Dairy and Poultry

Butter Markets Opened Weak, Closed Firm

Butter markets for the week ending July 5, opened weak, with decided declines on all markets, but the weakness was short lived. At the decline, more interest became manifest, due possibly to the additional buying for consumptive needs over the holiday and the week end, and this improved demand supported the market sufficiently to prevent further than these early declines.

Trading throughout the week was fairly active and stocks showed a material reduction on all markets. Coupled with lighter receipts this may have given some basis for the much firmer feeling which prevailed. The into-storage movement continued to be quite heavy with some dealers still sending desirable lots of high cost butter to the freezer rather than sell at a loss. Many operators also stored considerable butter for their own account. The June storage increases in the four markets were approximately a million pounds less than last year, but even with this lighter movement the surplus over June first, 1923, in these markets was 4,700,000 pounds.

Production reports which at this time of the year and for the next two months are such an important factor, were conflicting, reports on crop and weather conditions quite generally agree that conditions are ideal for a heavy production of butter. Feed is reported plentiful and pastures in nearly all sections are good. The cool weather has greatly retarded the usual fly nuisance, but in some southwestern States complaints are beginning to come in. The dampness, however, has been very favorable for mosquitoes, and in some sections they are quite plentiful. On the whole, however, production is holding up very well, as is shown by available reports. The American Association of Creamery Butter Manufacturers for the week ending June 28 reported an increase of 5.5% over the corresponding week last year and a decrease of .31% from the previous week this year. The Minnesota Cooperative Creameries Association show a slight increase over last week amounting to .684 per cent.

The Danish markets continue firm with practically no change in the offerings. Some small shipments of Holland and Danish butter previously contracted for are expected in the near future, but at present it does not appear that foreign butter will be much of a factor for some time. Arrivals of foreign butter for the week under review were 2,908 casks of Danish unsalted and 1.000 boxes of Argentine.

entirely on held cheese has ceased and is concerned chiefly with current made goods.

One feature of the week under review was that demand from speculative sources was very light. The month of June closed many of the transactions of a contract type and the possibility of getting June dates on goods stored was limited to the very first of the week. The lack of speculative interest served to strengthen the impression that confidence in the current level was not as strong nor as wide spread as it had been. Storing operations on the distributing markets were largely confined to firms having quantities of high cost goods on hand and chose to risk the chance of a larger gain by storing against a smaller immediate profit or perhaps a loss.

Western Cheese Markets Dull

During the week June 30-July 5, trading to a considerable degree lacked the activity which had existed the previous week at the western markets. The continued heavy receipts and prospects of heavy production together with a slight falling off in demand toward the close of the week caused prices on the Wisconsin Cheese Exchange on June 28 to decline to a slightly lower figure. Dealers found it necessary to reduce asking prices. At the lower prices trade was fair as there was a certain amount of demand particularly from eastern points where conditions were more favorable. That there was an undercurrent of easiness if not of weakness throughout Wisconsin was clearly evident by the lower values which prevailed at the Cheese Board meetings on July 3d and 5th. The reductions were slightly more than was generally anticipated indicating that the underlying weakness was more pronounced than surface conditions showed.

The Chicago market was little more than steady, trade was quiet and buyers operated conservatively. In general, the western markets, particularly Wisconsin points and Chicago lacked the activity of previous weeks and were distinctly weaker.

Pro

Conditions at New York, Boston, and Philadelphia were considerably better than those in the West being fairly active throughout the week. Buyers were generally confident and dealers inclined to hold for slightly higher prices. Current arrivals were light and were kept fairly well cleaned up. duction in New York State still is influenced by the backward season. Dealers at New York State points were able to obtain better prices than those at New York and other eastern markets. It was natural that those markets should be firm. The held cheese market has practically closed. Interest at the eastern markets which throughout a large part of the year is

Grain

New Wheat Movement Increasing

The new wheat movement in the Southwest increased during the week June 30 to July 5. Harvesting was about completed as far north as Kansas and threshing had begun in the southern part of that State.

Threshing returns from Oklahoma and other Southwestern States show larger yields than were expected and the winterwheat crop now appears to be larger than the Government estimate of June 1. Weather conditions in the spring-wheat territory have also been favorable and reports indicate that if these conditions continue favorable until harvest time, the crop will be around 200 million bushels this year.

