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Grain

Corn Market Reaches New High Level for Crop Year

The outstanding feature in the grain market for the week June 23 to 28 was the sharp advance in corn prices which carried prices to a new high level for the crop year, the July corn at Chicago having reached 971¢ on the 27th. Cash prices in several of the markets advanced more than the future prices and No. 3 yellow corn sold above $1 in the central western markets.

Unfavorable weather for the progress of the crop was the principal strengthening factor but the light movement also contributed to the very strong tone prevailing throughout the week. Continued rain has prevented the proper cultivation of the crop and fields in many sections have become so weedy as to retard the growth of the corn.

Receipts fell off materially during the week and the supply at most of the important markets was not equal to the demand which became more urgent as the market advanced. The visible supply was reduced about 21 million bushels and at the close of the week was practically the same as the pre-war fiveyear average for July 1.

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Bushels Bushels Bushels Bushels Bushels Buels Primary receipts.--4, 217,000 3,981, 000 2,811, 000 4,013, 000 2,713,000 3,859, 000 Primary receipts last year

4, 492,000 3,910,000 3,618,000 3,005, 000 3, 126, 000 3,550,000 Primary shipments 4,095, 000 3,077,000 3, 248,000 3, 345,000 3,034, 000 3,511,000 Primary shipments last year

4,087,000 3, 314,000 2,069, 000 2,118,000 3, 334, 000 3,558,000 Visible supply - 134, 901,000 37, 336,000 8, 279, 000 10, 504,000 5, 264,000 5,688,000 Visible supply last year.

26, 313, 000 28, 343,000 3,366,000 3, 165,000 8,523, 000 9, 788,000

Cars Cars Cars Cars Cars Cars Chicago.

231
248
318
567

2321 441 Minneapolis.

1, 319 1, 120

165
112
125

129 Duluth

553
138

150 St. Louis.

311 307

445
318
203

308 Kansas City

451
206
231
14

31 Omaha..

191 224

170
261
76

62 Cincinnati

60
49
49
52
42

21 Indianapolis

18
46
82
161

58

105 Toledo

62
60
)
40
35

58 Milwaukee

29
14

164

63

216 Wichita

241
170
60

301 Hutchinson.

95
89
12)

7 Sioux City

20
23
64

90 Cairo..

3
20
111

175 Fort Worth

123
31
90

74

at Minneapolis advanced 21¢, and at Winnipeg 3ě, but declined dé at Kansas City where the arrivals of new wheat were increasing.

Primary receipts increased slightly during the week but the visible supply decreased about 2,500,000 bushels. The world movement was smaller during the week as was indicated in the amount on ocean passage which was estimated at about 56,500,000 bushels. This was the smallest amount reported since the last week in February and was 2,000,000 bushels less than the amount on ocean passage at the corresponding time last year.

Exports for the week were very light and were almost entirely from the Pacific coast ports. The total exports of wheat for the crop year to date have been just about half of the amount exported for the corresponding time last year, totaling only about 77,500,000 bushels. Flour exports, however, during the past year were larger than during the previous year, totaling 16,097,000 barrels compared with 14,077,000 barrels last year. The flour exports include the flour from wheat imported in bond, which for the crop year has amounted to about 14,000,000 bushels.

In the cash markets there was a good demand for all wheat of desirable milling qualities. In the spring wheat markets prices reached

a new high level for the crop year. O pe lot of very high quality wheat in store was reported sold at Buffalo at 401¢ over the Minneapolis July price, which would figure 321¢ over the July at Minneapolis, which would be more than $1.50 per bushel. The usual range, however, for the No. 1 dark northern spring at Minneapolis was from 5 to 28¢ over the July price.

Durum wheat was also very firm with offerings rather light and demand good. No. 1 amber was quoted at 1¢ under to 5¢ over the Duluth July price. The July future, however, advanced 64¢ for the week and closed on Friday at $1.23.

The movement of new hard winter wheat continued to decrease and receipts were fairly heavy at Kansas City and Fort Worth. A large percentage of the receipts at the former market was of old crop grain which indicated a good clean-up of the old crop. Farmers and country shippers were said to be eager to take advantage of the prevailing high prices expecting the market to decline somewhat when the after harvest rush of new wheat begins.

