The New York herald., 1879-07-08
THE GRAIN CROPS.

FAILURE OF THE CEREAL PRODUCTION IN EU-
RoPE-ADvANcE IN PRICES HERE-A GOOD
HARVEST AND FINE CROPS EXPECTED.
Advices received in this city from Europe during
the past days report the wheat crop very poor in
a great many places. This is particularly in
France which. it is expected. will have to import
10000 900 bushels In Great Britain there has been
ncessant rain. This has caused great damage the
crops and will necesstate large importations Of
wheat into the Uuited Kingdom, estimated at
12O,O00Oo0 bushels. The season in Spain, Italy and
Hungary has been thus far bad one for cereals
and ut present it would seem that the deficiencies in
those countries will be of serious nature. The
rain has completely destroyed the cereal crops in
the northern part OF Italy. but in central Italy
the prospects of good harvest favorable while
in the southwest and Sicily the crops in tolera
bio condition. and in the southeast and Sardinia
they are reported US excellent.
EFFECT ON CHANGE
All these reports had more or less effect on the
market here and the feeling still further in
creased by unpromising reports from the North
west. which stated that the wheat crop threat
ened with rust. owing to wet and warm weather.
Both Of these reports served stimulate the demand
for grain for export and speculative account, and
the result was sharp rise in prices generally from
three to five cents per bushe Trade active both
in spring and winter grades. The demand for win
ter No. red particularly brisk, and in spring
wheat everything that available in this market
taken. The market closed teverish and sensitive
and yet higher prices were freely predicted. Corn
from onequarter to one-half cent higher and
moderately active, foreign advices not making much
impression on its sale. Oats were from one to one
and half cent higher, and strong at the advance.
with active demands. Flour firmly held ut from
ten twenty five cents per barrel higher and grain
freights were weaker
WHAT EXPORTERs SAY
IN YUa q or 01
pressed the opinion that the complete failure OF the
cereal crop in France and the partial failure of tho
crop in the United Kingdom would have the effect
to send the prices OF breadstutfs somewhat higher:
but outside of few the general opinion OF grain
merchants that the people in this country would
not be seriously affected by the advance. 1t
tended that the crops this season would be the best
for years. and that the producers and carriers
would reap rich harvest 'Wnter wheat, they said,
"was never finer nor in such abundance. while
spring wheat SO far was in excellent condition and
unless injured in the next month by heavy drought
or ncessant rains would quite surpass the crops OF
all previous years..
CONDITION OF THE CROPS
The wheat harvest in Ohio and Indiana has been
progressing under favorable auspices and the out
turn. it is believed, will be larger than the crops in
1873 i'll those States. In Minnesota the harvest Is
not favorable, account of rains, but il the
weather shouid turn clear. with milder temperature.
Canada The cereal crops did not seem favorable at
first account of late spring and the unusually
cold weather during the month of May. and also the
want OF rain which did not fall for several weeks.
At present the prospect has changed, rain having
fallen in time with favorable weather following it,
that the farmers expect to harvest the largest crop
of cereals of any previous year II no heavy rains
should fall.
Mr. E. H. Walker, the statistican Of the New York
Produce Exchange, estimates that the wheat crop of
1879 will amount to 3S5 5000 bushels and that
France will import about S0,000.000 bushels; Great
Britain, 120,0U0,000 bushels Germany. 1O,OO0O00
bushels; Switzerland, IL. 100000 bushels; SPAN and
Portugal, 5,OOUO00 bushels. and Italy, 5000 900
bushels. He said good shipments would be made
from Australia. British India, Egypt Roumania and
the Turkish provinces. According to Mr.. Walker,
the under wheat in France in 1877 WAS II 260,-
56G acres. and the crop was mediocre making less
bread than the smaller crop of 1876 The imports
of wheat and flour into France in 1s7G7, September
l to August 81, equal to IA 1886. .554 bushels,
against exports 6.955.261 bushels, giving
net imports exports, $50 293 bushels The inn
ports the corresponding period III 1S77-7S were
equal in wheat and flour to 26,65S9 800 bushels of
wheat, against 3.69S425 exported, giving net i'm
ports of 560. .9O3 bushels. France is bare OF
serves of old. wheat. and the imports of foreign
wheat have gone quickly into consumption. leaving
only small stocks ut the ports of import except Mar
seilles The net imports OF wheat into France
in 1S77-7S, September l to August 81, were
22 ,9O3 bushels, which required to sup
plement the poor crop of 1877. which was followed
by still poorer one in 1s7s the falling
off being 81 100000 bushels. Mr.. Walker stated that
there has been imported into France from August
1878, to May 1879, g. 900 bushels of wheat
and that from May 20 to June II 10 wheat laden
ships passed the Dardaneles of which one only was
bound for Northwestern Europe. seventy eight for
France and forty ytwo for other Mediterranean ports
In reply to u question to whether the supply OF
vessels would be equal to the demand and the prices
OF breadstuffs would advance very high Mr.. Walker
thought not, and expressed the opinion that the
prices would keep the same last season. and the
crop OF 1879 would be abundant, II not better
han M NJ