Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-11
Breadstuffs Review.

The market for the week ending Nov. 6
has been one of extreme dizziness and gen
efal depression, which has, Without 81 ex-
ceptlon on the whole list, resulted in a
downward tendency, and, in majority st
cases, in decline more or less marked;
and the week closes at the bottom of tlfe
scale for the week not only, but of the
whole season, as regards prices, with the
exception of corn and barley, and even
they are included in the weakness and
further downward tendency of the close.
The causes at work to produce this state Of
inactivity, in fact, decentralization, were
first, extreme high rates of ocean freights,
with scarcity at the advance, which reduced
the volume of business that would other
wise have been done almost, if not fully,
one-half. The blOckage was sufficient to
produce gradual, though not rapid, ac-
emulation, and in turn a weaker and de-
Ginning market. This state of affairs con-
tinued until the middle of the week, whe''
sterling, and in fact, all foreign exchanges,
dropped down fully three cents, and becaIH
almost unstable at the decline. Gold alsC
declined, as if to add the last straw to the
weight of market already burdened to its
utmost capacity to resist, and confidence
seemed to be generally shaken and every
thing experienced the shock, and the state
of the market at the close is one bordering
closely on Generalization, which protrac-
ton of the present state of affairs much
longer will render complete. Yet a good
degree of hopefulness exists, although
actual confidence is gone, in the expectation
that, whatever may tranSpire, Europe must
have food in one way or another, and from
the United States; and this prospect gives
the trade courage to hold up the market to
the extent of their ability to do so, await
ing revival of the export demand. This
is the situation at the close Of the week
under review, and the chances are about
evenly balanced for an improvement or a
further depression for the coming week,
although ultimately there seems to be little
doubt that d reaction will set in; but how
long the trade will have TO wait for it, is
the question which must decide the course
of the market for the immediate future. |
Stocks are already becoming depleted on |
the other side, and it seems highly probable |
that better demand must soon be expert |
enced, if only freight can be had, even at |
extreme prices, although it is an open |
question whether this advance in freights |
will have to be deducted from the price of |
stuff bere or added to its cost on the other |
side. Receipts, however, here are not |
burdensome, and as long as they continue |
moderate the trade here can be relied upon |
to prevent any further decline to the extent |
of their ability to do so, as their desire and |
interest is apparently in that direction.
Flour has been dull and almost nominal |
for shir,,,,,iiT.." GRADES throughout the week,
with the exception of for the West Indies,
for which there was a good demand at the
opening of the week. But for Great
Britain and the Provinces very little has
been taken, and common to good shipping
extras have consequently been heavy, and
at the close have declined to S5.S56625,
at which there is a little more inquiry. |
Supers and No. 2 have been in moderate
demand and supply, hence have declined
less. Fancy grades of family -four have not
been plenty and have ruled firm, but inedi-
UNI grades have accumulated and have
gradually weakened, until the middle of
the week the jobbers got out of stock and
came ON the market quite freely, but de-
manded concessions, which holders were
ready to grant, and an active trade was
done for few days at 10625c per barrel
decline. But at the close less is doing
and the market closes weak with 4 down.
ward tendency.
Wheat has been temporarily active, and
at times a little more strength was eX-
hibited, but the demand failed to warrant
its continuance, and holders have in each
case been compelled to give way in the end
to a further decline, each reduction in
price being followed by demands for still
further concessions, so that the market has,
with these few temporary exceptions, con-
tinued to weaken and steadily decline until
at the close break of fully Sc per bushel
was experienced, closing weak at the de
cline at S1.30 for No 2 Chicago, S1.346 |
1.3j for No. Milwaukee, S1.4461.45 for
red winter, while white and amber are
at the same prOportionate decline.
Ungraded Iowa wheat has not been so
plenty as last week, and the dealings have
been mostly in straight No. 2 wheats. I'm
graded Iowa wheatS in car lots range at
S1.2561 80, and some poor Illinois spring
wheats have sold as low as 81.
Corn remained about steady, under fair
export demand and moderate supply, at 60
661c for prime sail to high mixed Western,
but at the close the demand dropped of,
and the market declined to 5Sdc for the last
sale of prime mixed. Yellow is nomi-
nally 60c, and white Csc bid and zoe asked,
the latter being scarce.