Northern and eastern mills were the principal buyers of the old crop wheat and premiums held firm at around 15% over July price for 12 % protein hard winter wheat and 8¢ over for the 12% protein types. There was a fair demand for the new crop wheat for export and sales were reported around 5¢ over the Chicago July price on track at New Orleans for No. i hard winter.

The demand for red winter wheat was of small volume as mills were buying only sufficient wheat to tide them over until the movement of the new crop begins.

The oats market shared in the advance in corn prices and made the first advance of importance for some months. July oats at Chicago closed the week at 53}¢, which was 7}é above the July priee at Chicago at the close of the previous week. Cash prices advanced practically the same as the futures and there was an active demand for the limited receipts. While the strength in the oats market was caused principally by the strength in the corn market, the light supplies and continued light movement added material strength to the cash market situation.

The visible supply of oats at the close of the week was only about 5 million bushels which is considerably below normal for this season of the year. The total receipts at the markets for the crop year to date have been practically the same as last year but the demand throughout the year has been more urgent and the supply in commercial channels has been kept small.

New oats from Texas which had been selling below the price of old oats in the Central Western markets were advanced during the week to a parity with old oats prices and the demand for all offerings was very active.

Elevators and shippers were good buyers of rye during the week and prices advanced 2 to 3c per bushel. There were heavy loadings of rye at Duluth for shipment via the Lakes to the East, probably to fill export sales.

The barley market was also high especially on the feeding grains. Poultry feed manufacturers were brought into the market because of the advance in wheat and corn prices and grades suitable for feeding purposes advanced about 4¢ for the week.

The flax seed market was rather unsettled with offerings of fair volume and the demand rather limited. Spot seed sold during the week at Minneapolis at 5 to 10¢ over the July future price which closed on Friday at $2.383.

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31

Industries and feeders were the most active buyers and were forced to bid prices up in order to secure sufficient corn for their needs. The South bought considerable corn from the central western markets and there was also inquiry in those markets from California buyers. Reports were current, however, that Argentine shippers were offering corn to the Pacific coast and also at the Gulf and east coast ports at prices below those offered by shippers from the markets in the Central West. Prices on Argentine corn were reported at 831¢ c. i. f. Atlantic ports, or 84¢ at New Orleans with the import duty of 15é per bushel added. The cost of this corn would be around 99¢ to $1 per bushel at the port of entry. The Argentine corn differs materially from the corn produced in the United States, and is generally considered suitable only for grinding and mixing purposes. The high freight rates from the coast ports inland would also prevent its general use and distribution to the markets in the interior of the United States.

The exports of corn from the United States have been practically discontinued, the total exports for the 12 months ending June 30 being only about 21,000,000 bushels compared with 94,000,000 bushels for the corresponding period last year.

Stocks of corn in country elevators are said to be light, and with the farmers busy in the fields no great increase in the movement was expected although receipts toward the end of the week were becoming larger at several of the markets.

The wheat market remained firm during the week but prices did not have the sharp advance experienced in the corn market. July wheat at Chicago closed the week at $1.141, which was 14 above the close of the previous week. The July future price

Grain Prices
Daily Weighted Price per Bushel of Reported Cash Sales at Stated Markets, Week of June 21-27, 1924, with Comparisons of

Weekly Averages
Wheat

Oats, White

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CHICAGO

Cents Cents Cents Cents Cents Cents Cents Cents Cents Hard Winter--..No.2.. 116 115 115 116 118 118 106 118 116

No.3. 115 114 114 121 117 116 107 116 116 Red Winter...--.No. 2. 114 114

115

117 112 117 115 No.3.. 113 114

117 117 112 114 114

Cents Cents Cents Cents Cents Cents Cents Cents Cents CHICAGO ---

No.2.. 51 51 52 54 58 58 44 50

No. 3. 50 50 51 53 57 57 43 50 51 MINNEAPOLIS....No.2.. 46 48 49 52 52 53 39 48 51

No. 3.. 48 47 48 50 52 52 38 47 49 KANSAS CITY... No. 2..

