Anonymous

“ Veal.—Except at Boston the demand for veal at eastern markets was poor after the early part of the week, and prices declined daily. At that market western dressed receipts and local slaughter were light and demand fair. At Chicago the fairly liberal offerings were too great for the slow demand, and the market had a weak undertone. Compared with the close of the preceding week, Boston was steady to $1 lower. New York $2‒$3 lower, Philadelphia $2‒$4 lower, and Chicago $1 lower. ”

“ The strengthening factors are an excellent consumptive demand, possibilities of export and the improbability of any considerable imports. A shortage in stocks of butter in foreign markets makes it probable that considerable butter will be exported and improbable that the imports will be large. Aside from the possibility of exports and imports, the enormous quantity of butter going into consumption is a major factor in the possible trend of the markets.
Receipts at the four markets since Jan. 1 show a surplus of some 58,000,000 lbs. ”

“ Although consumption does not necessarily follow the same seasonal trend as the imports, it is a fact, according to reports of London dealers, that butter stocks are now lower than at the same time last year, when at least 50,000,000 lbs. of Government stocks still remained unsold in England. With comparatively light stocks and the certainty that imports into England after July can not be as heavy as during the first six months, a speculative demand has been stimulated in that country in anticipation of an expected autumn shortage. ”

“ Sales to United Kingdom Strengthened Early Summer Market—Shift in England’s Supply Sources. A demand for American butter by English buyers had a materially strengthening effect on the early summer market in the United States. This generally unexpected export demand has called forth various explanations in the attempt to determine the probability of continued demand from that source. ”

“ Cattle.—Receipts of grassers from native territory, range States, and Canada, assumed the largest proportions of the season. Short-feds also were numerous, and long-fed matured beef steers and yearlings correspondingly scarce. Canadians were unusually numerous at St. Paul and Chicago for so early in the season, the July supply at the former market up to July 27 standing at 5,800 as compared with 988 for the corresponding period a year ago. The collapse of cattle values in Canadian provinces was an incentive for shipping across the border. ”

“ Growers and dealers in the northern and southern potato sections of New Jersey are optimistic over the prospects of this season’s potato crop, according to a report from the Philadelphia representative of the market news service conducted by the U. S. Department of Agriculture. ”

“ As the flush of production in Australia, New Zealand, and Argentina occurs during the fall and winter months when production is lightest in North America and Europe, England now receives an average of two-thirds of the total supply of foreign butter during the winter and spring, whereas formerly but one-half was received during this period. ”

“ Old crop stocks at mills continue in excess of what they were last year. The export inquiry was light. The movement was small.
Linseed meal and cake.—Production of linseed meal and cake was light. Prices held steady, but showed a rather wide range, mill offerings being at 50¢-$1 per ton less than was asked by jobbers. Stocks were fair. The demand both for export and domestic consumption was poor. Crushers expect increased production during September and October but little improvement in the output is expected during August. Receipts and movement were light. ”

“ Growers in Kentucky Have Pooled Much of Their Seed——Quality Better than Last Year. The 1922 crop of Kentucky blue grass seed is not being sold so freely by growers in Kentucky and Missouri as was the crop last year. In some important stripping areas in Kentucky where the crop is large, less than 5% had moved from growers’ hands by July 25. In other sections of Kentucky approximately 25% had been sold but the bulk of the crop has been pooled in the expectancy of higher prices later. ”

“ During the war, when supplies available from continental Europe and Russia were reduced, Australia, New Zealand, and Argentina were encouraged to expand their dairy industry, and have together since that time continued as the most important sources of supply of butter on the British markets. ”

“ The steady decline which has prevailed in the wheat market for some time continued during the week ending July 29 when September wheat at Chicago closed at $1.08, 13⁄8¢ lower than at the close of the previous week. The heaviest decline occurred on Monday, when September wheat closed at $1.073⁄8. The market rallied somewhat toward the close of the week but did not regain the loss sustained during the early part of the week.
The principal bearish factors were the heavy primary receipts, estimated at 15,902,000 bus., which caused large hedging sales; lower foreign markets ”

“ Since early in July receivers have been burdened with heavy accumulations of receipts because of the curtailed storing demand, and the strength of the market has been maintained by the hope that consuming outlets would become larger, that receipts would decrease more rapidly, or that exporters would take considerable quantities. When there appeared to be no immediate outlet for the accumulating stocks, dealers slashed prices and cleared away a large part of the accumulations. ”

“ Onion shipments showed a reaction from the previous week and decreased to about 300 cars. Movement of sweet potatoes is becoming more active as the season advances, and jobbing sales of Alabama stock in bushel hampers declined 25¢ in Chicago and Cincinnati, closing at $1‒$1.25.
Apples.—California apples are becoming a prominent feature of the market, shipments from that State having been six times greater than the week before. Northwestern stock is moving in a small way, Washington growers having forwarded 14 cars and Oregon growers one car last week. ”

“ Increasing quantities of potatoes are moving by truck from producing sections to New York City, Jersey City, Newark, and especially to the seashore cities. Many trucks are also being used for shipping to Pennsylvania cities, and the total truck movement probably will affect the season’s carlot shipments by several hundred cars. To July 29 about 2,060 cars of potatoes had been reported shipped from New Jersey, compared with 1,850 cars to the same date last year. ”

“ Buyers, however, were not eager to take on any more goods than could be readily used to meet daily requirements. Although a few cars of fine cheese were purchased early in the week for storage, the majority of buyers felt that the market was on too high a plane for speculation.
SPECULATIVE DEMAND ABSENT. The absence of speculative support has probably been the largest factor in the weaker country markets, and the reflection of this weakness in the distributing markets. Moreover, movement into consumptive channels has not been active for some time. ”

