, 1889-10-24
THE WORLDS WHEAT.
A Dispassionate Review of the
Facts That Influence tho
Markets.
Information That Will Interest the
Farmer as Well as the
Miller


The crop of wheat in the United States
in 1859, so the authorities tell us, Is not
after all to amount to SOC, ,0Oo, 600 bushels
or more; in fact 1t may not equal 49,
0O0, go bushels, against about 10000, 900
bushels less harvested In 1883. Worse
than this come the repeated tales of in
ferior quality of Amcrican-grown wheat,
particularly the winter-grown variety.
n Minneapolis summary of this post Is
ns follows, and coming from spring
wheat center, 1t may be expected to give
all of the particulars:
The condition of winter wheat has
been unsatisfactory in nearly all sec.
new crop began. About the time OF cut
ting it was generally called fine in quaI-
ity and plump. 1t is true that the
dampness at harvest and stacking time
did much injury and reduced perma.
nently the quality OF much of
il, but wet weather at harvos,
time does not shrivol the grain
Kansas, where the yield was large. the
wheat, on going to market, is graded
Nos and 3 to IA large extent making it
troublesome to sell very much of the
crop at satisfactory figures. In Ken.
tucky and in Tennessee the kernel was
fairly plump, but wet weather before
stacking pulled the grain with damp.
musted, while about ali of it suffered
seriously in weight and quality. Grain
that was good for 81 and so pounds to
the bushel when cut tests but 81 and 81
pounds, and somo even less. The Michi.
gan crop proves to be much poorer in
quality than was expected with grain
unusually light, though fairly well SC.
n rn1 from, rains 'Ihara no, a. "A aarr
BILE of the wheat in Missouri that was
fine and we'll secured. In Illinois and in
Indiana there is serious complaint OF the
shrunken wheat, and the larger quantity
of it required to make IA barrel of flour.
Ohio raised mixed quality, but with
considerable of fine wheat Taking the
winter wheat sections as whole there
is disappointment with quality and with
quantity.
The great bulk of the winter wheat
crop, therefore, may be inspected
below the grade of No. 9 red,
the standard or speculative grade. 1t is
thought by some that the scarcity of
the standard grade may make that grade
higher in price, but Others are OF the
opinion that the "valuc of grain for con
sumption will determine its price. The
truth may lie somewhere between these,
or within the two views modified by the
foreign demand II is fact that the
price of wheat in the home markets is
determined by the price of our exporta-
BILE surplus ii, foreign markets. lii the
United Kingdom the receipts of wheat,
while in excess of requirements for con.
sumption weekly, arc not up to the
combined demands of present use and
future store" and, as noted by Mr..
H. Kains Jackson in Dornbusch's List
September 80 there are several price con-
tingcncies to be considered in the United
Kingdom so far as the winter is CON
cerned. 1t Is specified % that Russian
supplies are uncertain; (2) that Indian
supplies are restricted; go that German
and mid-European supplies are not ex-
pected; t4) that South American exports
are insigniiic and (5) that generally
the bulk aiioat is considerably less than
it was year ago.
In addition TO these points il is well to
recall that the English farmer, with dry
weather thrashing, Is having an excelle lent
opportunity to dispose of his surplus If
he elects TO do so. Ii Is admitted that
the United States can furnish "a nodcr-
ate bulk Of wheat IL her merchants be
satisfied with English market rates and
elect to do business this autumn rather
than wait to take their chances of our
winter and spring CUSTOM"
The writer of the article in the English
paper named states that in his opinion
the prospects for prices for midwinter
trade" are better "than the immediate
prospects of autumn" which should
bring comfort to the hearts of Chicago,
New York and other bulls OH wheat
throughout the United States.
The strength so he says,
to "pull down values in win
ter exists only in possible Austria
Ian supplies in the spring which are
'only IL promissory note and may not
be duly met v The opinion is. therefore,
held that while the United States have
moderate export surplus of second. rate
wheat, the owners Will choose 1890 mar
kcts i'll which to dispose of it. This be-
ing true by inference the English farmer
is TO be left TO supply an unusual share
of the British demand for wheat this
autumn. The question is then raised
whether, with the extreme development
of elevat s-along-thc-track and other
grain warehouses in the United States.
and their rapid growth in Southern
Russia of late, the British farmer may not
learn thing or two and take steps To stig-
gest the establishment of English rural
credit banks" II English farmers could
strike" or refuse to sell at present
prices as freely as heretofore, it would
soon be found that 'the present level of
prices Is insufficient" to command for
eign supplies in the United Kingd ON,
for "Russia and America want and
mean to have at least 2s. to IS. per quar-
ter more money (0c. per bushelj for their
surplus wheat than the United King
dom now offers"
The opinion IS offered that while
France is not u competitive buyer now
IL may become one in the spring. The
conclusion is reached that "speculaors'
in the United States control
the new wheat, rather than
the American millers, which will prevent
the latter from flooding the United ing
dom with cheap -four, and which means
higher prices for wheat next winter and
spring. These views will prove speci ally
interesting to tho journalistic bears of
the Northwest, Whose zeal in pTopa-
gandizing lower price opinions is some
times noticeable. The English writer is
undoubtedly Il leader among the herd of
bulls on wheat, and his opinions are
given here for what they may be worth
only. With the recently decreased ex-
ports from the United States, the low
grade of the crop here, the small stocks
carried over in ali prominent wheat con
suning countries. and the recognized
shortage of supplies on tho continent
and In India, even III not in Russia, GER
tainly the bulls have II, statisticaliy. |
Whether their views will prove to be the |
,e kar al