43 51 No. 3.. 52 52

42 51 52 OMAHA. No.3.. 49 49 49 51

53 41 48 51 Sr. LOUIS No.2.. 52 52 53 54 58 69

52 No. 3.. 52 52 52 53 57 58

51 53

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FIVE MARKETS

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126 128 117

125 119

120

Rye

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Dk. Hd. Winter.No.2..

No. 3. Hard Winter .--.No.2..

No. 3..
Red Winter -----

No.2..
No. 3.-

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116

110
113

114
111
110
110

110 111 113

113 112 109

120 117 114 113

113 113 110 111

124 113 112 113 111

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106

Barley

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Hay

Marketing of 1923 Hay Crop About Completed Reports from a large number of hay shippers and dealers throughout the country indicate that the marketing of the 1923 hay crop is about completed. About 90% of both the alfalfa and timothy hay had been marketed up to June 15, according to these reports, and about 95% of the prairie hay.

Compared with last year there remained to be marketed on June 15 about the same percentage of timothy and prairie hay as at the corresponding time last year, but there was about 5% to 8% more alfalfa available for market than on June 15, 1923. The 1923 timothy crop, however, was smaller than that of the previous year, so that the actual amount of timothy hay yet to be marketed is very small. The alfalfa crop was larger than during the previous year, and with the larger percentage yet to be marketed more alfalfa hay of the old crop is available for market than at this time last year. There is not a large surplus of prairie hay, and the old stocks will be well cleaned up before the new hay is likely to be available for market.

The price levels for both timothy and alfalfa hay were higher throughout the year than during the previous year. Prairie prices also ranged higher during most of the year, but since the first of April they have been quite a little below last year's prices, because of the sharp advance in prairie prices at the close of the season last year.

While alfalfa prices ranged generally higher during 1923 and 1924 than during the previous crop year, there was not as wide a range as in the timothy prices. Starting at an average price of about $23 per ton at the 1st of July the average price of No. 1 alfalfa at the principal markets advanced to $26 in September and with minor fluctuations maintained that level until about the middle of April when prices began to decline toward the new crop basis.

There was a steady movement of alfalfa hay from the principal producing sections throughout the year. The crop was larger than the 1922 crop but because of unfavorable weather during the harvesting period the quality was only fair. This resulted in offerings of large amounts of hay of only average quality upon the markets and frequent periods of scarcity of No. 1 and choice alfalfa hay.

Prairie prices compared with the previous year followed a more uniform trend. After the usual decline at the beginning of the crop year, prairie prices advanced to an average level for No. 1 prairie of about $16-$17 per ton and remained around that level throughout the crop year until the beginning of the present month, when they began to decline. On April 1 the price of No. 1 prairie at the principal markets was practically the same as at that time last year but in 1923 prairie prices advanced sharply during April and May and reached an average price of about $20 per ton at the 1st of June when they began a rapid decline which did not end until the 1st of September.

During the week under review the hay market generally continued to hold fairly steady, although increased receipts caused slight price declines at several of the markets.

At Boston the best grades of timothy continued in light supply and prices held firm. The receipts of the poorer grades, however, exceeded the demand and it was necessary to make concessions in prices in order to dispose of this hay. The New York market was also very dull for the lower grades and prices were also reduced somewhat for the better grades as the supply began to exceed the demand. Farmers were cleaning up their stocks preparing for the new crop, which forced considerably more hay on the market than the light demand could absorb. Stocks in warehouses were larger than for some time, but the supply will probably all be needed before the new crop will be available for market.

In the alfalfa markets a good demand continued for hay of good quality and green color, but the poor grades continued dull. The receipts during the week, however, showed a larger percentage of good color and dry hay. The arrivals at Kansas City were principally from Kansas, but some good quality hay was also received from Colorado. There was a good demand at this market from the South and reports indicated that higher prices were being asked by shippers from the Southwest.

The dry weather on the Pacific coast has caused a firm tone in the principal alfalfa markets in that territory. Fairly large stocks of old hay are still available in the Yakima Valley of Washington, but this hay is moving out daily and only a normal carry over of old hay is expected.

The prairie market was but little changed during the week. New hay was beg ing to arrive on the market. Prices of the best grades continued steady, but there was little demand for the off-grade hay.

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In the timothy markets the short crop last year was reflected in the higher price level. The average price of No. 1 timothy at the principal markets ranged from $5,$6 higher than the average price of that grade during the previous year, but there was not much change in the level throughout the year.

