Grain Prices Average Prices of Wheat, Corn, and Oats at Certain Markets October, 1923, to October, 1924 Daily Weighted Price per Buskel of Reported Cash Sales at Stated Markets, Week of November 1-7, 1924 OND J F M A M J J A S O N D OND J F M A M J J A S O N D The timothy market was easy. The Boston market was about steady as receipts fell off slightly although there was still a considerable accumulation of medium and lower grades at the railroad terminals. Arrivals of the best hay were light but were equal to the demand and the top quotations were difficult to obtain. Receipts were moderate at New York and the demand was good for the light supplies of No. 1 timothy in both large and small bales. Offerings of medium and low grades were ample for buyers' needs. The Philadelphia market was practically unchanged with good hay moving readily, but ordinary and poor hay finding slow sale. Truck receipts from nearby country points continued to satisfy most of the hay requirements at Baltimore although there were a few calls for the best grades of timothy and light clover mixed. Poor hay was plentiful and hard to move. Low grades were not wanted at Richmond. Good hay sold readily at Pittsburgh, but out of a total of 123 cars only 5 graded No. 1, while 37 made "Standard," the balance running Nos. 2 and 3. Offerings of these lower grades were in excess of the demand and there was some accumulation on the tracks. The Cincinnati market developed a stronger underCarload Prices of Hay and Straw per Ton tone and top grades sold readily, but inferior grades made up the bulk of the arrivals and met with practically no demand. Receipts increased at Chicago and prices declined about $1 per ton. Top grades were wanted, but medium hay moved slowly and damaged hay was almost unsalable. High grade timothy was in demand at St. Louis, but the market was overstocked with the lower grades. Track accumulations were cleaned up at Minneapolis and St. Paul as the receipts turned lighter. Southern markets continued to absorb the bulk of the offerings at Kansas City, although the demand was slack and this market was out of line for shipment to the Southeast. Timothy from Denver was moving toward the Missouri. The market was dull at New Orleans, although somewhat improved by the lack of local forage. Demand was mainly for the best timothy. Large amounts of local hays were still on hand at Savannah and low grade hay reconsigned to this market was selling at a loss. Receipts increased at Memphis, but demand continued very quiet, although prices were unchanged. Alfalfa was draggy with very light demand. No. 1 second cutting was wanted at Richmond, but alfalfa sold slowly at Cincinnati and was plentiful at St. Louis. Top grades met with a limited demand at Chicago, but brown and coarse hay was almost unsalable. Some South Dakota alfalfa arrived at Minneapolis and St. Paul, grading mostly Standard and No. 2. There was not much demand for the brown stalky hay and No. 2 alfalfa sold down to $14. Receipts were lighter at Omaha, but the demand was slow and prices were unchanged. Mills were taking only a little and the eastern trade continued slow. Montana alfalfa shippers were asking for bids, but local mills were not much interested. Arrivals fell off at Kansas City, but were fully equal to the market needs. Mills were not in the market and milling hay was hard to sell. Dairies were buying only an occasional car, while warehouses are full and are practically out of the market. There was a small shipping trade to the South and Southeast. The market was slow at San Francisco and steady at Los Angeles. Open weather reduced the consumption of alfalfa on the Northern Pacific coast and prices declined as offerings increased. Prairie hay was weak on the better grades while poor hay was very hard to move. Good hay sold readily at Chicago, but low grades were almost unsalable. The stockyards took half the offerings at Minneapolis and St. Paul and the market ruled steady. Prices were nomially unchanged at Omaha, although considerable off grade prairie sold at a sacrifice early in the week. The stockyards were practically out of the market at Kansas City and hay was carried over from day to day. Even good hay moved slowly and low grades were hard to sell even at greatly reduced prices. The shipping trade was very light and several days good hay was offered at $9 per ton, but was carried over because of no bids. Kansas prairie was moving to New Orleans as the Louisiana quarantine against Texas hay continued in force, but the movement was light. The straw market was practically unchanged with the offerings equal to the needs of the trade. No. 1 rye straw was wanted at Baltimore and Chicago. Feed Feed Prices Display Firmer Tendency Colder weather in the Northwest and advancing grain markets had a tendency to strengthen feed prices toward the end of the week November 1-8. The effect thus far has been largely sentimental with the speculative trade as the demand from the interior continued light. The scheduled advance in milk prices in some States may cause the use of more feed and a consequent increased demand from the interior trade. With the present situation rather firm, many traders expressed the belief that should this demand develop prices would be bound to advance. Some interest was shown by buyers in deferred shipments, but as holders were generally asking premiums for the later deliveries and buyers were unwilling to trade except on a basis of present values, trading in the futures was practically at a standstill. Most feeding sections are well stocked up on locally produced forage and grain and late pasturage still tends to curtail the demand. The output of mill feeds was heavy. The production of oil meals was especially good and they were not quite so firm as other feeds. Offerings generally were more than ample for requirements. The movement was good. Cana Wheat mill feeds.