few as high as $1.35, but by July 29 the market advanced to a range of $1.35-$1.50, and a few sales of Hales were reported at $1.50-$1.75. From this date to the closing of the Macon office on August 1, the f. o. b. market was reported steady to firm at a range of $1.25-$1.35, mostly $1.35 f. o. b. cash track, and $1.25-$1.50 wire orders on a usual terms basis. Movement of North Carolina peaches this season did not increase as rapidly as had been expected, and this fact was largely responsible for the better feeling on Georgia Elbertas during the last two weeks of the shipping season. Prices for Elbertas generally showed a profit to the grower. Those shippers who are located in the North Georgia district and other late shipping sections, therefore, are the only peach growers in the State who can report a profit for this season's work. Colorado Produce Moving Colorado Iceberg-type lettuce is moving to market and 66 cars had been shipped to August 12, according to the Denver representative of the Federal-State market news service. Movement was expected to be heavy by the end of August. Last year shipments continued until November, with a total of 1,433 cars from Colorado. Lettuce acreage then was 6,710, but this season only 5,500 acres were planted and it was thought that hot weather would tend to reduce shipments below last season's total. Quality of the lettuce moving in mid-August was generally inferior to the usual Colorado standard, but outside markets were demanding Iceberg-type lettuce. Competition from California, Washington and Idaho is not expected to be so keen this year because of the drought in those States. On August 12, lettuce was selling at $3.75-$4.25 a crate at Colorado shipping points. Movement of mixed vegetables was increasing and the State was shipping an average of 20 cars daily during August. For the year ending December 31, 1923, 2,880 cars were shipped from Colorado and from January 1 to August 16, 1924, 930 cars had gone to market. Movement was expected to be heavy during the next sixty days. The summer and early fall shipments comprise a wide variety of vegetables, including celery, beets, carrots, turnips, radishes, onions, parsley, cauliflower, peas, green and wax beans, rhubarb, spinach, mountain Icebergtype lettuce, Denver Iceberg-type, Big Boston lettuce, leaf lettuce, cabbage and summer squash. Colorado had considerable cabbage ready to move in midAugust and was shipping eight or ten cars daily, but the demand from outside was slow because of the abundance of homegrown supplies. Shipments to August 16 filled 142 cars, and around that date the price f. o. b. shipping point was 50¢ per 100 pounds, while growers were receiving around 40. Shipments from the State last season totaled 3,152 cars. California Grape Prices Decline Grape shipments in the United States during the week August 2-8 were nearly double those of the previous week, being reported at 846 cars against 473. Movement from California was about the same as reported a year ago, that State's shipments from August 2 to 8 during the last four years being as follows: In 1924, 793 cars; in 1923, 797 cars; in 1922, 360 cars; and in 1921, 478 cars. During the early part of the week it was estimated that 75%-80% of the grape movement from California consisted of Thompsons. Low prices discouraged loading of this variety and it was estimated by inspectors and shippers that Thompson shipments had been curtailed later to 25%-30% of the total. Most of the balance was Malagas, with an occasional part carload of black varieties going out. According to reports from the Federal market reporter at Fresno, Calif., sales made by f. o. b. wire auction companies during the week averaged as follows: Thompson's U. S. Fancy, 58 per crate and 496 per lug; Malagas, U. S. Fancy, $1.1112 per crate and $1.15 in lugs. Very few private sales were reported. Speculation at that time was practically eliminated and the deal was very draggy. Buyers did not want Thompsons and terminal markets were showing heavy losses on much of the stock sold on the auctions. Best grade Malagas held up fairly well on terminal auctions when compared with the f. o. b. sales at time of shipment, but off-grade stock of both varieties undoubtedly caused losses to operators. Following the f. o. b. wire auction prices, private sales during the early part of the week ending August 8 ranged $1.25-$1.50 for Fancy Malagas in crates and lugs, with U. S. Grade No. 1 selling 90-$1.25. Fancy Thompsons ranged 60-704, with a few at 75 and U. S. No. 1 stock mostly 50-60, in carloads, f. o. b. cash track. At the close of the week asking prices were within these ranges, but almost no sales were being made. Malagas were around 50g lower per crate than the week previous, while Thompsons were about the same. During the week ending August 10 last year, Malagas sold at $1.65-$1.75 and Thompsons 756-85¢. Average auction sales in eleven of the principal eastern cities ranged 5 lower than the preceding week on crated Malagas, the extreme ranges being $1.04 in St. Louis and $2.34 in Boston; 426 lower on Malagas in lugs, with the price varying between 516 and $1.85 in St. Louis and Baltimore, respectively; 446 lower on crated Thompsons, at a range from $1 in Detroit to $1.75 in Baltimore; and 42¢ lower on Thompsons in lugs, or from 90 in Detroit to $1.36 in Cincinnati. Connecticut Valley Onions