While the better grades of timothy held firm, the lower grades at many times were very dull because of the excessive receipts of this character of hay. The quality of the 1923 timothy crop was only fair, and there was a scarcity of good hay at most of the markets throughout the year.

Carload Prices of Hay and Straw, Per Ton, at Important Markets, June 28, 1924

[graphic]

HAY
Timothy and clover:

No. 1 timothy... $31.50 $30.00 $29.00 $26.00 $28.00 $29.00 $31.50 $28. 25 $29.75 $27.00 $23. 25 $26.50 - $20.00 $25. 50
No. 2 timothy

27.00 27. 50 27.00 23. 50 26.00 28. 00 29.50 27.50 28. 00 24. 75 22.00 23.00 18.00 21. 50
No. 1 light clover mixed
27. 50 26.00 24.00 27.00 28. 50 30.00 26. 25

22.00 24. 50

23. 25 No. 2 light clover mixed

27.00 24. 00

25, 50 27. 50
23. 50

21.00
No. 1 medium clover
mixed...

25. 00
26.00

21.00
No. 1 clover mixed. 21.00
22.00

21.00

3 17.00 No. 1 clover.. 22, 00 26.00

22.00 18.00 3 16.00 24.50 Alfalfa: No. 1 alfalfa.

32.00

32.00

28. 50 26. 00 24.503 28.00 - 22.00 Standard alfalfa

27. 50

28. 50
27.00 22. 50

3 22.00 3 19.00
No. 2 alfalfa.
20.00

28. 00

19. 50 22.00 : 18.00 - 15.00 Prairie: No. 1 upland.

20.00

17.00 17. 50 17. 75 No. 2 upland.

14. 50

16.00 16. 50 15.00 No. 1 midland.

14.00 13. 50
STRAW
No. 1 wheat..

11. 50
16.00 15.00

12.00

8.00 No. 1 oat.. 13.50 17.00 16.00 16.00

12.00 11.00 9.00 No. 1 rye. 21.00 19.00 18.00 16.00

14,50 9. 50 1 Hay quotations represent average of cash sales at these markets.

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15.00

1 Hay quotations based on U. S. grades.

3 Nominal.

Feed

Strong Grain Markets Hold Feed Prices Firm

There were few changes in mill-feed prices during the week June 21-28. The only exceptions were corn feeds, such as gluten and hominy feed, which, because of the advance in corn, were firmly held and quoted about $2 per ton higher than last week. While asking prices for other feeds were slightly higher in many instances, it was difficult to realize these better values as the demand from the interior was unimproved and confined largely to immediate needs.

Ordinarily the sensational advances both in the corn and wheat markets would have led to a scramble for feedstuffs of various kinds as long as their values were relatively low.

At this time, however, the absorption has been mainly by large jobbers and speculators and the fact that stored stocks in principal shipping inarkets are quite large and that storage at the head of the lakes has been utilized to the extent that at present only one transportation company is accepting feed for storage, all others claiming to be filled up, seems to reflect an absence of buying in consuming channels.

A fairly good demand was noted on the west coast, particularly in California where drought conditions prevailed, but reports from practically every other important dairying and feeding section indicate a lack of demand from consumers. Three reasons are generally given as responsible for this condition, i. e., excellent pasturage, heavy stocks of dairy products, and unsatisfactory milk prices. As long as these conditions prevail, few dealers expect any material improvement in sales.

Production and stocks of most feeds were somewhat heavier than usual for this season of the year. Shipments were good, but quite a large movement into storage was noted.

Wheat mill feeds.-A strong undertone prevailed in wheat mill feeds, especially during the latter part of the week. The demand from consuming sections was only moderate, but speculative interests gave the market good support. Middlings especially were in good demand by jobbers, mainly as a result of high corn prices. Storage stocks were heavy but appeared to be in strong hands. Much of this stuff was purchased at prices considerably under the present market. A good demand from jobbers was noted for July, August, and August-September bran at around $21, Kansas City, but mills did not seem inclined to sell deferred positions at these prices. Shorts maintained an even healthier tone than bran, widening further the premium over the lighter offal. Materially increased operations by flour mills, especially in the Southwest, resulted in larger offerings of feed. Heavy feeds were in fair request, with flour middlings quoted at $26.50, and reddog at $32 to $34, in the Minneapolis market. The movement was heavy.

