Mexico weekly ledger., 1895-10-31
W. G. PRESS & CO.,
Grain and Provision Commission Merchants,
O ana 4 Sherman St.. Chicago.
In their special market letter say:

Several weeks ago foreign adyices
| stated that Russian wheat was offered
sparingly. The news exerted but little
influence on values at the time, for b
| pressure of enormous Northwestern re-
ceipts oyershadowed all other infiu-
| ences, and operators became Indifferent
to news from abroad. The statement
has been reiterated during the past
week and has been given more consid-
Grafton in consequence of the possibili-
ties it presents in conjunction with the
bullish domestic advices from the
| drouth stricken sections of our country.
So long as Russian shipments continue
liberal the importance of the news re-
ferred to will not be fully appreciated,
for the cessation of offerings will not
| be noticeable in the movement until
| old contracts have been filed; then we
| may expect to see a sharp falling of In
| exports from that country. Should this
| occur before our winter wheat fields
| receive a good soaking rain prices
would undoubtedly advance with u
| bound, for they are too low to with
| stand anything of q pronOnncedly bull
ish nature, and idle money Is too abund-
| ant to permit wheat to remain In tho
| sixties, under conditions reasonably
| favorable for an advance. Although
| the market has been subjected to
the depressing influence of large re-
ceipts and quite liberal short selling,
it has daily gained friends, and the
buying has been OF a substantial
character, the chief incentive be-
ing the unprecedented drouth. : While
but little actual damage has yet been
reported, the fear of a prolongation
of unfayorable conditions, Is daily
augmenting the bull ranks, and moth
ing but abundant rains can more than
temporarily check the rising tide Of spec
ulation, which may at any time develop
into a regular boom. Argetine and India
ana Enropes supplies must come, Tor
some time, from Russia and America.
IL the former ~withdraws America can
dictate prices until her competitors
again enter the field. With continued
dry weather throughout the winter
wheat belt. receipts Of that variety will
| doubtless continue light, and spring
wheat farmers viii sell as sparingly al
possible, if the market shows signs of
| booming, We believe the recent ten
dency to weakness has developed quite
a large short interest, and that their
only hope of getting out without q
severe loss lies In an immediate rain.
The only really bullish feature Of o sup
ply and demand nature that we see istbe
probability Of a lighter Russian move
ment, for stocks are liberal and con-
snmers are in no danger OF an imme-
date scarcity of supplies. Present sup
ply and demand conditions, however.
win exert but little influence in deter
mining prices il crop conditions prectp-
itate a speculative Juror. Every great
permanent advance on record has had
la crop damage somewhere for q basis,
and there can be no such recovery from
present low prices without one /; but
when the damage is great enough to
effect the worlds food supply, moth
ing can prevent a material advance.
As crop damage depends or the weather
the prospect for higher prices also
hinges on il. and as the weather reports
are accessible TO all, We can only refer
] you to them for news, that, for D
moment, will command attention.
The situation In o and oats for the
present does not warrant a decline, and
we shall not be surprised TO see some
advance before lower prices obtain.
!, Farmers are ioath TO accept current
prices. and seem inclined to hold back
; their grain, hoping for higher quota
tions. The certainty Of large crops OF
, each. has induced considerable short
selling. and as sales have been made at
. low prices sellers would feel uncomfort-
7 able If anything occurred TO mula
haIyfnu Prices may have 10 90 lower
iafer In the season, but for the present,
. we cannot advise short selling. When
d cash corn was about SOC, we saw nosh-
! ing 10 sustain IL but hope, and advised
. our friends TO sell while the opportu-
nity lasted. We cannot advise selling
at present prices. after an almost on
tinuous decline Of over 20c per bu.