Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-06-16
GRAIN.
Condition Of the Wheat and Flour Markets,
English Included.

From the Cincinnati Gazette, June 10TH
AT this season of the year it is GUS
tomary to have 8 material advance in
wheat and -four, based upon reported
crop failures, which is rarely if ever
sustained for a long time. This sea-
son the advance has come rather
earlier than usual. The Liverpool
market has been called upon TO fur
nish supplies to the continent, causing
her to replenish stocks by purchasing
in New York, thus putting prices up
10 to Is cents per bushel ON wheat,
and so to IS cents Der barrel on -four.
I But we are too near harvest for this
advance to be sustained, and the ques-
ton is narrowed down to one of pres
ent supply and demand. The current
prices will bring out stocks in the
granaries of the Northwest, which
will fill the markets to repletion. The
impression seems to prevail that
wheat and -four are extremely cheap,
but they are only relatively so. Prices
are higher than during many years OF
good crops, and higher than the limit
which will afford a good profit to the
farmer over the cost of production.
The reports of the incoming crop OF
wheat are by no means discOuraging.
California Willhaye fully thrce-fouTths
of a crop, and if the States in the
Missis-i ppi and Ohio valleys do as
well, there will be. wheat enough, with
the old stock in the country, to sup
ply both, the home and foreign de-
mand. With these facts before US, it
would seem that the basis for specula-
ton is very narrow.
From the Mark Lane (England) Express,
May o.
The first half of the past week,
though fine, was still cold at night;
but by the close we were plunged into
midsummer heat, though rain was
still wanting. The late showers pre-
viously received prepared vegetation
for the sudden change, and a vigorous
growth has almost Instantly followed.
The benefit to the growing wheat is
immense, and, should the heat last
through June, the lost time will be
fully made up, and bring us close on
to the average time of harvest on all
the more forward lands. But the
grass and spring corn need much more
moisture to give promise of album
/ dance; should rain, however, fall
plenteously on a thoroughly heated
] surface, it would have telling effects.
The upward tendency in wheat,
which began to abate on the first APP
pearance of change, has been entirely
lost. Many markets note a decline of
Is per Or, and this would have been
general under a pressure to sell; but
with Jul averages, after a rise, still Is
per or. less than they were in the good
| crop of 1868, farmers appear disposed
rather to face the expected imports
than press their samples, though
the weekly sales continue largely
in excess of last year. AS scarcely
any English spring corn comes to
market, from the apparent exhaustion
of stocks, there is, indeed, little left
but wheat and stock to meet cuFrentex
penses; and we eannotshelp thinking
the abundance of 1868 has contributed
a gOOdIy share to these large weekly
sales. Generally, all over the Cont
uGnt, there has been a distribution of
Gin, with a slightly downward ten
dency in prices, But one important
part of the continental corn crop, the
rye, has in several places seriously
suffered, and the question is, will what
is left be sufficient for the enormous
demands of Germany, Sweden and
Russia, without trencking on the
lower descriptions of wheat? The
blooming time has yet to pass safely,
and then the harvest. But the happy
cessation of war in Europe, and the
more general spread of commerce,
have been favorable to the multiple
cation of the human race; and if
England may be taken as a criterion
of the general increase, her out1owing
emigration and endless buildings in
the vicinity of every commercial
and maritime city, would bring us to
a sum total astOnishingly large. In
CalifOrnia-one of our best sources of
supply-prfces have hardened, nom
hot and dry weather prematurely
forainp tho norm into oar