Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1891-09-02
Stauntos. Spettator.
WEDNESDAY. SEPTEMBER 9th, 1891.
The Prospects Of the Wheat Market.


The Commercial Bulletin of the Banking
House of Henry Clews & Co., of New
York city, issued on the 10Th of August,
says that "the wheat market has under
gone quite simmeripg down since our last
writing, and although there is still GER
tain amount of nervousness in the trade,
prices on the whole have been much less
erratic, and the bull fever, which was
under full swing last week, appears to have
temporarily subsidized. In fact, the market
has had tired look for several days past,
as was natural after the free realizing
sales which took place at the advance
Foreign houses have been prominent dur
ing the week as sellers in the speculative
market and they continue to be buyers in
the cash market, though not to such
marked extent as for several weeks past,
as the export purchases have fallen off
somewhat. The crop news has been of q
more general nature and not confined to
European prospects solely, but the foreign
situation is still, by all odds, the controlling
factor in the market. European cables
have reported quiet and easier markets,
bnt with hardening tendency towards the
close of the week on very wet weather in
the United Kingdom and France, but as
there were no signs of excitement in these
markets, and the cables were not ao-
companied by buying orders, the news had
practically little effect. This is undoubted-
ly bull year in wheat. We have already
seen a heavy advance as the result of the
shortage abroad and the extraordinarily
fine prospects at home, but it is generally
believed that the full effect of these op-
posite conditions has not yet been felt, and
that the world will not realize the extent of
Europe's actual requirements until later in
the season. 1t cannot be expected, how
ever, that the market is going to keep on
going up until the end of the crop season.
1t must have its reactions occasionally, and
sharp ones too, iii order to be healthy, and
while we cannot recommend going short OF
wheat, it certainly seems both conservative
and wise to take profits after big bulge
and wait for reaction before getting in
again. Our crop conditions are believed to
have slightly deteriorated during the past
few days, owing to the general frosts in the
Northwest, but the spring wheat receipts
are now increasing rapidly, and the i'm
preston prevails that the yield of it will be
larger than was generally thought. AS to
Europe, prominent authority states that
indications now point to the probability
that the requirements of France will not
be below $4,000. 600 bushels, and may
reach 20,OOO,eOO bushels. Belgium and
Holland continue to look for deficient yields
of both wheat and rye. In Germany wheat
is fairly well spoken of, but rye is short
In Hungary the expected deficiency in
wheat is over 100000 bushels, in Italy
between 100000 and 100000 bushels.
Reports from Roumania say that the wheat
crop in that country will be far below lest
year, and it is not expected that Russia can
supply over 100000 bushels. 1t there
fore looks as though the demand for our
wheat is bound to continue throughout the
year, Notwithstanding the extremely large
amounts already exported"