Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1891-11-04
Wheat, Corn, and Provisions.

In reference to wheat, corn, and pro-
visions, we quote the commercial report of
Henry Clews & Co., dated October 31st., as
follows -
WHEAT.-Consi siderable irregula1ity and
extreme feverishness have characterized
the market during the week just passed. -
There seems to be kind of contest for
supremacy between the New York and
Chicago markets at the moment, and first
one is the leader and then the other. The
effect of the receipts at Western points is
naturally more pronounced at Chicago than
here, and this has been an active factor all
the week in tending to keep that market
depressed. While New York has sympa-
thized, there has at times been an under
current of buoyancy in this market not felt
in the West, as the result of some foreign
buying and an export demand, though the
latter was not as large as it was several
weeks ago. a cable was received by our
firm stating that all expectation of cereals
from Russia had positively been prohibited,
ard this, together with rumors of damage
to the newly.sown winter wheat, brought
about a sharp rally. accompanied by free
covering Oh short contracts. These two
reports have been the only ones received
during the week of a bullish nature, and
the market responded quickly, but as there
was 70 renewal of foreign buying in con-
nection with the report concerning Russia,
the story was generally discredited. Home
conditions at present offer practically all.
absorbing subject for consideration, and
the continuation of the heavy receipts is
the principal feature. Our visible supply
is piliDg up at a very rapid rate, it being
increased by over 100000 bushels this
week. 1t is now in round figures 80, 600,-
900 bushels, against IS, 600, 600 bushels last
year at this time, and it is predicted that
by January LIST it will be %, 900, 600 bushels
more if receipts keep up at anything like
their present figures, as is expected. The
condition of the new crop at the moment is
the occasion of considerable comment, az
advices from several sections of the winter
wheat belt report serious damage by dry
weather, apd this has given rise TO numer-
Gus copjectures as to the ultimate outcome
Of the winter crop, for with decreased
acreage and bad start there is a slight
fear of pooriresults.
CoRN.-There is still great deal of I'M
easiness being felt in the Corn market and
the old crop options retain their undertone
of great strength. The export demand is
still heavy and stocks are decreasing rapid
~ III duu lucy aIo uUW gu
small that there are serious doubts of their
being sufficient to supply the demand until
the new crop comes in, and the receipts of
old Corn are SO light as to offer nc oonsola-
tion.7 Some of the new crop is coming in
now, but it is Of such extremely poor
quality that the receipts cut no figure. For
Instance, on Tuesday, out Of 1O1 cars re-
ceived at Chicago, only three cars graded
as No. 2 or contract corn. By December
conditions will undoubtedly be greatly i'm
proved, but in the meantime supplies 60 on
decreasing, and there seems to be actual
and legitimate occasion for the strength
exhibited.
Provisions -Notwitbsts nding the strong
Corn market, Hog products have been
generally weak, owing to another increase
in the receipts of live Hogs. This week
they have been averaging from 10000 to
So. 900 per day, and in view of the already
depressed condition of the market as re-
salt of large stocks, they have had weak
ening effect on prices. The reason assigned
for the sudden increase is the general fear
of lower prices among producers and a
consequent anxiety to avail themselves of
ruling rates, and there are also reports Of
disease among the hogs