First of the season's onion shipments from the Connecticut Valley were made July 15, when two cars of stock grown from Japanese sets were forwarded. One of these cars arrived in Boston the following day and sold at $4 per 100 pounds. Movement has been considerably heavier than last season. To August 16, the total from the Connecticut Valley was 601 Massacars, compared with 293 to the same time last year. chusetts has been the leading shipper of onions since the week of July 20-26, at the close of the heavy New Jersey movement. Distribution of Connecticut Valley onions has been very wide, and the usual practice of shipping most cars to Boston and New York has not prevailed this season. While these two markets have received a liberal portion, many cars have gone to smaller markets in New York and Pennsylvania, as well as to New England points. The farthest cities reached by these shipments have been Burlington, Vt., St. Johns, N. B., Jacksonville, Fla., and Detroit, Mich. The Federal market reporter in Boston asserts that later in the season, when other States begin to ship heavily, distribution will be restricted chiefly to large castern markets. The f. o. b. market is slightly lower than last year, being about $2.75 in mid-August, compared with $3 at the same time in 1923. Jobbing prices also have been lower. After opening at $4 per 100-pound sack, the Boston market declined rather rapidly until a level of $2.75-$3 prevailed during the first two weeks of August. Trading in that city has been fairly steady and showed no indications of dragging. In 1923 the market opened at $3.25, dropping later to $3, and by the middle of August advancing again to $3.25-$3.50. The New York and Philadelphia markets this season have been rather dull, with prices ranging generally $2.75-$3, although for short periods slightly higher levels ruled. PLANTINGS REDUCED The total commercial crop in Massachusetts is estimated somewhat less than that of 1923. Recent figures indicate a production of 1,037,000 bushels, against 1,284,000 bushels last year. As 2,457 cars were shipped last season, this would mean an output of about 2,000 cars this season, provided marketing conditions are the same. The acreage has been reduced to 3,190 compared with 3,360 last year, and with 4,560 acres in 1922. Total production of late onions in the United States also has been reduced, principally in California and Indiana, but the Connecticut Valley crop will have to compete with a large increase in Ohio. The varieties of onions grown are principally Japanese sets and Yellow Globes. All shipments so far have been of the so-called Japanese sets. These are a flat type, closely resembling the old-style "cracker" onion. They are larger than the Yellow Globe seed stock and bring higher prices. It is estimated that more than 600 cars of this variety will be shipped this year, and that the remainder of the season's output will consist chiefly of Yellow Globes, with a few cars of red varieties. Growing conditions have been rather handicapped by lack of rain, which has affected the size. Although some rainfall occurred around the middle of August, many onions were too near maturity to be helped. However, the rain improved the crop in general. The Japanese sets are mostly out of the growers' hands and harvesting of Yellow Globes probably will not begin until September. Dairy and Poultry Lighter Receipts Lend Firmness to Butter Market Late during the previous week, when the summer defects decreased the percentage of fine butter in the arrivals, and when stocks began to clean up without the aid of much speculative demand, the tone of the market strengthened. Though there was no scramble among the buyers to get butter, it became apparent early in the week ending August 16 that the supply of fine butter was not to be excessive. Receipts of all grades were slightly lighter and with good steady trade street stocks at the four markets were reduced materially. While this caused the markets to firm up slightly the undertone was one of uncertainty and dealers as well as buyers displayed but little confidence. Reports from producing sections were still quite favorable for a continued heavy production. Pastures in a large part of the heavy producing sections in the Middle West were reported in good shape, with plenty of forage for stock. Flies were not as troublesome as usual for this season of the year, and weather for the most part was cool. The American Association Creamery Butter Manufacturers' report for the week ending August 9 showed a decrease of 6.67% from the previous week and an increase over the corresponding week last year of 22.25%. The Minnesota Cooperative Creameries Association for the same week showed a decrease of 8.91% from the week previous. COLD-STORAGE REPORT SHOWS HEAVY SURPLUS Closely related to production, and therefore of much importance to the butter markets, are the storage holdings this year as compared with last year. On Wednesday the coldstorage report for the U. S. was released showing August 1, 1924, total holdings of 133,402,000 lbs., as compared with 101,774,000 lbs. on August 1, 1923, a surplus this year of 31,628,000 lbs. These holdings exceed any previous year's holdings on August 1 by 9,857,000 lbs., the record holdings" previous to this year being 123,545,000 lbs., on August 1, 1919. The heavy surplus in storage had been