There were several important developments in the general situation. One
of these was a report from New York that 20,000 bbls. of Canadian flour
had been bought to come to that market. This, of course, had a
depressing influence on wheat prices. During August 3,700 bbls. of flour
and 239,000 bus. of wheat were imported from Canada. This was for
domestic consumption and not for re-export at American ports. Another
bearish development of the week was a report that Hard Winter wheat on
passage for Europe had been sold at 11¢ under the price at which it
could be replaced. It was also reported that Hard Winter wheat was being
resold in London at 5¢ under the replacement cost.
All of the news was not bearish, however. A message from the Pacific
coast early in the week reported that 12,000,000 to 15,000,000 bus. of
Pacific coast wheat were under contract for shipment to the Orient.
Also, on Oct. 3 a message reported an additional 1,250,000 bus. of wheat
sold to Japan. The impression appears to be growing in the grain trade
that the United States has probably already sold for export all the
wheat that can be spared and that there will be a scarcity later in the
season unless there are liberal importations from Canada.
There were some changes in the cash wheat markets. At Chicago a good
demand developed for No. 2 Red Winter and supplies of that kind of wheat
were scarce. The premium over the December strengthened and on Oct. 3
was 5¢ to 6¢. At the same time No. 2 Hard Winter sold at ¹⁄₄¢ to 1¢ over
December. Receipts of wheat showed a decreasing tendency at Kansas City
and the premium strengthened. On Oct. 3, No. 2 Dark Hard Winter sold at
11¢ over Kansas City December, as compared with 7¢ over on Sept. 26.
During the week Kansas City December wheat declined 6¢ to $1.10¹⁄₄. No.
2 Dark Hard at 11¢ over December sold at $1.21¹⁄₄ as compared with
$1.23¹⁄₄ on Sept. 26. That is, cash wheat on Oct. 3 was only 2¢ lower
than on Sept. 26. while the December future was 6¢ lower.
=GRAIN PRICES.=
=Daily Average of Cash Sales at Certain Markets, Week Ending Friday,
Sept. 30.=
[Cents per bushel.]
WHEAT.
------------------------+------+------+---------+------+------+------
| Sat. | Mon. | Tue. | Wed. | Thr. | Fri.
------------------------+------+------+---------+------+------+------
CHICAGO. | | | | | |
Dark Nor. Spg. No. 3|145 | ... | 145 | ... | ... |144
No. 4|134¹⁄₂| ... | 140 | ... | ... |140
Hard Winter No. 2|126¹⁄₂|121¹⁄₂| 124 |122 | ... | ...
Yellow Hard Winter No. 2| ... |122¹⁄₄| 120 | ... | ... |117¹⁄₂
No. 3|122¹⁄₂|120³⁄₄| 118¹⁄₂| ... | ... | ...
Red Winter No. 2| ... | ... | 124¹⁄₂| ... | ... |126
MINNEAPOLIS. | | | | | |
Dark Nor. Spg. No. 1|160 |159 | 158 |155 |154 |155
No. 2|157 |155 | 153 |152 |148 |151
No. 3|151 |148 | 148 |146 |142 |144
No. 4|143 |140 | 139 |138 |134 |135
Nor. Spg. No. 1|153 |152 | 150 |149 |149 |150
No. 2|145 | ... | 148 |147 |144 |146
No. 3| ... |142 | 137 |137 |132 |137
No. 4|136 |135 | 134 |128 |130 |125
KANSAS CITY. | | | | | |
Dark Hrd. Wir. No. 1| ... | ... | 133 |127¹⁄₂|120 |124
No. 2|133³⁄₄|134³⁄₄| 131¹⁄₄|129³⁄₄|126⁷⁄₈|130
No. 3|129³⁄₄|132³⁄₈| 133 |126⁵⁄₈|122³⁄₄|126
No. 4|127 | ... | 130 |124 | ... |124
Hard Winter No. 1|122 |118³⁄₄| 120¹⁄₄|117³⁄₈|119¹⁄₂|122¹⁄₂
No. 2|122¹⁄₂|121⁵⁄₈| 122⁵⁄₈|119 |119³⁄₈|119¹⁄₄
No. 3|120¹⁄₄|123³⁄₄| 121³⁄₄|120 |118¹⁄₂|117⁷⁄₈
No. 4| ... |118 | 118⁵⁄₈| ... |116⁵⁄₈|115³⁄₄
Yellow Hard Winter No. 2|119 |117 | 115¹⁄₂|113⁵⁄₈| ... | ...