Cottonseed meal and cake.—Cottonseed cake and meal were in very light request, yet despite the small sales maintained

a fully steady basis. This was principally due to the light offerings by crushers. Stocks at mills were good, in fact considering seed supplies they were heavier than they were at this time last year. As yet no prices on new crop meal and cake for deferred shipment have been quoted. Few mills seemed to care to do so until cotton crop prospects are more definitely known. Available stocks are easily controlled, hence mills feel fairly confident that present prices can be maintained until the new crop meal and cake are ready for market, provided the strong tendency in feed grains continues. Hulls were very scarce and commanded firm to higher prices. The demand for export cake and meal was light. The movement from mills to the interior was small.

Linseed cake and meal.-- There was little change in the linseed cake and meal situation. Mills held their prices firm at $43 Minneapolis for the 34 per cent meal. Quite a few manufacturers claimed to be sold up for July and not caring to take on much additional business for that month's shipment. Resellers, however, were discounting the mills' prices 50 cents to $1 per ton. Business in western markets was said to be coming in just about fast enough to take care of the meal as it is made from day to day. In Toledo and other eastern markets, however, stocks slightly exceeded the demand. Export inquiries for cake were fair. Domestic flax stocks are very light but in Canada supplies at present are fully 100 per cent greater than they were a year ago. With the 1924 domestic crop expected to be considerably larger than that of last year some mills seemed anxious to book for future shipment at prevailing prices. September and October shipment 34 per cent meal was quoted at $42 Chicago, but little business was booked at that figure. Production and the movement were light.

Gluten feed.Gluten feed prices were advanced by the larger manufacturers to $36.40 Chicago. This price was for July shipment, few mills caring to book for August shipment because of light production and the uncertainty of the corn market. The usual guaranty against decline to October 1 on unsold stocks remained in effect. Interior supplies, according to reports received, were fair and quite a little volume of business booked about a month ago remains to be filled. Shipments were fair.

Hominy feed.— The demand for hominy feed was only fair. Offerings were limited, as practically all mills are sold up for the next 30 days. Resellers offered a few cars which, as a result of the reluctancy of consumers to pay the higher prices asked, were difficult to place. Production was light. This was not so much due to the light demand for hominy feed as it was to dullness in the corn goods business. Stocks were light of white hominy feed and yellow hominy feed was almost unobtainable in some sections. Shipments were light.

Alfalfa meal.— Alfalfa meal prices were firm with mills offering on a very restricted basis and only for new crop shipment, prices for which were on a parity with old crop prices. Mixers bought on a limited scale only with the expectation of a readjustment downward in prices in the near future. Spot stocks in the principal distributing markets were fairly good. Choice meal was held at about $3 per ton over No. 1, and No. 2 meal could be bought generally at $3 per ton under No. 1 meal. Production and the movement were fair.

Carload Prices of Feedstuffs at Important Markets, June 28, 1924

[Per ton, bagged, sight-draft basis)

[graphic]

City

nati

$24. 50

$27.00 $25.00 $23.50 $21. 25
27.50 28. 00
27.00 27. 50 23. 25

$22. 50
22. 25

$20.50
20. 50

$33.00

$21.00

25. 75

23. 50

28. 50
29.00
29.00

25. 50
32.00
31.00
31.00

28. 50
27.00

26.00
24. 00

26. 00
26.00
24.00
24.00

39.00
32.00
33.00

27.50

$32.00

22.50
19.00

24. 00

23.00

Digester feeding tankage (60%)
No. 1 alfalfa meal (medium).
Gluten feed.
White hominy feed
Yellow hominy feed
Ground barley
Dried beet pulp.

