Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1891-09-16
Stauntot, Spectator.
WEDNESDAY. SEPTEMBER 10th. 1891.
Wheat, Corn, Provisions.

We quote from the bulletin, issued Sept.
18th from the Commercial Department OF
the Banking House of Henry Clews u Co.,
of New York city, the following in refer
ence to wheat, corn, and provisions -
WHEAT.-Under.. free offerings for both
long and short account, the wheat market
has declined heavily during the week, and
as the news from nearly every quarter has
been of bearish character, general senti-
ment favored the decline. The selling has
been quite general by both commission
houses and foreigners, and not only has the
liquidation been large, but the short inter-
est is thought to have increased materi-
ally. The enormous receipts of SPRING
wheat at all interior points have begun to
press on the market, and this has been
keenly felt for the past week, as the export
demand has slackened considerably, and
until it revives prices are likely to be ir-
regular, as the American public are not
bullish enough on the home situation to ad-
vance the market in the face of rapidly in
creasing stocks. Our wheat is undoubtedly
wanted by Europe; but at the moment
owing to improved weather conditions
abroad, the foreigners have withdrawn
their bids in our market, and seem inclined
to take look around to see just how they
stand, and evidently feel that for the pres
emit they need not make such extensive
purchases until their stocks decrease some
what. Consequently, cargoes off coast are
weaker, and have declined over a shilling
during the past few days. The foreign de-
mand is bound to revive sooner or later,
however, and to continue throughout the
crop-year; and in view of this prospect, and
the fact that prices have now gone down
about 10 cents per bushel lately, we think
wheat ought to improve again. The Gov
eminent crop-report for August was a
good one, and shows general improve
ment in the condition Of all crops during
the past month. The average condition
for Spring wheat is 96.6 against 95.5 last
month, and the crop promises to be even
larger than was anticipated by the most
sanguine. Rye also shows an improvement,
the average being 95.1 against previous
S9.6. To appreciate the extraordinary
movement of wheat during July and
August, it is well to compare this years
figures with those of two previous years.
The receipts of new wheat for the past two
months have been 45.S02,000 bushels
against 81, 466, 600 bushels in 1889 and
1926, 900 bushels in 1890. The foreign
markets have all been weak and depressed,
owing to the favorable weather both on the
Continent and in the United Kingdom
Conditions are reported to have improved
almost everywhere in Europe, and at the
moment the prospect abroad seems
brighter. The only item of strength has
been the revival of the rumors of trouble
on the Dardanelles between Russia and
Turkey, but SO far nothing has occurred
that need excite much apprehension.
CoRN.-The corn market is still being
governed principally by weather conditions,
and in consequence prices have been some
what irregular, but with a tendency to sell
off, owing to the absence Of frost and
higher temperature in the Northwest. Ac-
cording to the Government report, the
condition of the crop has slightly improved
during the last month, the percentage being
OIL against 9O.S on August 1. The clique
still maintain the upper hand in the corn
deal, and it is therefore difficult to forecast
the immediate future of prices, but we
would consider it rather dangerous to be
short at present.
Provisions exhibited marked weakness
early in the week, owing to an effort on the
part of recent buyers to realize profits in
consequence of the depression in cereals,
and also on reports of decreasing stocks of
meats at interior points in the West. The
actual removal of the embargo against our
pork by Germany has, in all probability,
had its effect for the present, and is not
likely to be felt again until it results in an
increased export demand.