FOREIGN CROPS SHOW SLIGHT CHANGE

Foreign crop conditions were but little changed during the week. Latest reports indicate that wheat acreage in the Northern Hemisphere, exclusive of Russia, for the 1924 harvest is about 43% less than last year but about 6% above the average acreage for the same territory during the pre-war period 1909-1913. With a 41% decrease in acreage and with the generally late spring season it is estimated that the production will be about 10% less than the 1923 crop. Reports from various sources indicate that the cereal crop in Russia will be smaller than was harvested last year.

Reports from the Canadian spring-wheat area state that weather conditions for the growth of the spring-wheat crop were generally favorable during the week under review, although rain is needed over a good part of the area and unless received within a short time the crop is likely to show deterioration.

Prices were but little changed during the week at the principal markets, but the demand was slightly less active toward the close, when it appeared that receipts would be materially increased within the next few days. The future markets were closed during Friday and Saturday of this week, but at the close of the market on Thursday July wheat was about 13 higher than at the close of the previous week, while September wheat was only e higher.

In the spring-wheat markets the demand for high-grade and milling wheat continued good, but the larger offerings of highgrade new wheat from Oklahoma had a tende..ey to weaken the market, and bids for this wheat at the close of the week were 2 to 5e lower than at the close of the previous week. The average quality of the spring wheat arriving at Minneapolis was lower than recently and only a very few cars were sold at the top of the range, which was from 5 to 27¢ over the July future price for No. 1 dark northern.

The demand for durum wheat was rather limited, but the market held steady. No. 1 amber durum sold over a range of from 2¢ under to 4 over the Duluth July price, which closed on Thursday at $1.231.

The hard winter-wheat markets weakened slightly during the week as receipts of new wheat became larger. Country shippers were offering more freely, although it was reported that elevator operators and other buyers had been unable to contract for any large quantity of new wheat on the basis of prevailing bids, which were around 1e per bushel over the July delivery price for No. 1 hard winter basis Kansas City. Northwestern mills and some eastern mills were the most active buyers of new wheat at Kansas City, and this was an important sustaining influence in prices in the southwestern markets.

The first car of new hard winter wheat arrived at St. Louis during the week from Oklahoma and sold at $1.24. No new wheat was reported at Omaha. The protein content of later arrivals appears to be better than for the early shipments, and the wheat with the lower content was in less active demand at both Kansas City and Wichita. Harvesting was almost completed in the territory tributary to that market, and threshing returns indicated almost twice the yield expected May 1.

Exports were materially larger than during the previous week but were of old wheat and more than half of the amount was from the Pacific coast ports. Sales of new wheat for export reported showed some increase as prices were more in line with competitive markets. Hard winter wheat at the Gulf was quoted about 5e under the price of Canadian wheat and the Chicago September price was 6e under the Argentine price. If quotations for these wheats continue on this same basis, a good export business was expected by the American exporters. With the recent advance in wheat prices at Buenos Aires it was reported that the price of Argentine wheat c. i. f. European ports would be about $1.36 per bushel not counting loading charges or costs other than freight charges.

CORN PRICES REACH NEW HIGH LEVEL

Corn prices reached new high levels on Thursday when July corn at Chicago reached 743. Continued wet weather over a large area of the Corn Belt and generally poor crop prospects were principally responsible for the advancing market. Commercial stocks have been materially reduced but receipts during the week showed some increase in the principal markets.

Country offerings continued light. While some farmers were taking advantage of the high prices the general tendency was to hold their stocks until they could better determine the outcome of the new crop.

The recent pig survey by the department shows a production of about 32 million hogs in the Corn Belt from the 1924 spring pig crop, or a reduction of about 8 million hogs over the crop of 1923. Breeding intentions for this coming fall in the Corn Belt indicated a production of about 15 million hogs, which was a decrease of about 3 million from the production in the fall of 1923. With this reduction in hogs the demand for corn from the next crop apparently will be less than from the present

crop.

The current demand became less active during the week as buyers were taking only sufficient corn at the higher prices for their immediate needs and were substituting oats and other grains where possible.

The oats market lost a good part of the gain of the previous week and July oats at Chicago closed on Thursday at 50e, a net decline for the week of about 3. Offerings of Canadian oats in New England territory, duty paid, at prices lower than domestic quotations were largely responsible for the break in future prices and cash prices followed the decline as demand became less urgent. New oats from Texas were again offered at a discount of about 4é per bushel under offerings from the Central Western markets which restricted the southern demand in those markets. Receipts were very light and were readily absorbed at current prices. Elevators and shippers were the principal buyers at Chicago and a car of No. 2 white oats sold on Tuesday at 601 the highest price paid during the present crop year. A purchase of new oats from Indiana for August shipment was reported by a local dealer on the Chicago market but very few sales of new oats except in the Southwest have been made to date because of the lateness of the crop in the central western territory.