anticipated, and therefore had little effect on the market. Operators who follow storage figures closely are predicting September first holdings at from 150,000,000 to 155,000,000 lbs., basing their estimates on the rate at which stocks increased at the four markets during the first half of August. FOREIGN MARKETS CONTINUE FIRM Foreign markets continue firm and are still too high to interest importers at the moment. Approximately 8,000 boxes of Argentine and 800 casks of Danish now held in bond in New York were reported to be shipped to England some time during the week of August 18-23. however, were negligible and practically no instances of price shading were found. A notable exception to the general conditions prevailing was the situation in regard to New York State cheese. In that area production was falling rapidly, due to a decided drop in milk production following a long hot and dry spell. Many cheese factories ceased operations as the demand for fluid milk made it more profitable to sell the product in that form. The fact that in New York City and other near-by cities during the period covered by this report the retail price of fluid milk was advanced one cent indicates that supplies were quite short for the current demand. Wisconsin Cheese Markets Easier as Trade Slackens At Wisconsin markets during the week ending August 16 a growing feeling of easiness became apparent as the week progressed. Trade was not as active as it had been, speculative interests seemed to be almost entirely out of the market, and buying for storage was reported as very light. As a result, it was not surprising that dealers who early in the week sent out quotations asking the usual margin over board figures had to shade their prices in order to move goods. While many dealers expressed confidence that the fall demand from the South should tend to steady price levels, yet the hope was expressed that a readjustment in the price relationship of various styles could be effected. Prevailing sentiment at distributing markets was clearly evident in the development of an easier undertone toward the close of the week. This was undoubtedly influenced somewhat by the report showing the August first surplus of cheese in storage over last year. Trade at the distributing points was rather light and buyers at those markets were reported as buying for immediate and absolute requirements only. Price changes, 122 Grain Wheat and Corn Prices at New High Levels Wet and cool weather which further delayed the corn crop and materially reduced its chances of maturing before frost advanced prices to new high levels during the week August 11-16. The wheat market also advanced sharply during the week being strengthened by the advance in the corn market and the short crop in the Northern Hemisphere which, according to latest estimates, will be about 12% less than was harvested last year. Early in the week the wheat market ruled rather dull. Hedging sales were heavy. The movement of new wheat continued of large volume and export demand was not urgent. Toward the last of the week foreign buyers became more active and export sales for the week were estimated at about 3,100,000 bushels mostly hard winter, including some for shipment via the Gulf. The larger part of the exports this year however, are going out through the Atlantic Coast ports. Canadian crop news continued rather unfavorable with light frosts The official estireported in Saskatchewan and Manitoba. mate of the Canadian wheat crop of 282,000,000 bushels given out during the week was higher than most of the recent private estimates but represented a reduction of almost 200,000,000 bushels from the large crop harvested last year. Bushels 1, 967, 000 5, 107, 000 3, 261, 000 5, 765,000 238 Bushels Bushels Bushels Primary receipts...22, 319, 00022, 390, 000 5, 561, 000 Bushels Primary receipts 4, 930, 000 4, 229, 000 2, 546, 000 2, 487,000 6, 605, 000 Primary shipments last year. Visible supply. Visible supply last year.. 6,198,000 6, 036, 000 58, 106, 000 49, 460, 000 2,944, 000 5, 507, 000 2, 471, 000 Cars 1, 544 1,027 96 176 664 127 Duluth 475 351 Kansas City. 4,034 4, 610 Omaha.. 1,612 66 86! 298 409 Toledo. Milwaukee. 12840 Receipts of new spring wheat increased at Minneapolis but quite a few of the arrivals showed the effect of too carly cutting. Moisture was high and some of the wheat was tough. Farmers appeared anxious to dispose of the grain as soon as possible and in some instances had not allowed the grain to properly dry out before threshing. The average run of the new wheat, however, was of satisfactory milling quality and of good weight. Old cash wheat was very firm at Minneapolis throughout the week and mills bought up the few offerings quickly. Old No. 1 dark northern continued to sell at a range of 26-236 over the September price with the new No. 1 dark northern selling mostly at 5-10 over, although some of the first arrivals sold at slightly larger premiums. The offerings of new durum also increased during the week but premiums were well maintained, No. 1 amber durum sold mostly at 6-8 over the Duluth September price and No. 1 mixed durum sold at 3-5¢ over the September for both the old and new wheat. Receipts of red winter wheat at the principal markets showed the effects of the wet weather in the soft winter wheat territory and an increasing percentage of the arrivals contained