Mexico weekly ledger., 1895-12-19
". G. PRESS & CO.,
Ifaln and Provision Commission Merchants,
In their special market letter say:

In their special market letter say:
The action of our wheat market DUR
ing the past week has afforded opera
tors, who have followed the suggestion
so often made by us, to accept reason
able profits on long wheat, when OBJ
tainable, an opportunity to realize on
their holdings, and the sharp reaction
from the sudden advance is largely due
to the unloading of liberal lines by
traders possessing the wisdom to pur-
u such a course. The conditions be-
ing favorable for an advance, 1t re-
quired but little help from those fam
iliar with the methods employed to
affect values, after the start was made,
to force an advance, and the result
showed that such assistance was
promptly rendered. The first decrease
in the visible supply afforded the pre-
text, and a little judicious bidding for
cash wheat by people controlling the
major portion Of the grain in store did
the rest. The eleventh hour bulls, of
course, got the grain near the top, and
az usual, DON had losses to contend
with. The operation will doubtless
be repeated again just as soon as the
situation appears bearish enough to
develop a short interest, and a piece
of fresh news, bullish enough to excite
interest, is received. With a probable
ity of sharp upturns from all marked
declines, the safe course still lies in
buying on good breaks and selling out
on fair bulges. With the present
large holdings of the cash property by
strong men, the forcing of a temporary
advance, by bidding in the open mar
ket for wheat they alone possess, is not
a difficult operation, especially when
the demand from millers in winter
wheat section is urgent enough to alb
sorb a fair proportion of current re-
ceipts. The failure of European mar
kets to respond to our advancing quot
believed the strength was wholly due
to natural causes. The apathy of for
eigners is doubtless due to their liberal
stocks, which were reported by the Corn
| Trade Nescs to be on Dec. list SO, 400, 900
bu, as compared with SO, 900, 600 bu on
the corresponding date last year. While
stocks abroad are larger than they were
last year, we note that in the United
States and Canada they are less, the
total visible supply in both countries
Dec. LIST, as compiled by the Daily Trade
Bulletin, Chicago, and the Minneapolis
Market Record, being 129, 3S7 900 blu,
against 148, 957, 900 bu Dec. LIST, 1894.
The most important legitimate feature
demanding consideration is the contin-
ued liberal Russian shipments, for, ex-
cepting America, it is the only country
contributing a noticeable quantity to
importing countries, the supplies from
other sources being unusually small.
The duration Of her present volume of
exports will determine the future value
of wheat. Advices from Australia
confirm previous reports of short crops,
and that country, instead of being a
competitor during the next year, will
become a customer, and will draw
| moderately on our Pacific coast sup
plies. The December report of the
Department of Agriculture gives the
condition of the growing crop as 81.4,
a percentage somewhat lower than sew
eral private estimates. 1t is difficult
to state just what may be inferred
from these percentages. About all
| that can be said of them is that they
probably indicate a fairly good condi-
ton of the crop. Private information
| warrants us in stating that the condi-
tons are fairly favorable for a good
crop. but that the plant shows irregu-
lar developement. The corn and oats
| markets have ruled dull and lifeless,
the fear of large interior holdings
affecting the market more than present
| stocks and current receipts. Farmers
| in many sections show 0 disposition
to hold back supplies.