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. 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. However, this sentiment is not universal, and many dealers think that present prices may not be far from bottom.
Embargoes on railroad shipments of perishable foodstuffs in the southern and southwestern sections of the country have reduced shipments below normal requirements, and until the rail strike is ended but little support is expected from those sections. In fact, many in the trade believe that while the strike may cause higher prices in certain consuming centers where supplies are exhausted, embargoes on shipments will tend to weaken the primary markets because of curtailed outlets.
At the close of the week the tone of the market was barely steady. Holders were free sellers, and in many instances were inclined to make concessions in order to keep stocks as low as possible. 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.
| IMPORTS OF EGGS DURING JUNE, 1922. | |||
|---|---|---|---|
| [Data from the Department of Commerce.] | |||
| Imported from— | Eggs in the shell | Dried and frozen eggs. | Egg albumen. |
| Dozen. | Pounds. | Pounds. | |
| Denmark | 2,100 | ||
| Canada | 16,957 | 12,800 | |
| China | 72 | 865,000 | 374,140 |
| Hongkong | 24,319 | 7,636 | 300 |
| Other countries | 6 | ||
| Total: | |||
| June, 1922 | 43,454 | 885,436 | 374,440 |
| June, 1921 | 44,941 | 726,596 | 293,948 |
| Jan. to June, 1922 | 632,189 | 4,840,377 | 4,072,171 |
| Jan. to June, 1921 | 2,471,167 | 6,198,562 | 1,322,519 |
CONDENSED AND EVAPORATED MILK MARKETS STILL SLOW
Domestic Products Meeting With More Competition From European Goods—Exports Decrease.
The same relative inactivity which has featured condensed and evaporated milk markets for several months continued during July, and prospects for any materially improved demand are so slight that many of the trade who have held a more or less confident attitude are beginning to lose some of their optimism.
Export demand, upon which canned milk manufacturers have come to depend to a large extent as an outlet for surplus domestic production, has become less of a factor each month. Buying for relief purposes, which constituted such a support to the evaporated milk market especially, has practically ceased, and no additional orders seem to be in sight.