Red Winter No. 2| ... |132 | 130 |130 |128 | ...
No. 3| ... |127 | 125³⁄₈|123 |120 |120
No. 4| ... |110 | 111⁵⁄₈|113¹⁄₂|112 | ...
OMAHA. | | | | | |
Dark Hrd. Wir. No. 2| ... |122 | 120 | ... |118 |
Hard Winter No. 1|118³⁄₈|116 | 116 |116 |114³⁄₈|113¹⁄₂
No. 2|118³⁄₄|116¹⁄₄| 114¹⁄₈|114³⁄₄|113³⁄₈|112¹⁄₂
No. 3|117 |118 | ... |115 |111³⁄₄|111
Yellow Hard Winter No. 2|115 |115 | 133 |112¹⁄₄|112³⁄₈|112¹⁄₄
No. 3|113 |112 | 110³⁄₄|110 |110⁵⁄₈|111
No. 4| ... |111 | 109¹⁄₂| ... | ... |109
ST. LOUIS. | | | | | |
Red Winter No. 2|139⁵⁄₈|137¹⁄₄| 136 |133³⁄₄|133¹⁄₄|135¹⁄₈
No. 3|130⁷⁄₈|130⁷⁄₈|[1]129 |126³⁄₄|124¹⁄₄|129³⁄₄
No. 4|127 |125 |[1]121 |116¹⁄₄|113¹⁄₂|116¹⁄₂
------------------------+------+------+---------+------+------+------
CORN.
------------------------+------+------+---------+------+------+------
CHICAGO. | | | | | |
White No. 1| 53³⁄₄| 52³⁄₄| 51³⁄₄| 50¹⁄₄| 49 | 48¹⁄₄
No. 2| 53³⁄₄| 52³⁄₄| 51³⁄₄| 50¹⁄₄| 48³⁄₄| 48¹⁄₄
No. 3| 53¹⁄₄| 51³⁄₄| 51 | ... | ... | 48
Yellow No. 1| 54 | 52³⁄₄| 51³⁄₄| 50³⁄₄| 49³⁄₄| 48¹⁄₂
No. 2| 53³⁄₄| 52³⁄₄| 51³⁄₄| 50³⁄₄| 49¹⁄₄| 48¹⁄₂
No. 3| 53¹⁄₄| 52¹⁄₄| 51¹⁄₂| 50¹⁄₄| 48³⁄₄| 47³⁄₄
Mixed No. 1| 53³⁄₄| 52³⁄₄| 51¹⁄₂| 50 | 48³⁄₄| 48¹⁄₄
No. 2| 53¹⁄₂| 52¹⁄₂| 51¹⁄₂| 50 | 48³⁄₄| 48¹⁄₄
No. 3| 53¹⁄₄| 52¹⁄₄| 51 | ... | 48¹⁄₂| 47³⁄₄
No. 4| ... | ... | 50³⁄₄| ... | 48 | 47¹⁄₄
MINNEAPOLIS. | | | | | |
Yellow No. 1| 47 | 46¹⁄₄| 45¹⁄₄| 44¹⁄₂| 43¹⁄₂| 42³⁄₄
No. 2| 47 | 46¹⁄₂| 45 | 44 | 42¹⁄₂| 43
KANSAS CITY. | | | | | |
White No. 1| ... | 46¹⁄₂| 46¹⁄₂| ... | 45 | 43¹⁄₂
No. 2| 46³⁄₄| 46 | 46¹⁄₄| ... | ... | 43³⁄₄
Yellow No. 1| 47 | 45³⁄₄| 45³⁄₄| 46 | 45¹⁄₂| 44
No. 2| 46¹⁄₂| 45¹⁄₈| 45¹⁄₂| 45 | 45 | 44
Mixed No. 2| 43¹⁄₂| 43³⁄₈| ... | ... | ... | 40¹⁄₂
OMAHA. | | | | | |
White No. 1| 42¹⁄₂| 42¹⁄₈| 41³⁄₄| 40¹⁄₂| 39¹⁄₂| 38¹⁄₂
No. 2| 42¹⁄₂| 42¹⁄₂| ... | 40 | 40 | 38¹⁄₂
Yellow No. 1| 42⁵⁄₈| 42 | 41¹⁄₂| 40¹⁄₂| 39¹⁄₂| 38³⁄₄
No. 2| 42⁵⁄₈| 42 | 41¹⁄₂| 40¹⁄₂| ... | 38⁷⁄₈
No. 3| 43¹⁄₂| ... | ... | 40¹⁄₄| ... | 38¹⁄₂
Mixed No. 1| 41¹⁄₂| 41¹⁄₄| 41 | 40 | 39⁷⁄₈| 38⁵⁄₈
No. 2| 41⁷⁄₈| 41 | 41 | 40 | 39¹⁄₄| 38⁵⁄₈
ST. LOUIS. | | | | | |
White No. 1| ... | 50⁷⁄₈| 50¹⁄₂| 48⁷⁄₈| 48 | 33¹⁄₄
No. 2| 52¹⁄₂| 51 | 50 | 48³⁄₄| 48 | 33¹⁄₄
No. 4| ... | 49 | ... | 44 | 44 | ...