47.00
48.00

46.75
46. 25

47.50
47. 50
45. 50
41. 50

43.00
52.00
48.00
46.00

43.00
51.00

44. 50
42.00
38.00

152.75
148.75

42. 50
49.00
47.50
44.75
45. 00

42.00

46.00 48.00 46.50 43.00 45.00 25. 35

45. 50

37.50

38. 50

45.00
22.00

25. 50

44.00 49.00 46. 50 43.00 45.00 25. 00 36. 40 37.00 36. 50 38. 50 39.00

32.00

29.00

38. 30

39. 50

43. 50
41.00
40.50

31.00
40. 30
36. 50
36.00

43. 50
40. CO
40.00

26. 50
38. 30
38. 50
38. 50
39.00

45.00
23.00
39.00
35.00
35.00

40.30
38. 50
38.00

36.00
36.00

35.00

35. 00

2.48.00

41.00 37.00

38.00

40. 50

1 Nominal.

2 Rolled.

Cotton

Receipts at 10 Designated Spot Markets, August 1, 1923

June 27, 1924, and Stocks on June 27, 1924, with Comparisons

(Compiled from commercial reports)

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Prices Show Sagging Tendency The general tendency of cotton prices during the week June 23–28 was downward, with the exception of prices for July future contracts on the New York Cotton Exchange, which advanced 41 points. Continued uneasiness over the strong supply situation prolonged the rather active demand for July contracts at New York with the resulting strength in that month. New crop future contracts on the two future exchanges declined from 70 to 78 points. The average of the quotations for No. 5 or Middling cotton in 10 designated spot markets lost 19 points.

The weakness in the new crop future months was attributed largely to more favorable interpretation of the reports concerning the new crop progress. Judging by the private reports as to the progress of the crop, of which several appeared during the week, the trade quite generally was of the opinion that the condition had improved sinee May 25, when the Government report showed the condition to be 65.6 per cent of a normal. The reports disclosed some apprehension of unfavorable effects of drought and heat in some sections of the Southwest and of heavy rains in other sections. The Government report of acreage and condition and the estimate of the erop to be issued on July 2, based on conditions prevailing on June 25, was looked forward to with unusual interest.

The demand for some lines of cotton goods was reported more active, due largely to the more seasonable weather, but demand for other lines continued inactive.

The Department of Commerce announced on June 24 that according to preliminary figures 37,784,690 cotton spinning spindles were in place in the United States on May 31, 1924, of which 30,493, 165 were operated at some time during the month, compared with 31,871,665 for April and 35,374,018 for May, 1923.

The average of the quotations for No. 5 or Middling cotton in 10 designated spot markets was 29.11¢ per lb. on June 28, compared with 29.30¢ on the 21st and 27.95¢ on June 30, 1923. July future contracts on the New York Cotton Exchange closed at 29.03€, compared with 28.62¢ on the 21st. July future contracts at New Orleans closed at 27.40€, compared with 27 726 on June 21.

Cotton Movement August 1, 1923-June 27, 1924, and Stocks

June 27, 1924, with Comparisons

(Compiled from commercial reports)

5-year

Per aver

cent Aug. 1, Aug. 1, Aug. 1, Aug. 1, Aug. 1, Aug. 1, age

this 1913- 1919- 1920- 1921- 1922- 1923- Aug. 1June June June June June Juno June

year

is of 26, 25. 24, 30, 29, 27, 29, 1914

5-year 1920 1921 1922 1923 1924 1918-19

averto 1922-23

age

5, 991

1,000

1,000 1,000 1.000 1.000 1.000 1,000 bales bales bales bales bales bales bales 10, 454 6, 654 6, 229 5, 921 5, 639 6, 587 383 938

1, 600 747 319 299 986 7, 373 6, 997 7, 219 7,072 7,210 7, 216 6, 973 202 988

1, 339

541
348
267

856 14, 596 11,709 10,790 10,068 11, 100 11,357 10, 910 2, 667 | 2, 853 1,8712, 1342, 296 1, 7702, 241 3, 0323, 222 2,677 3,741 4, 242 3,725 3, 479

Per cent 109.9

30.3 103. 5

31.2 104. 1

Port receipts.
Port stocks.
Interior receipts.
Interior stocks.
Into sight..
Northern spinners'

takings... Southern spinners'

takings. World's visible sup

ply of American cotton...

79.0

Closing Future Prices on the Future Exchanges

June 28, 1924, with Comparisons

107.1

New York

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New Orleans

Month.

