Mexico weekly ledger., 1895-11-07
W. G. PRESS 6 CO..
Grain and Provision Commission Merchants,
q and Il Sherman ST., Chicago.
In their snecial nnrket Anttnr GU.

q and 4 Sherman St., Chicago.
In their special market letter SLY:
The wheat market is being constant
ly subjected To changing conditions.
which alternately cause peritnis OF
strength and Weakness. and M decided
tendency Ia a steady advance or de-
cline may be anticipated until the
governing influences become ia,ire pro-
nounced on one side on the other.
Those now fasoring a higher range
aee. low prices. an excellent demand
for -four. moderate weekly increases in
the world S visible supply, uatayarable
reports of the condition OF the growing
crop in Argentine. the possibility of
war in Europe. and the backward state
of our winter wheat crop. About the
only factor favorable to the h@I side
at present quotations Is THE t@asnitnte
of the movement at the Northwest.
which is great enough. however, tn
oyershadOw all other considerations
when there is a pause in the stim;ilaI-
ing CHARACTER of the outside news.
The market has been deprived Of its
greatest stimulant of Il purely legiti-
mate character by the breaking of the
protracted drouth, and the bull ele-
ment must now rely almost wholly On
the immediate supply and demand
features, and such aid rs may I've
afforded by foreign adYices. Any
thing that looks like an armed conflict
with Russia will stimulate speculative
buying. for in the event of war be-
tween England and that country, the
Black Sea would doubtless ut once be
closed to commerce, and Europe's
source of supply for a large quantity
of wheat be cut off, leaving Gu
country in a position to dictate prices.
The news from Argentine during the
next six weeks Will be scanned with
interest, for it marks the period when
their crop will pass its critical stage to
maturity. The latest advices indicate
that there has been more or less dam
age, but it is impossible at this juncture
to state its extent. The chief specula-
tive feature of the market is the mag
nitude of the holdings of long wheat
for December. which will oon have to
be l%iquidated, either by the holders
selling out and retiring from the mar
ket, or by transferring it to May. Car
riers will not be willing TO accept the
current rates indicated by the premium,
and the difference between the futures
will doubtless widen. Whether it Will
obtain at the expense of the one, or b e
other, depends on the character of the
market during the current month. II
it be strong, the advance in May Will
be greater than in the December future,
and if weak, vice versa. without a
continuation of exciting news it Will
| probably sag underline burden of spring
wheat receipts, but other conditions
| are of so stable a character that we be-
| lieve they will assert themselves in due
| time, hence we do not believe it wise
policy to put out a short line at such
low prices, even whenthe market shows
| unmistakable signs of weakness. There
| is not room enough for a severe decline,
| and the risk is too great for h posi-
| Bile gains. Should the situation sud
| denly become pronouncedly bullisll, the
| room for an advance is ample, and long
| wheat would pay great profits before
| prices became anywhere near what buta
| few years ago were regarded as fairly
| remunerative to the producer. Private
| crop advices indicate that the area
seeded to winter wheat this fall about
equals the acreage seeded last year.
| The condition, however, is less fayora-
BILE owing to drouth, but the damage
may in a great measure be repaired
by sufficient moisture and other favor
able conditions during the remainder
of the crop year
While there is but little of interest
that is new in the coarse grain markets
we see nothing upon which to advise
selling at current prices, and for somt
time would prefer the long side, for
sudden change to wet weather and bao
roads would stop receipts and alarm
short sellers.