Yellow No. 1| 52¹⁄₈| 50⁵⁄₈| [1]50¹⁄₂| 49¹⁄₈| 48 | 47¹⁄₂
No. 2| 52 | 50⁵⁄₈| 50 | 49 | 48 | 47¹⁄₄
No. 3| 51¹⁄₂| 50 | 49 | ... | 47 | 46¹⁄₂
No. 4| 50 | ... | 48¹⁄₂| ... | ... | 45¹⁄₂
------------------------+------+------+---------+------+------+------
OATS.
------------------------+------+------+---------+------+------+------
CHICAGO. | | | | | |
White No. 2| 37 | 36¹⁄₂| 36¹⁄₄| 37 | 35 | 35
No. 3| 34¹⁄₂| 34 | 33¹⁄₂| 32³⁄₄| 32³⁄₄| 33
No. 4| 33³⁄₄| 33 | 32³⁄₄| 32 | 31³⁄₄| 32¹⁄₄
MINNEAPOLIS. | | | | | |
White No. 2| 34¹⁄₂| 33³⁄₄| 33 | 32¹⁄₄| 32 | 32¹⁄₂
No. 3| 33¹⁄₄| 32¹⁄₂| 32 | 31¹⁄₄| 31 | 31
No. 4| 32¹⁄₂| 31¹⁄₂| 31 | 31¹⁄₄| 31 | 30¹⁄₂
KANSAS CITY. | | | | | |
White No. 3| 35⁵⁄₈| 35³⁄₈| 34³⁄₈| 33¹⁄₂| 33⁵⁄₈| 33³⁄₈
No. 4| ... | 34¹⁄₂| 33³⁄₈| ... | 33¹⁄₄| ...
OMAHA. | | | | | |
White No. 3| 31³⁄₄| 31¹⁄₄| 30⁷⁄₈| 29⁷⁄₈| 30 | 30
No. 4| 31 | 30¹⁄₂| 30 | 29¹⁄₂| 29¹⁄₂| 29¹⁄₂
ST. LOUIS. | | | | | |
White No. 2| ... | 37¹⁄₂| [1]37¹⁄₂| 35³⁄₄| 35¹⁄₄| ...
No. 3| 36¹⁄₈| 36¹⁄₂| [1]36 | 34¹⁄₂| 34¹⁄₂| 34¹⁄₄
No. 4| 35 | 34³⁄₄| 34¹⁄₂| 33³⁄₄| 33³⁄₄| 33¹⁄₂
------------------------+------+------+---------+------+------+------
RYE.
------------------------+------+------+---------+------+------+------
CHICAGO. | | | | | |
No. 2 |104¹⁄₂|102 | 100³⁄₄|100¹⁄₄| 99 | ...
MINNEAPOLIS. | | | | | |
Western No. 2| 99 | 97¹⁄₂| 96 | 94¹⁄₂| 93 | 92
------------------------+------+------+---------+------+------+------
Daily Closing Prices of Futures.