—The demand for wheat mill feeds was extremely slow during the early part of the week with offerings liberal both by mills and resellers. In fact, eastern mills reduced prices about $1 per ton in order to stimulate the demand. Reports of colder weather in some sections caused jobbers to take hold, with the result that at the close mills were sold up for nearby shipment and prices fully regained their loss. dian and Buffalo mill offerings continued to keep western prices out of line for eastern business. In western shipping markets operators owning deferred-shipment feed showed little inclination to dispose of same at prevailing quotations, and offerings of bran and middlings for shipment beyond prompt were scarce. The demand was largely of a hand-to-mouth character, and offerings were ample for all wants. Prices of bran and middlings were unchanged in most markets, with middlings maintaining their premium over bran. The heavy feeds were not as active as they were during the last few weeks, and flour middlings were quoted sharply lower. They were offered in Minneapolis around $30 and red dog could be bought in that market at as low as $37 per ton. Some inquiries were received from foreign importers for both bran and middlings. Present prices quoted abroad for these feeds would permit importations from Canadian markets. The latter offered pure bran in northeastern markets at $31.50 Philadelphia rate basis for immediate and at $32 for December shipment. Production and the movement were good. Storage stocks continued large. Cottonseed cake and meal.-Cottonseed cake and meal prices were easier. Texas and Oklahoma mills offered freely at the lower quotations because of accumulations at mills. Jobbers were slow to follow the decline, expecting an improved demand with the advent of cold weather. Export sales were light. Sales to mixers and the interior trade were of small volume. During the last few days of the week the demand was slightly better, resulting in a firming up of prices. Stocks were good. Linseed cake and meal.-The linseed cake and meal market turned stronger. Renewal of export buying of cake and fairly large sales to mixers were the factors which caused a moderate advance. However, at the increased prices trading became dull again. With mill offerings and mill output on a liberal scale few interior buyers seemed anxious to stock up. Stocks were fair and the movement good. From Minneapolis 5,559,455 pounds were shipped, compared with 6,739,165 pounds during the previous week and 5,016,581 pounds during the same week last year. Shipments from that market since September 1 totaled 51,067,844 pounds compared with 45,581,966 pounds for the same period last year. Gluten feed. The demand for gluten feed was dull although somewhat better than it has been for sometime. Prices quoted by mills were unchanged from last week but many resellers were found willing to discount mill prices 50-75 cents per ton in order to dispose of their holdings. Eastern stocks were heavy but those in the Central West are reported to be light. Quite a few dealers in the latter section have recently shown an inclination to anticipate their requirements for the next few months. Offerings were quite liberal for 30-days' shipment, seller's option, and limited amounts for December shipment were available. Both were quoted at prevailing prices with the guaranty against decline on date of arrival at destination. Hominy feed.-The demand for hominy feed improved substantially in sympathy with the demand for coarse grains. White hominy showed a firmer tendency than yellow but both were advanced by mills about $1 per ton. Offerings were liberal, in fact, in excess of the demand, yet resellers were disinclined to force sales at concessions because of reports of poor husking returns. Production, stocks, and the movement were good. Alfalfa meal.