The rye market held fairly steady during the week although future prices at Minneapolis declined e. Shipping demand fell off somewhat but mills were active buyers for Nos. 1 and 2 rye at 1 to 2e over the July price and elevators took the balance of the offerings.

The barley market remained practically unchanged. Demand at the principal markets was fairly active and sufficient to absorb all arrivals. Commercial stocks have become very small but there was some increase reported during the week in Minneapolis.

The general price level was changed but little during the week although the demand was principally for the better grades and the lower grades continued to sell very slowly even at wide discounts.

The market situation at Boston was not changed materially during the week under review. Offerings of the best grades were taken readily upon arrival but receipts of this character of hay were very light. Most of the arrivals were of the lower grades coming principally from Maine and Canada, for which there was very little demand even at heavy discounts in price.

The New York market was also rather dull, but there was a slight improvement in the demand toward the end of the week when receipts became lighter. While stocks in public warehouses in that market are rather large they are probably not more than sufficient for the needs of the trade until the movement of the new hay begins. No. 1 timothy in large bales was scarce, and the market was very firm for this kind of hay.

Other eastern markets were practically unchanged. The accumulations of hay at Baltimore were well cleaned up and

the Pennsylvania Railroad again raised its embargo against shipments to that market.

Receipts were of moderate volume at Pittsburgh but sufficient for the limited demand. There was an oversupply of clover and clover mixed hays and these hays sold at a wider discount than usual under the timothy grades.

The Cincinnati market was dull early in the week because of the falling off both in demand for shipment and for local consumption. The market was firmer later, however, as a better inquiry developed for hay to be shipped out of that market and receipts became smaller.

CHICAGO RECEIPTS LARGER

The Chicago market was closed during the last two days of the week but for the first four days receipts were larger than for the previous week. A large percentage of the arrivals consisted of medium quality hay for which there was a moderate demand because of the scarcity of better grades. There was a ready sale for all desirable offerings of both timothy and light mixed hay and some demand for heavy clover mixtures for outside shipment. The local demand for clover mixtures, however, was rather dull because of the approach of the time when new clover hay would be offered on the market. The St. Louis market was firm because of very light receipts. The demand was limited, however, and was only sufficient to absorb the small offerings.

Southern markets continued inactive. With plenty of local forage available in most sections of the south, there was a very light demand for hay to be shipped in. Dealers also were making an effort to clear up the stocks of old hay before purchasing any of the new crop.

The alfalfa market held fairly firm during the week. Receipts of new hay at Kansas City were smaller than for the previous week but the quality showed some improvement. Weather in producing territories tributary to that market had been more favorable for the curing of the hay and there was less heating hay arriving on the market. The first cars of second cutting hay arrived during the week. There was a good southern demand for bright green dry alfalfa and hay suitable for dairy purposes. Heating and damaged hay continued difficult to dispose of. Mills and warehouses were the principal buyers of the heating hay for reconditioning and storing.

The

The markets on the Pacific coast continued firm. drought in that territory has created a good demand for hay and supplies are being rapidly consumed.

The movement of the new prairie hay in the southwest was of larger volume and the arrivals were in very good condition. Good quality new hay sold at the close of the week at $12 per ton and local dealers and feeders were the principal buyers. Stock yards were practically out of the market all week. The demand for prairie hay was not of great volume and considerable hay was carried over on Saturday. Quality of the prairie hay shows some improvement. There appeared to be danger of an over-supply of poor hay in the market which would very likely lower the price level. The demand for old prairie hay both at Kansas City and at other prairie markets was of only moderate volume. At Minneapolis the demand was for good hay only, the damaged hay being sold for packing purposes.

Feed

Holiday Dullness in Feed Markets

The usual holiday rut prevailed in the mill-feed markets during the week June 28-July 5. Trading was very dull and prices were inclined to be slightly lower, especially for wheat feeds. However, there was no pressure of consequence and even with the quiet state of affairs there was comparatively little feed offered for sale. This was primarily due to the fact that feed manufacturers have been the principal buyers on the recent advance and shipping directions for July contracts have been coming in from these sources in a satisfactory manner. It was noted that jobbers and speculators did not seem quite so anxious as they were during the last few weeks to accumulate large lines of feed for future shipments. The consuming trade has not as yet responded substantially, in fact, the demand from the interior has been and continues exceedingly light, hence quite a few resellers tried to dispose of their holdings before reentering the market. While the distributing trade as a whole is confidently expecting a better feeding demand during the latter part of July and the strength in grain has had a tendency to maintain a bullish sentiment, there were many who cautioned against the overextending of purchases for distant shipment in view of prospects for increased production of a number of feedstuffs in the near future, and the generally satisfactory pasturage conditions in important dairying and feeding sections.

