Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1872-06-27
The Wheat Crop.
Its Extent and the Probable
Future of Prices.

see than reliable inform ,tion as to
the extent OF the wheat crop and
the probable future of prices.
The best authorities estimate
the yield at one-third below the
average. From many sections
the returns are exceedingly gloomy,
some representing the probable
yield at one-twentieth of a fair
crop. No section yet heard from,
so far as we are advised. is repre-
sented as above the average, Cali
fOrnia reports being the most
promising. The general tenor of
the estimates presents as the ia
vored belt this season that portion
Of the country east ct the Missis-
sippi, bounded by lines drawn east
and west from near the center of
Indiana and the southern boundary
of Tennessee. In this region the
crop is put down at full average,
while in all other sections of any
great extent east of the Rocky
Mountains the outlook is more or
less unfavorable for a full yield.
As to the crop in our own State, it
is universally admitted to be the
largest and finest we have had for
fifteen years.
The st. Louis Democrat of last
Tuesday contained three columns
Of special dispatches from all Sec
tions of Missouri, Illinois, Nebras-
ka and Michigan, showing that
the winter wheat crops in those
States has turned out very poorly.
A large amount of land which had
been 'sown was plowed up and the
remainder would not yield more
than one third or, at least, one
half a crop. Very little of the
old crop remains on hand. Con-
corning this prospect the Democrat
remarks:
"Prices now are high, and not
withstanding the evidence of a
very short crop there will be
sufficient rush of new wheat into
the market, we think, during Ju-
ly, to knock down prices quite Sc
riously. Then it is fair to pre-
sumo receipts will check up and
the market gain in strength until
the soft Iowa spring wheat comes
into market in September. This
occurrence will probably deaden
prices again and check receipts
After the close of the upper rivers
and spring wheat can only reach
US by rail we expect to see anoth-
er advance until a figure isreached
which will justify the introduction
Of California wheat, which price
will be probably s. to S2.1O for
No. 2 winter here. Of course we
do not pretend to vouch for the
accuracy of this view OF the mar
ket's future, but print it as our
judgment alter a thoughtful re-
view of the whole situation. Last
Winter our market was stronger
than-it would have been by the
competition of buyers for South
ern mills. This Winter our local
mills will grind many thousands
of bushels of Southern wheat,
while the Southern mills will have
an abundance of home grown grain
to grind also, and will supply no
small part ofthe -four eaten in the
South and usually purchased of
our St. Louis millers. With this
probable restriction in the -four
demand, and the absence of out
side competition for wheat on our
market, our millers will te slow
and close buyers during the Win.
ter, and will not manufacture as
much -four as they did in the Fall
and Winter Of 1871 and Spring
of '72. We therefore look for a
slow market during the Winter.
In the following Spring, after the
opening of navigation, business
may be more brisk, and should the
fact be then fully established that
there really was large deGcien-
cy in the winter wheat crop, we
shall expect to sec choice receipts
of that article reach pretty high
figure, for by that time the pres
ent abundant supply of choice
family -four will be greatly reduced,
and as the mills will not grind as
freely during the coming fall and
winter as they did last year, the
spring trade will open with light
stock in hand at Eastern points
of consumption. The stock of
Southern wheat will be likewise
exhausted, and this, added to the
established fact of a general de.
ficiency; will, we think, occasion
the strong upward turn in prices
we indicate above"