“ On the other hand, while larger quantities have gone into consumption there are some operators who are bearish and claim that prices will have to rule higher next winter than last winter in order to allow a fair profit on present storage stocks, and that this condition naturally would reduce consumption. It is claimed also that production may continue comparatively heavy, making large outlets necessary. Some also point out that during our winter months the countries in the Southern Hemisphere have their season of flush production and that imports from those countries are a possibility. ”

“ LITTLE FOREIGN DEMAND EXPECTED. Domestic demand in England is reported as somewhat heavier, but American manufacturers have as competitors an increasing number of European factories which are able to lay down the goods at a lower cost. In fact, foreign demand is not expected to absorb very large quantities of American-made goods in the very near future. Latest export figures are for the month of June and indicate a slight decrease under May and a very large decrease under June, 1921. ”

“ New York ranks first among the States in production of commercial cabbage and Ontario County first among the counties of the State. This county will begin to ship cabbage by Aug. 15, but most of the crop is late.
Onions.—Harvesting of early onions in Orange County began July 15, but the main crop will move between Aug. 10 and Sept. 1. Best yields may reach 400 to 500 bus. per acre but rains have reduced the probable average for the county to 275 bus. and perhaps to 250 bus.
Growers and Dealers Expect Good Potato Crop in New Jersey. ”

“ These factors along with others have tended to cause dealers to take a passive interest in the crop and refrain from making any but nominal bids for seed held by growers.
MARKET NOT YET MADE. The market had not become established by July 25, although prices for country-run seed ranging from 75¢ to $1.25 per 100 lbs. were being offered occasionally to growers in the Kentucky, Ohio, and Missouri districts. Thrashing had not progressed sufficiently in Virginia for buyers to become interested in the seed that was harvested in that State. ”

“ Moderate receipts of beef, veal, lamb, and mutton were in excess of the limited demand and prices were generally lower for the week ending July 28. Heavy pork loins were weak to lower with other classes steady to higher, except at New York, where all averages shared in the decline.
Beef.—Moderate receipts of beef at eastern markets found a limited outlet. Good and choice grades of steers were not plentiful, but were neglected in favor of poorer grades as prices were given more consideration than quality. ”

“ Oklahoma and Texas grass steers invaded Kansas City and St. Louis in liberal numbers, and sold largely within a spread of $4.25‒$7, many quarantine steers, grading as cutters, selling around $4.25‒$4.75. Kansas pasture cattle were well represented at Kansas City, and winter grass steers of good weight and condition sold there upward to $8.75 or slightly higher. A few lots of Utah and California steers arrived at Omaha. Bulk of grass steers sold there at $6‒$7.25, a large proportion of the far western steers being in feeder flesh. ”

“ These trains are iced five times between the Pacific coast and Chicago and make no other stops. Recently train loads of red raspberries have been arriving in Chicago every day. Loganberries also have been abundant, but the larger part of the supply has been raspberries. Arrivals were at the rate of two cars per day during the latter part of July.
Most shipments have carried through in fine condition, with only a few packages showing decay or mold. The berries are all packed in 24‒pt. crates which are only a single layer deep, instead of three layers deep as are the Michigan red raspberries. ”

“ Corn.—The rainfall in the central and upper Mississippi Valley, much of the Great Plains area, and in localities of the Ohio Valley was very beneficial to corn. The late crop, however, in the lower Great Plains, in Texas, and some other southern localities needed rain badly. The condition and development of the crop were reported as excellent in all sections of Missouri and fair to very good in Iowa. Moderately heavy rains occurred in the last-named State, especially in the western portion, where moisture had been badly needed. ”

“ New Jersey leads the intermediate States with an indicated production of 1.613 cars, and following in order are Washington with 1,566 cars, Texas with 1,092 cars, Iowa with 1,062 cars, Kentucky with 600 cars, Virginia, with 560 cars, and Maryland with 260 cars.
The commercial onion crop in the intermediate and early States combined is forecast at 13,605 cars, each car of the early crop containing 530 bus. ”

“ The summer demand from the domestic trade for condensed and evaporated milk has not been up to expectations. The icecream trade especially has taken much smaller quantities of goods than condensing firms had anticipated. ”

“ The accompanying table gives detailed information on the condition of the cotton crop on July 25, by States, together with comparisons.
Paradox in Forecast Yield of Crop per Acre as Indicated by Condition. A crop may deteriorate in condition during a growing month and yet its yield per acre as forecast by a computation based on the lowered condition may increase. In the average of crop experiences during the growing period a certain crop declines in condition during a certain month by a certain percentage of a normal condition. ”

“ As storage demand has been lacking and the primary markets have been showing signs of weakening, most buyers at distributing points adopted the policy of hand-to-mouth buying in anticipation of lower prices. Advices at the end of the week indicated that some dealers do not look for a revival of trade until prices at country points reach 16¢, about 2¢ below present prices. ”

“ With accumulated supplies in many cities, white potato markets were slow and weak. A further decrease of 275 cars in last week’s shipments, however, may tend to strengthen this line. Peaches also showed declines of 50¢-$1 under a peak movement of 2,100 cars. Cantaloupe markets tended to advance and watermelons were nearly steady, even though shipments of the latter crop jumped nearly 500 cars over the preceding week. Movement of grapes and pears continued to gain, especially from California. ”

“ Little export or import business was reported, although small shipments of Split Twins were imported from Canada. However, both the export and import business was of small consequence and did not affect the market. With production in excess of consumption and speculators off the market, many in the trade expect an unsettled market accompanied by lower prices. ”