-Alfalfa meal was quiet. Spot stocks were ample for present moderate wants. Mixed feed manufacturer's bought lightly. Millers offered quite freely both for immediate and future shipment. Production and mill stocks were good. Quotations were unchanged from a week ago to slightly lower. Chicago resellers quoted choice at $29; No. 2 at $23. The November 1 estimate of flax in the United States was for a total crop of 30,652,000 bushels, which established a new record, being higher than the record crop of 1902 estimated, at 29,285,000 bushels. The United States is in a favorable position in the flax market also. According to the latest estimates the supply this year will total only about 80,650,000 bushels distributed as follows: United States 30,650,000, Canada 6,000,000, India 16,000,000 and Argentina 28,000,000 bushels. The flax consumption in Europe and the United States is estimated at about 85,000,000 bushels, making no allowance for seed requirements. Carload Prices of Feedstuffs at Important Markets, November 8, 1924 Cotton prices during the week November 3-8, were comparatively steady with a good undertone. Fluctuations were also within a narrow range with final prices up about 2 per lb. for both spot cotton and future contracts. December future contracts on the New York Cotton Exchange closed at 23.44 as compared with 22.856 the previous week and 33.00 a year ago. On the New Orleans Cotton Exchange December future contracts closed at 23.414, compared with 33.47¢ a year ago. On Saturday, November 8, the Government estimate of the crop as of November 1, was released at 11 o'clock. On that day December future contracts on the New York Cotton Exchange opened down 15 points as compared with Friday's close of 23.00, but immediately after the release of the report the market advanced sharply, gaining about 65 points and closing at 44 points higher than the previous day. Both the estimated crop figures and the ginnings released by the Bureau of the Census were substantially in line with trade expectations. Reports indicated that holders of spot cotton in the South were indifferent sellers at present price levels and that considerable inquiry came from mill interests for grades below Middling, which, however, are rather scarce at this time on account of the fine weather prevailing for some time past throughout the Cotton Belt, which prevented any material lowering of the grade of the unpicked cotton. The average price for Middling spot cotton in 10 designated spot markets closed at 23.22¢ per lb. as compared with 22.68¢ the previous week and 32.35é one year ago. Spot transactions in the 10 designated spot markets amounted to 158,683 bales compared with 211,574 bales last week and 159,636 bales a Port receipts.. Interior stocks. Northern spinners' takings.. Southern spinners' takings. World's visible supply of American cotton. 3, 5343, 775 4, 6243,776 Norfolk. Augusta. Savannah. Montgomery. New Orleans. Memphis.. Little Rock. Dallas.... Nov. 3-8, 1924 Nov. 5-10, 1923 Mon Tue Wed Thu. Fri. Sat. Mon Tue. Wed Thu. Fri. Sat. Cts. Cts. Cts. Cts. Cts. Cts. Cts. Cts. Cts. Cts. Cts. Cts. 23.00 (1) 23, 13 22. 88 22, 88 23. 5031.75 (1) 33.00 33.00 31.88 32.00 22.75 (1) 23. 00 22. 8123, 0023, 31 31. 81 32, 75 33. 00:33. 06 31, 88 32. 06 23.10 (1) 23. 25/22, 95/23. 10/23, 62:31, 5032, 50|32. 75,32, 7531. 60 31, 75 22.37 (1) 22,50 22. 13:22. 30/22 7531, 5032, 2532. 50 32. 7581. 63.31. 75 23.00 (1) 23.05.22. 90 22, 95 23. 45 32.00 33. 2533, 25 33. 50 33.00 33.00 22.75 (1) 22. 75/22. 75/22. 75 23. 00 32. 2532, 50 33. 00 33. 25 33.25 33.25 22. 75 (1) 22, 75/22. 62 22, 62/23, 00,32. 2532, 50 33. 25 33. 50 33.00 33, 00 22. 15 (1) 22. 30 21. 95,22, 1022, 50 31, 90 32, 80 32. 95 33. 05/31. 65 31. 85 23. 20 (1) 23. 20 22. 95 23. 1023, 5032. 2533. 25 33. 40 33. 40.32. 00,32. 25 23. 20 (1) 23. 3523. 05/23. 20/23, 6032, 4033. 20 33. 30 33. 30'32. 3032, 60 Average... 22, 83 Houston.. Galveston... 1 Holiday. 22, 93 22. 70 22.80 23. 2231.96 32. 78 33. 04.33. 16:32. 22,32. 35 022. Great Britain.. France.. Germany. Italy. Japan. China.. Bales 721,926 300, 934 Bales Per ct. 505, 443 142.8 257, 072 117.1 336, 124; 150, 6 124, 655; 145.7 152,982 126.9 16,860 57.6 87,771 91.7 Bales 1, 091, 064 Bales Bales Bales 427,866 525, 525 601, 408 510, 633 58,141 121. 2 20,306 75,0 1 Exports to Canada are for the period Aug. 1 to Sept. 30. None to Russia. * Includes 53, 295 bales to Russia. Exports for the week ending November 7 amounted to 339,512 bales, compared with 276,344 bales the previous week, 87,388 bales for the corresponding week in 1923, and 391,531 bales for the week ending November 7, 1913. Spot Cotton Quotations for November 8, 1924, and Sales During Week of November 3-8, 1824 Price of No. 5 or Middling spot cotton for November 8, the commercial differences in price between No. 5 and other grades of American Upland cotton at each of the 10 markets named, and average differences and prices for the corresponding day in previous years, together with the total number of bales sold during the week of November 3-8, 1924, in each of the markets and total for all the markets, with comparisons, as reported by the cotton exchanges 1 The differences are stated in terms of points or hundredths of a cent per pound. By "On" is meant that the stated number of points is to be added to the price of No. 5, and by "Off" is meant that the stated number of points is to be subtracted from the price of No. 5. ? These grades are not tenderable on future contracts made subject to section 5 of the United States cotton futures act, as amended, on the future exchanges at New York and New Orleans. Total sales. Sales from Aug. 1 to Nov. 8, 1924, amounted to 2,317,188 bales, compared with 2,081,937 bales during the corresponding period in 1923 and 2,254,205 bales in 1922. |