excessive moisture. Quite a large percentage of the receipts at St. Louis were reported unfit for milling purposes. Receipts fell off materially at Cincinnati and reports indicate that field threshing has been practically completed in the tributary territory. While wet weather continued to restrict threshing operations in the hard winter wheat territory, marketings continued of good volume in the southwestern markets, although they were materially less than last week. Farmers were reported to be slow in selling, although they were receiving about $1.10 per bushel net for cash wheat. Trade reports indicate that possibly half of the crop of hard winter wheat is still in farmers' hands. The demand for hard winter wheat was less active than for some time. Northwestern mills, which have been large buyers of wheat in the southwestern markets, have almost entirely withdrawn from those markets and are awaiting the approaching large movement of new crop spring wheat. The eastern mills also bought more cautiously because of the small flour demand, which was restricting mill operations. The poor demand tended to weaken the premiums for cash wheat and at Kansas City were the lowest on the crop, 12% protein wheat being offered freely around 3 over the September price for 59pound wheat. The sharp advance in the corn market was caused almost entirely by weather conditions. The wet and cool weather which prevailed over a large part of the belt during the week delayed the maturing of the crop and fears were felt that much of the crop was now too late to mature before frost would kill it. Corn-future prices advanced almost 10 per bushel for the September delivery at Chicago and a little more than 15¢ per bushel for the December delivery, the September closing at Chicago on the 16th at $1.23 per bushel, with the December at $1.19. Receipts continued light, although they were slightly larger than during the previous week, and the visible supply showed a gain of about 450,000 bushels, which makes the supply in commercial channels more than twice as large as at the corresponding time last year and also about 2,000,000 bushels larger than the average for the corresponding weeks of 1911-1915. Demand was only of moderate volume and not urgent from any sources. Further sales of Argentine corn were reported at Pacific coast markets. A cargo said to contain about 30,000 tons was received at San Francisco early in the week and was reported sold at $1.23 per bushel sacked f. o. b. cars at that market. This was about 20 per bushel less than corn from Omaha could be delivered to that market at present prices prevailing at Omaha. Another cargo of about 10,000 tons has also been bought by the western dealers. The oats market followed that of corn and prices at the close of the week showed a net advance of about 4¢ per bushel. Receipts of new oats increased materially during the week but the movement was much below normal as wet weather over a large part of the Oats Belt had delayed harvesting and threshing. The visible supply continues at only about half of the amount at the corresponding time last year and much below the average for this time of the year. Many of the receipts showed the effect of wet weather and contained excessive moisture but were otherwise of good quality. The demand was rather dull at the higher prices as buyers felt that prices would be lower when the movement became more general. There was a feeling among producers, however, that with the scarcity of corn oats would probably work higher and it seems doubtful at this time whether the usual heavy 6 after harvest movement of oats will materialize. The rye market was quiet and easier and did not share in the strength of wheat and corn. Milling rye sold at about 22 over the September price at Minneapolis but export demand was lacking and September rye on Friday at Minneapolis closed at 85%, a net decline of 4 for the week. Rye exports since the first of July have totaled only about 2,500,000 bushels compared with almost 4,000,000 bushels for the corresponding period last year. The barley market was about 3e lower than at the close of the previous week because of heavier receipts of new crop grain. The demand for cash grain was less active most of the week at Minneapolis. Buyers did not take hold readily but were apparently awaiting a freer movement of the new crop which was expected to be heavy. September barley at Minneapolis closed on Friday at 74se. No. 3 barley at Milwaukee sold from 876-896. Samples of new grain at the latter market showed much discoloration caused by recent rains but there was a good demand for all arrivals of good quality. Flax receipts were very small at Minneapolis during the week. There was an urgent demand from crushers for the few cars of spot seed available and spot seed sold as high as 30-32¢ over the September, which closed on Friday at $2.29. Reports of new crop flax indicated that the crop was in a wide range of development. Some that was planted early had already been cut but other fields were reported to be still in bloom. Grain Prices Daily Weighted Price per Bushel of Reported Cash Sales at Stated Markets, week of August 9–15, 1924, with Comparisons of Weekly Averages. New Canadian Cooperative Wheat Agency, Winnepeg. The formation of a central wheat agency, the Canadian Cooperative Wheat Producers, Limited, with offices in