------------------------+------+------+---------+------+------+------
CHICAGO. | | | | | |
Wheat Sept.|123¹⁄₂|121¹⁄₂| 119¹⁄₂|117¹⁄₄|118¹⁄₄|116
Dec. |126 |126¹⁄₂| 123¹⁄₄|120⁷⁄₈|123 |120³⁄₄
Corn Sept.| 52¹⁄₄| 51 | 50⁷⁄₈| 49 | 48¹⁄₂| 47
Dec. | 52³⁄₈| 51³⁄₄| 51³⁄₈| 50¹⁄₈| 50 | 49⁵⁄₈
Oats Sept.| 35 | 34³⁄₈| 34 | 33³⁄₈| 33¹⁄₄| 32¹⁄₂
Dec. | 37³⁄₄| 37¹⁄₄| 37¹⁄₂| 36³⁄₈| 36⁵⁄₈| 36³⁄₈
KANSAS CITY. | | | | | |
Wheat Sept.|116 |114 | 112¹⁄₂|111 |110³⁄₄|110
Dec. |117³⁄₄|116¹⁄₄| 115¹⁄₈|113¹⁄₈|114³⁄₄|112
May |121³⁄₄|120¹⁄₄| 119⁵⁄₈|117³⁄₄|119³⁄₈|117¹⁄₈
Corn Sept.| 42⁷⁄₈| 42¹⁄₂| 41¹⁄₄| 40¹⁄₂| 39⁵⁄₈| 39
Dec. | 44¹⁄₂| 43⁵⁄₈| 43¹⁄₄| 42¹⁄₈| 41⁷⁄₈| 41¹⁄₄
May | 48³⁄₄| 48 | 47⁷⁄₈| 46⁷⁄₈| 46⁷⁄₈| 46³⁄₈
Oats Sept.| 34 | 34 | 34 | 34 | 34 | 33³⁄₄
Dec. | 35¹⁄₂| 35 | 34³⁄₄| 34 | 34 | 33⁵⁄₈
------------------------+------+------+---------+------+------+------
[1] Common average.
Cash wheat at Minneapolis declined 2¢ to 5¢ for No. 1 Dark Northern, and
4¢ for No. 2, more than the December future declined. On Oct. 3, No. 1
Dark Northern sold at 10¢ to 18¢ over Minneapolis December and No. 2 at
6¢ to 12¢ over. The weakness in the cash market at Minneapolis was
caused by a poor flour demand and increasing receipts of spring wheat.
Reports from Minneapolis for some time past have reflected a very poor
demand for flour.
The visible supply statement issued on Oct. 3 showed an increase of
1,636,000 bus. of wheat for the week. The total on that date was
52,795,000 bus. compared with 27,391,000 a year ago. The supply
statement also showed a decrease of 726,000 bus. of corn for the week,
making the total 11,765,000 compared with 7,587,000 a year ago. In the
Chicago market on Oct. 3 No. 2 Mixed corn sold at 2¢ to 2¹⁄₄¢ under
December and No. 2 Yellow at 1³⁄₄¢ to 2¢ under.
=GRAIN EXPORTS.=
=Wheat Inspected Out Under American Grades Only--Flour Not Included.=
[Thousands of bushels: i. e., 000 omitted.]
------------------------------+------+-----+-----+-------+------
|Wheat.|Corn.|Oats.|Barley.| Rye.
------------------------------+------+-----+-----+-------+------
Week ending Oct. 1: | | | | |
Atlantic ports[1] | 2,061| 157| ... | 101 | 214
Gulf ports[2] | 2,330| 158| 9| ... | ...
Pacific ports[3] | 1,149| ... | ... | 483 | ...
+------+-----+-----+-------+------
Total | 5,540| 315| 9| 584 | 214
Previous week | 4,379| 193| 12| 2,031 | 186
Corresponding week last year | 7,417| ... | 67| 104 | 623
Total, July 1 to Oct. 1, 1921 |85,223|6,581| 344|11,357 | 2,528
Corresponding period last year|83,750| 97|2,057| 5,545 |11,469
------------------------------+------+-----+-----+-------+------
[1] Boston, New York, Philadelphia, Baltimore, Portland, Me., and
Newport News.
[2] New Orleans, Galveston, Texas City, and Port Arthur, Tex.
[3] Seattle, Tacoma, Astoria, Portland, Oreg., and San Francisco.
[Illustration: AVERAGE PRICES PER BUSHEL OF CERTAIN GRADES OF WHEAT,
CORN, AND OATS AT FOUR MARKETS.]
Ocean Freight Rates on Grain and Flour Reduced.
