Savannah morning news. [volume] (Savannah) 1868-1887, 1882-04-13
The Corn Supply-Prices.
CHICAGO Tribune.

Our article of last Wednesday on the
peculiar condition of the wheat market
has elected requests for a money com
parison of the present with the past
Our last annual review gave $50 cents
per bushel as the average specie price of
the speculative grade of wheat in this
market for twenty-five years past The
present price for April is Ala per cent,
and for May is 334 per cent, above that
average figure. 1t can scarcely be won
dered at that these conditions operate as
a bar to an export movement, especially
as Western Europe is more literally sup
piled from other sources than in years
previous to last harvest But it may
seem strange that present prices are not
high enough to attract hither anything
more than beggarly small daily supply
from the country. Either the farmers
have no wheat to sell or they are unable
to move it because of miserably poor
roads, or they are insane enough to hold
on in the hope of obtaining still higher
prices by waiting longer. The last named
consideration is barely possible.
In regard to corn, the case is even
worse. The 73i cents now being paid
for May delivery is 81 per cent. above
the A cents average of twenty-five years
past for spot corn in this market. The
case may perhaps be put more forcihly
in another way. During the twentv-'-. go
years the average price of L" onsbei of
No. acorn has been a. per cent. of the
average price ~ a bushei of No. 2 spring
"AVaI at present May corn is 574 per
, cent of the price of May wheat, and "a
per cent. of the price of April wheat.
The advance in corn has been thus very
much more than in the other grain, but
even these figures do not convey full
idea of the difference. Last Thursday
No. 3 wheat sold 81 cents below the
price of the standard grade, while re-
jected corn was only one-half cent below
No. 2. Taking this into the account we
can see that the estimated shortage OF
81 per cent on the last corn crop has
been more than discounted, supposing
wheat to have advanced as much IS was
due to a % per cent shortage, and the
latter named grain is said to be "cor-
nered" at that.
1t is we'll known that the recent sharp
advance in the price of corn in this mar
ket was mostly due TO an active demand
to fill export sales on the seaboard. Par
ties there had sold short for delivery in
April and May, believing that the apathy
of winter would be followed by vigor-
Gus spring movement that would give
them all the corn they wanted at much
less than the prices at which they had
sold. But, like wheat, and unlike ''Bir-
nam wood" the corn would not move.
In consequence the visible supply has
shrunk to only about 5000, 900 bushels
under a brisk demand by consumers,
though they had to pay very high prices
for it. The quantity in sight is very
much smaller than is usual at this time
of the year; and now comes a Washing
ton estimate that the invisible supply
that is, the quantity in farmers hands
is less than One-half of what it was one
year ago.
In regard to the last named point there
appears to be some room for doubt. I'm
mistakably the last crop was very short
one, but it has been gathered and hus-
banded with unusual care, and the win
ter movement is not necessarily a guage
of the quantity on hand The winter
was moist and soft one in the great
corn belt The country roads have been
simply impossible for months. They
were really very much worse than in the
winter preceding, the ground being then
hard or covered with ice and snow
Even now family supplies are being car.
ried to the farm on human shoulders,
instead of by wagon. A week or two of
warm. dry weather will make a wonder
full difference in the country roads and
permit the free delivery of all the more
corn, as but little could be moved hith-
erto. There need be no fear of surfeit
this summer, but it does appear probable
that the supply will exceed the present
expectations of the trade, as compare
lively little has been wasted, less fed to
stock, and none used for fuel so far as
reported.