Winnepeg, was announced on July 29, 1924. The new company will have a capital of $150,000, held in equal shares by the three pools of Manitoba, Saskatchewan, and Alberta. This company expects to act as selling agent for 11,000,000 acres of wheat. Monthly Report of Commerce and Industries for Manitoba for July, 1924, J. C. Erhardt, Winnepeg, Canada, July 31, 1924. Hay Hay Market Continues Quiet Cool The hay market was practically unchanged during the week of August 11-16. Receipts at 12 principal markets continued slightly heavier than at this time during 1923, while the demand was largely restricted to city and industrial trade. weather and adequate rainfall have caused unusually good pastures in many sections reducing the country inquiries for hay although drought in some places has resulted in an increased demand for hay. However, the drought damage to cotton in part of the South made buyers there hesitate to purchase large amounts. Offerings were slightly in excess of buyers' needs and the market was dull but supplies moved at practically steady prices. The Department estimated the tame hay crop at 89,000,000 tons in its report of August 1, practically the same amount as that harvested in 1923. This is a reduction of about 1,000,000 tons from the July 1 forecast and the midmonth crop notes stated that the crop was weedy in some sections. Prices of No. 1 timothy averaged lower than for the corresponding week in 1923 but about $2 per ton higher than that week in 1922. Receipts were moderate at eastern markets but were in excess of the limited demand, particularly in the lower grades. New hay from Maine and Canada was expected to arrive at Boston about the first of September and reductions in price were being made at all eastern markets in order to move medium and poor quality hay. Southern markets reported good demand for best grades but poor grades were hard to sell. Offerings were light at central western markets, especially at Chicago, but the quality of a large percentage of the arrivals was only medium, some at Cincinnati being unfit for reshipment. Prices advanced at St. Louis but the demand was light at Kansas City as central western timothy was being offered in southeastern markets under Kansas City quotations. Alfalfa prices remained practically on the same level as this time last year and about $2.50 per ton above this time in 1922. Mills were more active buyers at Omaha. Most new alfalfa at this market was arriving in a heating condition and prices were slightly lower. The demand at Kansas City was somewhat better with mills the best buyers. Southern demand for the best grades continued steady and local feeders bought the brown hay. Prices were slightly too high for a large volume of dairy purchases. Receipts were chiefly from Kansas and Colorado. The Los Angeles market was very strong. The prairie market was firm with prices slightly in advance of last year's level. Receipts at Chicago were light and the demand was brisk. Shortage of timothy in this market resulted in increased calls for prairie hay and the stockyards were not heavy buyers as the trade advanced prices beyond what the yards were willing to pay. Receipts were heavier at Omaha and stockyards were the heaviest buyers. Wet weather curtailed baling and shipping in this territory and affected the quality of the hay arriving. The demand through the Exchange was light. The Minneapolis market was stronger for good hay. A considerable amount of the arrivals were damaged, some being consigned direct to the stockyards being rejected on this account. The stockyards were the principal buyers at Kansas City, taking practically all the arrivals. Kaw Valley Potato Deal Closing With probably less than 1,000 cars to move out of the Kaw Valley section of Kansas after August 13, the deal was rapidly drawing to a close. The heaviest movement was expected to be over by September 1, the Federal market news representative at Kansas City reports. It has been an uphill pull for Kaw Valley growers throughout the season. While prospects at the opening looked bright, heavy rains held back digging and slowed up the movement from the start. When the weather was more favorable, Virginia barreled Cobblers began to arrive in the principal markets, particularly Chicago, which is the natural outlet for Kaw Valley potatoes. Prices declined to such an extent that growers in the Kaw Valley and Orrick districts practically discontinued digging. However, the weather again interfered and heavy rains made it inadvisable to leave the potatoes in the ground. As it was, some stock in the Orrick section began to show watery decay at the stem end and, in certain districts in the Kaw Valley, grub injury became noticeable. Some growers on sandy soil continued to put off digging, hoping for a better market. Opening of the Kearney, Nebr., deal was the deciding factor which caused growers to begin the final clean-up. Shippingpoint inspection has proved quite satisfactory to all parties interested. Some of the largest dealers were reported to have withdrawn from Kaw Valley around August 15, because of the uncertain keeping quality of the stock being shipped. The first car of Utah potatoes was on track in Kansas City that week, and this may be taken as an indication that the Kaw Valley deal is about over. Carload Prices of Hay and Straw' Per Ton at Important Markets, August 16, 1924 |