New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-06-21

LARGE SURPLUS YET. AFTER UNPREcEDENTEl
EXPORTS.

EXPORTS.
TO the Editor Of Tho Tribune.
Sir: Exports Of wheat for eleven months Of the
crop year have been reported. Net exports from
all ports for ten months, -four included, equal
TO l94,134,S62 bushels, and in May the exports
from principal ports equal TO 1852, i SO
bushels making the equivalent Of 209.497, O20
bushels wheat exported In eleven months. From
present appearances the outward movement In June
will be not far from 100000 bushels more
making 222 900 bushels for the year, against
100. 900 900 bushels last year. II former reckon
inrs have been correct, the quantity available
for export during the year. including wheat brought
over from previous crops, and after deducting the
full years supply for food, the arts and seed, was
70,393, 900 bushels SO that there remained avail
able June about o,sss,0 bushels. and would
probably remain July at least as. 600. 900 bushels
But as Department reports do not indicate an in
crease In acreage sown this year. the surplus will
probably he little larger. about 5e,4oo. 900. In
this case, Ms In all Others, the computed surplus
available is in excess Of the undetermined minimum
quantity carried ut the last point of greatest
exhaustion, July l, 1882. When the crop year
ends. reports of stocks visible and others may cast
some light on the correctness of these estimates.
The outward movement for tho year has con-
sideraby exceeded the largest estimates made ten
or eleven months ago, and yet there is plainly a
great surplus yet remaining for export. No better
proof can 10 asked than the continued shipments
from farms 70 the Western ports more than 900 :,
oo0 bushels I'm week, leaving no doubt that there
is still much wheat in farmers hands But in ad-
1tion the stocks OF -four larger than usual,
and the visible supply is much greater than a
year ago.
correspondent, who is bcarish as he was
formerly bulish, wants 10 know why there are
not in the country 9l.5Is.O bushels more
wheat than July |, 1891 for he reckons the
crop Of 1891 as 2I2,5ls,OoO bushels larger
than that Of 1890, and the exports and con-
sumption only i2l 900, 900 bushels more than
last year liz curiously forgets that last year s
exports cut down the available surplus from
80. 100000 bushels July I, 1890. TO about 49,
600, 900 bushels July |, 1891. whereas this year
the available surplus has increased from 49,
100000 70 5O,OOO0oO bushels But the exact
figures can tc better stated little later.
It il enough now 10 know that the country is
going 10 carry over q good round surplus I'M
sold aud unconsumed, OF not far from $4,000.
o0O bushels wheat IN excess OF the minimum
stock. This is quite enough for all practical
purposes, since recent reports from wheat grow
ing regions indicate that this years yield Is
also likely TO greatly exceed the largest guam
titV ever consumed and exported III any year
except the one lust closing. The crop may he
"a. 600, 900 bushels less than the last. as the
latest agricultural report might indicate. and
vet the aggregate supply for the year would
be about as large that from which over 10
0oO. 900 bushels have been exported and over
3O,OOO,OOO bushels have been added TO the sur
plus II may bc added that foreign advlcee
by no means indicate repetition Of the past
years unprecedented demand for American
wheat.
w. NJ c.
New-York, June 90, so2