June June July June June June June July June June

28, 30, 1, 25, 26. 28, 30, I, 25, 26, 1924

1923 1922 1921 1920 1924 1923 1922 1921 1920

Exports of American Cotton

August 1, 1923, to June 27, 1924, with Comparisons (Compiled from Government and commercial reports]

July. October December January March

Cts. Cts.
Cts. Cts.

Cta. Cis. Cts. Cis. Cts. Cts. 29. 03 27.01 21.52 11. 04 36. 20 27. 40 27. 13 21, 29 10. 76 36. 06 24. 95 24. 57 21. 48 11. 95| 33. 03 24. 22 23.86 20. 99 11. 51 32.71 24. 26 24. 03 21.28 12. 54 31.85 23. 97 23. 47 20.66 11. 97 31. 60 24. 05 23. 68 21. 02 12.62 31.25 23. 90 23. 38 20.50 12. 13) 31. 04 24. 21 23. 65 20. 91 12. 98 30.80 23. 90 23. 211 20.30 12. 47 30. 50

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Bales Bales Bales Bales Bales Bales Per cent Great Britain. 3, 414, 0121, 635, 533 1, 662, 468 1, 260, 874 1, 643, 1141, 883, 571 87. 2 France

1,081, 484 523, 979 717,823 603,513 699, 894 598, 034 117.0 Germany 2,812, 0861, 100, 6591, 368, 851 896, 373 1, 247, 311 918, 520 131.5 Italy.

473, 084 489, 658 417, 871 466, 417 514, 198 470, 307 109. 3 Japan 338, 995 476, 928 758, 649 596, 515 544, 992 661, 531

82. 4 China. 2, 978 37, 047 88, 436 19, 124 27, 690 37, 913

73.0 Spain..

279, 552 221, 557 287, 609 216, 955 198, 103 237, 7221 83. 3 Belgium.

205, 399 188, 261 161, 999 163, 531 163, 276 174, 910 93.3 Canada 1

139, 105 137, 344 173, 682 188, 930 139, 381 170, 019 82.0 Other countries 246, 491 233, 048 191, 814

211, 485 382, 877 277, 944 137. 8 Total. --

8,993, 2166, 044, 0145, 829, 202, 4, 622, 717 5, 560, 836 5, 460, 471 101.8

Norfolk Augusta Savannah Montgomery New Orleans Memphis Little Rock Dallas.. Houston. Galveston.

Cts. Cts. Cts. Cts. Cls. Cts. I Cis. Cis. Cts. Cts. Cts. Cts. 28. 88 29. 13 29.88 29.88 29. 63 29. 38, 27. 88 27.75 27. 50 27.75 27.75 27. 50 28.68 28. 81'29. 63 29, 75-29. 38 29.00'27.88 27. 63 27. 63 28. 13 28. 13 28.00 28.70 28. 58 29.15 29. 17 29.00 28.75,28. 25 28. 00 27.80 28. 20 28. 13 27.85 28. 50 28.75 29.38 29.63 29. 38 29.00 27.75 27. 50:27. 50 27. 75 27.75 27.50 28. 63 28. 80 29. 40 29. 40 28. 80 28. 80 29.00 28.75 28. 25 28.75 28.75 28. 50 29. 50 29. 50 30.00 30.00 29.75 29.75 28.75 28.75 28 50 28. 50 28. 50 28. 50 29. 00 29. 00 29. 50 29.75 29. 50 29. 25 28. 25 28. 25 28. 00 28. 25 28. 25 28.00 28. 1528. 30 28.75 29. 05 28.75 28.55 27.80 27. 50 27. 40 27.80 27.80 27. 55 29.05 29. 25 29. 75 29.75 29. 55 29.30 28. 25 28. 00 27. 90.28. 25 28. 25 28.00 29. 1529. 30 30. 00 30. 10 29.75 29. 35 28. 60 28. 25 28.05 28. 45 28. 30 28. 10

1 Exports to Canada are for the period Aug. I to May 31,

Exports for the week ending June 27 amounted to 47,390 bales, compared with 57,640 bales the previous week, 43,956 bales for the corresponding week in 1923, and 58,895 bales for the week ending June 26, 1914.

Average... 28. 82 28. 94 29.54 29. 65 29. 35, 29. 11 28, 24, 28. 04 27.85 28. 1828. 16 27.95

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