Mexico weekly ledger., 1895-10-17
W. G. PRESS & CO.,
Grain and Provision Commission Merchants,
. and I Sherman Sc. Chicago.

2 and q sherman ST. Cntcako.
In their special market letter say:
The report of the Department of
Agriculture, issued on the 10th inst.
somewhat surprised the trade by stat
ing that the average yield of wheat
per acre for the last crop was 12ts bus.
per acre, indicating a total yield of
about 425. o00, 600 bus. Estimates based
upon previous official percentages of
condition ranged from $4,000, 0G0 bus.
to 400, 900 600 bus, and although nc
we'll informed trader believed that the
L was under 400, 0G0, 600 bus. there
were but few who anticipated any raise
in the Government figures. Several
months ago we showed the iBconsist-
ency of the popular estimates, stating
that we believed that before the adj
vent of winter a few cold facts would
freeze the life out ofthem. Although
the Government has practically raised
its estimate 25, COG, 900 bus, we believe
it is still Understanding the crop,
and suggest that the unprecedented re-
ceipts at Minneapolis and Duluth are
Incompatible with yield of but l01a
bus. per acre in South Dakota and 10
bus. in North Dakota: these being the
official estimates for these. states. AL
though we believe that the crop is
larger than the latest Government es-
innate, we see no eason why producers
should sacrifice their holdings. and
think that selling on weak spots is poor
policy. Notwithstanding the enormous
Northwestern movement, which seems
to have reached its flood tide, the mar
ket shows inherent strength by re-
spending quickly TO bull news, and
reacting sharply from periods of de-
preston. The fact that the large
spring wheat receipts fail to steadily
depresS the market. while speculation
is light, indicates clearly that millers
aud grain dealers buying the cash
wheat are not hedging it freely by sales
for future delivery in our market. The
low prices at which they are securing
their wheat encourages them to hold
for an advance. and enables them to
carry their usual stocks without extern
siye bank accommodations. Unless
stocks become large enough to compel
liberal hedging, short sellers at low
prices will find the market bare of
wheat every time anything occur 20
stimulate speculative buying. There
are several factors in the speculative.
situation that may at any time exert Il
builish influence that should not be
overlooked, among them being the
danger of insufficient moisture for the
new winter wheat crop. before it
freezes up, and the uncertain state of
European political affairs, which may
at any moment assume a more threat
ening aspect, and create an active
speculative demand. With its present
environments, the market is verysSen-
sitiye, and, as we have repeatedly
stated. is certain to continue to react
EA,r,9 F,Nv., nnrr h,.nnI- 81 -n-.,-
days duration. Under such cOndi-
tons, the only really safe course
lies in buying on weak spots, and
realizing as soon as fair profits are
assured. Some of the more noteworthy
items of Il supply and demand nature
are the decreased Russian offerings and
the increase in offerings of the new
Argentine crops for January delivery.
The worlds visible stocks, according
to BrGdStFeet's estimate. increased dur
ing September "A. 00B. 900 bus, but are
about Il. 000, coo bus. smaller than at the
corresponding date last. year. While
foreign stocks are sufficient for imlne-
date requirements. and our receipts
continue large. We must take the initia-
live i'll any advance, and until we dem
onstrate or ability to maintain a high
or level, but little encouragement can
bo SAPSCtSu lltHI iOECISuelS l"lltItSteu
in securing cheap bread.
Continued liberal offerings of corn
tend TO depress prices, the cash proper
ty and lei futures suffering the most
decline. Favorable weather for curing
the new crop eXerts a depressing influ-
enc on the more deferred futures, and
~disc0urages speculative buying.
The offerings of oats are free enough
to supply all demands, and the market
rules dull and lifeless. The extremely
low price has encouraged consumers to
stock up literally. causing Il steadier
market than many had anticipated.
The trying time for holders will come
when lake navigation ends for the sea-
son and Eastern buyers have secured
their winters supplies.
The most noteworthy feature in the
provision market is the liberal receipts
OF hogs, and the proportionately large
number of light stock in the supply,
which We believe is largely due to the
prevalence of hog cholera in sections
from which it comes. Farmers do not
market light healthy hogs when corn is
abundant and cheap. If the present
state OF affairs lasts, we may witness a
season of relatively higher provisions
than corn