The midland journal. (Rising Sun, Md.) 1885-1947, 1890-08-29
The Farm,
Wheat.


the following comprehensive review Of
the wheat crop and market. The crop
is universally short in both the United
States and Europe, with the favorable
prospect for much higher prices. The
advance in silver has put up the price
of India wheat which which we have
always pointed out it must do.
Many late reports from threshiDgs
from the winter wheat States point to
further falling off in estimates, indi-
eating the commercial yield will not
equal 240,000,000; while from the
Spring wheat States the evidence at
hand since August first would indicate
we will not thresh out our early esti-
mates of 150,000,000. The Commits.
sioner of South Dakota reports condi
tion of wheat as "a, and about the same
Tor all other farm products. Near half
of that State and North OAK ota have
suffered much by blight and rust.
The early deliveries of winter wheat
were of an unusually good.quality now
the percentage of contract wheat is less
than one half the receipts. Millers
still complain Of our inability to secure
an ample supply Of choice milling
wheat; stocks of -four are unusually
low at this season. For years the
visible began increasing about the first
of August on liberal scale; the first
increase this season was last Monday,
when it was ten per cent less than that
year ago for the first two weeks in
August. Receipts this week are less
than last week -; the indications point to
decrease in the visible this coming
week.
The total primary receipts since July
LIST have been half million less. than
same time last year million less than
same time in 1888; six million less
than same time in 1887, and nine mil.
lion less than same time in 1886.
Exports since July LIST exceed those
year ago by two million. Stocks at
the seaboard are Insignificant as COM
pared with past years (althoueh half
million larger than last Year,. Export
engagements are far in excess of those
at this date the past seasons foreign
short sales are far less than usual, al
though general speculation has seldom
been noted.
Indications now show more strongly
than ever that our invisible July LIST
was at this minimum point in many
recent years. The western belief in
these views keeps their markets but a
small percentage below current quota
tions. The inspection here admits
Milwaukee No. 2 and Chicago No. 3 to
pass contract grade. There are no
indications Of large receipts here the
coming few weeks. The shortage in
the Commercial States equals hun
dred millions. The Chicago Tribune
estimates our surplus for export this
year will be but half that year ago
(6fty.fve millions). Can it be there
is but forty two millions left to spare?
Ten years ago the farmers crops ex-
ceeded those this season. Our popu-
lation has increased nearly 80 per cent
since then; our exports then were, of
wheat, Isl, 100000 bushels.
Individuality appears lost the past
week in the various markets; profess
sional traders generally continue work,
ing on the bear side. while the great
public from producing centres have
been liberal buyers of distant futures
backed up by liberal margins and large
profit, believing in l25 cent wheat be
fore Christmas.
Our potato crop is estimated to be
short hundred millions, while fruit
of all descriptions is short crop. In
Europe 23O,000,000 is estimated to be
the potato shortage. Seldom have
these conditions occurred when we had
small wheat crop. We believe the
products from the farm this season will
not equal those ten years ago that the
final yield will be about three .fourths
that year ago for all farm prod ucts
therefore buy cereals.
High prices of silver and Indian
Exchange are adding about seven tc
nine cents to the cost of Indian wheat
10 the London market more than las
winter. Russian Exchange in the past
two years has also advanced nearly
three times that of Indian, or equal tc
about twenty-five cents per bushel
Here the past few days there has beer
much comment on this same question
and a disposition to buy cereals i