RETAIL STOCKS NORMAL

Stocks in retail dealers' hands and those held in storage were thought by the trade to be about normal.

Wheat-mill feeds.-A weaker tone developed in the market for wheat-mill feeds. The demand for bran fell off rather sharply, this being particularly noticeable in the South and Southwest, where the week-end bids were fully $1-$1.50 net lower for the week. Flour mills offered their offal in somewhat larger volume, mostly for near-by shipment, however with a tendency to trade cautiously in the distant positions, owing to the extremely small volume of new crop flour sales to date. This may result in larger offerings of these feeds when mills begin grinding actively, but, generally speaking, the mixing trade has not contracted for its later requirements and may thus provide a broader outlet. Shipping directions on old flour contracts were very good and indications therefore were for a continued fair output of wheat feed during the next few weeks. Production was good and the output of mills was fully in line with average operations for this season of the year. Mill-feed shipments from Minneapolis since January 1 were 353,749 tons compared with 306,219 tons for the same period last year. This week they were 10,091 tons compared with 8,310 tons for the same week last year. Stocks in retail dealers' hands appeared good, resulting in few inquiries from that source except for middlings, which in a few sections ruled strong and were in active demand. Storage stocks, particu

larly at the head of the Lakes, continued rather heavy for this time of the year.

Cottonseed cake and meal.-The cottonseed cake and meal market was firm but inactive. Southwestern mills, which principally manufacture the 43 per cent cake and meal, advanced their prices about $1 per ton. Stocks in the Southwest have been considerably depleted as a result of the brisk demand from the mixed-feed trade and export operators who easily absorbed the light offerings. Feeders bought cake and meal sparingly, but considering the high level of corn prices a heavier demand from this class of trade is expected to develop. In the Southeast stocks were fairly good for this season of the year and largely due to the light demand for the low protein cake and meal, mills in that territory did not advance their prices.

LESS DEMAND FOR LINSEED CAKE

Linseed cake and meal.-The demand for linseed cake and meal fell off considerably during the week. Good pastures and warm weather in sections where these feeds are heavily used no doubt accounted for the inability of a number of mills to secure shipping directions on old contracts. The result was that prices were cut $1.50 to $2 per ton. Even at the reduction inquiries were few. The lull in the demand caused a few resellers to become panicky and to dispose of their holdings at sacrifice prices. With the mills quoting 34 per cent meal at $41.50 Minneapolis some sales by resellers were reported at as low as $40 per ton. Production was only fair but stocks in the Minneapolis markets were large. The movement was light.

Hominy feed.-Under decreased offerings of hominy feed and small stocks available in the near-by positions the market for this line of feed tightened up further and quotations were about 50 cents per ton higher than last week. The sharp advance in corn has curtailed production and consequently offerings were light. Only hand to mouth purchases were reported from most markets as buyers were reluctant to pay prevailing high prices. Spot supplies and stocks at mills were very small. The movement was light.

Gluten feed. There was a further increase in the price of gluten feed by the principal manufacturers. Stronger cash corn markets were said to be mainly responsible for the advance. Sales were rather light, but as practically all of the July tonnage has already been booked the offerings for quick shipment were equally light. A fairly good inquiry developed for August shipment, but only a small volume of business was placed for that month's shipment. Production was light and the stocks at mills were small. The movement was also light. Gluten meal in 100-pound sacks was quoted at $46.90 Chicago.

Alfalfa meal.-The alfalfa meal market was quiet and fairly steady with offerings a shade lower for deferred shipment. New crop alfalfa meal is now quite generally offered from the West, but buyers appeared rather bearish as to prices and took hold only in a very limited way. Scattered sales were made for deferred shipment at practically a parity with the spot market. Choice alfalfa meal was more plentiful than it has been for some time and as a result was quoted in the Omaha market at $3 per ton lower than last week. It was quoted in most of the markets at $2.50 per ton premium over No. 1, while No. 2 was available at a discount of $3.50 per ton under No. 1. Production, stocks, and the movement were good.