Mexico weekly ledger., 1895-09-12
WHEAT AND CORN.
Big or Short Crops We Must Meet
Our Foreign Competitors-Con-
dition of the Markets.

Messrs. w. G.. Press x Co., Grain
and Commission Merchants ofChieago,
in their special market letter to the
LEDGER, say:
The Wheat movement in the North
west is gradually increasing, and as we
have heretofore suggested sis exertIng
an important influence III determining
values; for, in the absence OF an urgent
foreign demand the offerings from that
source are daily added to the already
heayy.burdens of bull" spectators,
and as there is but slight probability
of any diminution of receipts while the
weather fayors Il free marketing OF
Grain there seems to be but little hope
of stable markets until America square
ly meets all competitors III European
markets and assumes the position of
dictator. 1t seems difficult for many
of our countrymen to fully realize that
we are no longer the pace makers in
establishing prices for Wheat abroad,
and, that with a liberal surplus to sell,
we must in order to dispose OF 1t, keep
III markets on a parity with those of
our powerful competitors. To merely
follow them when supplies are album
| dant. serves no purpose but to increase
visible stocks TO he sold at steadily de-
clining prices. y clear understanding
of the situation in competing countries,
especially Russia and Argentina, IS inn
pOrtant because the outcome of the
struggle for supremacy, involves not
only the solution of the price problem,
but in a large measure Will determine
| our foreign trade relations, and imam
cial policy. That the question demands
| 1nrTArrr nasarTlnrntta aRRl t- oft ra aff IN re-
the attention of those in authority, is
| evidenced by the following ~utterances
| ascribed to Secy. Morton. who says:
1T looks as if the farmer of all the big
| producing countries is trying TO shut
| out his American brother. The agent
| of the Mccormick Harvester Company,
now i'll Russia, Il gentleman of intelli-
gence and experience, writes me that
| he has seen crops of - bu and 100 Blu of
| Wheat to the acre threshed out there.
What would we think of such yields
here? And see what Argentina is do
| ing. A report dated July II, comes from
Buenos Ayres, stating that upon the
basis of the figures for the first six
months of this year the Argentine Re-
public will send in 1898, 260 900 head of
Beef Cattle alone to Europe. Accom-
panying this was a photograph of a
scene 300 miles inland of an ocean
going vessel lying alongside of an ele-
yator and being loaded with Wheat
| that grew on the other side of the ele-
Vator, stacks of Grain being shown in
the picture. absolutely no land car
riage at all. When our Wheat reaches
the seaboard, or point which it can be
loaded on vessels, a pretty penny has
been added to the cost of production IN
the freight paid for its transportation.
Only to-day, Mr.. Featherst0ne, MEM
Der of the Union Club, Sydney, Aus
| tralia, was here and told me he had
| Just completed arrangements for ship
ping dressed Beef from that country to
London, with the privilege of thirty
| days storage in cold storage ware
houses on arrival, at Il8c a pound for
| the whole transaction" We have fire.
| quently dwelt on this phase of the
Wheat question, because we are con-
yinced that any forecast of the market
made without its consideration, viii
prove yalueIess. Facts are stubborn
| things,n and although they may be I'M
| pleasant to contemplate are the only
things that a SPECTATOR can rely on.
We note that crop estimatOrS are still
at work, and that each new guess is
| hiCherthan its predecessor. The latest
PRONUNCIATION making the total yield of
Winter and Spring Wheat about 450,-
DOC. 900 bu. This is probably much
nearer tie truth than the early esti-
mates of 3S5 ,000, 900 bu to 405, 600, 900
bu. q
Corn continues to feel the influence
of the prospective crop, and as it is rap
idly maturing, the sentimental support
which the market has had from oper-
ators. anticipating a frost scare is being
| gradually withdrawn. The major por-
ton of the buying of cash property has
been on export account. For moderate
amounts this demand is likely to con-
| tinue, but 1T cannot be relied upon to
absorb large offerings. As in Wheat,
we must meet foreign competitors in
Corn. Argentina being a free shipper.
The prospect of an abundance of Corn,
and the consequent increase in the flu
ture supply of Hogs, renders it difficult
TO maintain any advance in Hog Prod
uct, Notwithstanding immediate reduc-
tions in stocks, and as prices are still
| relatively higherthan the deferred Corn
| futures, we believe that parity viii be
reached by a gradual but material de.
cline in Provisions. The markets all
| feel the absence of general and active
speculation, and are likely to continue
dull, until something g develops ia
simulate speculative buying.