A new schedule of grain rates for the North Atlantic service has been
announced by the Shipping Board, as the outcome of a joint conference of
shipping companies recently held in New York. The old and new rates on
wheat and corn per 100 lbs. from North Atlantic ports are as follows:
--------------+---------+----------
To-- |Old rate.| New rate.
--------------+---------+----------
|_Cents._ | _Cents._
United Kingdom| 21 | 17
Antwerp | 22¹⁄₂ | 16¹⁄₂
Hamburg | 22¹⁄₂ | 18
--------------+---------+----------
Wheat flour, which takes a differential of 55¢ per 100 lbs., will be
subject to a corresponding reduction, making the new rates on flour per
100 lbs. as follows: To the United Kingdom, 22¢; to Antwerp, 21¢; and to
Hamburg, 23¢.
Bulk of White Clover Seed Already Sold.
Growers in southern Wisconsin had disposed of 80% of their crop of white
clover seed by the end of September. The prevailing prices ranging from
$30 to $40 per 100 lbs. have been fairly satisfactory to growers. The
quality of the seed varies in different localities but probably averages
about the same as or slightly inferior to that of last year because more
of it is reported mixed with alsike and timothy.
The imports of white clover seed, principally from Germany, have tended
to stabilize prices for the short crop of American seed. From July 1 to
Sept. 30 there was permitted entry 538,600 lbs. and none for the same
period last year.
Timothy Seed Exports to Europe.
Exports of timothy seed from New York during the two weeks ending Oct.
1, were 550,000 lbs. to Great Britain, 75,000 lbs. to Denmark, 40,000
lbs. to Germany, and 20,000 lbs. to Holland. Exports of Kentucky
bluegrass from New York and Baltimore were 21,000 lbs. to Holland,
28,000 lbs. to Great Britain, and 16,500 lbs. to Germany.
The arrivals of imported seed at New York and Baltimore during the same
period were: Alfalfa, 425,000 lbs. from Argentina; red clover, 113,000
lbs. from Germany, 92,000 lbs. from France, and 44,000 lbs. from Chile;
white clover, 22,000 lbs. from Denmark and 11,000 lbs. from Holland;
crimson clover, 105,000 lbs. from Germany; orchard grass, 179,000 lbs.
from Denmark, 121,000 lbs. from Germany, and 45,000 lbs. from Holland;
sunflower, 560,000 lbs. and canary, 128,000 lbs. from Argentina; rape,
187,000 lbs. from Holland and 44,000 lbs. from France; vetch, 57,000
lbs. from Sweden and 11,600 lbs. from Germany; rye grass, 22,000 lbs.
from Great Britain; and grass (kind not specified) 123,000 lbs. from
Argentina.
Egypt May Control Sowing of Cotton Seed.
The Government of Egypt is now considering a plan whereby it will assume
control over all cotton seed used for planting purposes to preserve the
standard varieties in a state of purity and to facilitate the
propagation of new varieties under the most favorable conditions.
The history of the cotton industry in Egypt shows that a great number of
cotton varieties have been planted which after a period of commercial
popularity have almost disappeared from cultivation. Under the plan now
being proposed no private person or firm will be permitted to engage in
the selection or production of new varieties or strains of cotton unless
licensed to do so, and even then not more than 200 acres may be devoted
to the experiment. The area to be so planted must furthermore first
undergo a field test for at least two years under the direction of the
ministry of agriculture.
If the experiment proves satisfactory the seed obtained from the new
variety or strain will be propagated and distributed by the Government
under the name registered by the original producer. The Government will
allow the producer a royalty on all seed used or sold for planting
purposes, but will reserve the right to limit the rate of, or to
discontinue entirely, its propagation.
Further information on this proposed control plan may be obtained upon
request to the Bureau of Markets and Crop Estimates, Washington, D. C.
* * * * *
=The economic importance of seeds= is perhaps greater than that of any
other farm commodity. Seeds are potential plants. Practically all staple
foods are derived, either directly or indirectly, from plants. A
shortage of seed in any country or section of a country may mean a
shortage of food. The commercial supply of seeds in the United States
safeguards every section of this country against a deficiency in the
necessary requirements for planting annually and indirectly helps to
maintain the stocks of food at uniform levels.
* * * * *
=The best commercial grades= of red clover, alfalfa, and timothy seed
test 99.5% or better in purity.
_Hay and Feed_