. 20 23. 15 20. 50 20. 20 20. 40 20. 40 20. 50 20. 35 23. 70 24.00 23. 70 23. 80 23. 85/23.80 20. 65 20. 35 20. 55 20. 55 20. 60 20. 45 23. 65 24. 05 23. 75 23. 85 23.85 23.85 20.00 19. 71, 19. 90 19. 89 19. 93 19. 85 23. 44 23. 79 23. 54 23. 62 23. 67 23. 65 Stocks of Indian cotton at Bombay, India, on January 8, were reported to be 688,000 bales, of approximately 400 lbs. gross weight, compared with 400,000 bales on January 9, 1925. |