The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1896-11-27
WHEAT AND ITS PRICE.


teresting the public to considerable
degree, and especially the farming por-
tion of it which has more or less OF the
article TO sell, sand there is much
SPECULATION in all quarters as to
whether the price of the cereal Is
likely to remain about where 1t is at
present, or whether we will have SOC,
9Oc, or Sl.O0 wheat. Many farmers
have have suffered more or less loss
during the past few years by the
famous, or possibly Infamous, "hold
your wheat" circulars, and are more
or less chary about relying upon ad-
vice of that kind. AS the FREE PRESS
has always maintained, the farmer
must rely upon his own Judgment en-
tirely in such matter, and in the
long run he will be the best satisfied.
The indications are that the price OF
wheat will rule high before another
harvest is secured, and many who
keep in close tab as to the wheat
situation of the world hold that the
crop for the next year will not make
a great impression upon prices toward
a decline, be it ever so good. The
cause of this is general shortage OF
the worlds wheat crop. From the
best and most reliable figures obtain
able the shrinkage in the worlds crop
for the past year is about as follows:
The United States, which STANDS at
the head of the wheat producing
countries of the world, produced the
smallest cropthis ear that has been
grown in q years. The government
estimate is 394,O00,000 bushels, while
other good authorities estimate 1T at
$40, 200, 900 bushels. In 1891 it reached
5OO,OOO,OOO bushels and the average
for number of years back has ex-
eeeded 500, 900, 900 bushels.
Russia, which probably stands next
10 this country in the matter Of
wheat production, is reported as short
in her years crop from so to 75,OOO,-
900 bushels, and the drouth prevail
ing there render the conditions un-
favorable for next seasons crop.
The wheat crop of France is below
her average production and is the
smallest product there in the past
three years.
India, which comes next in the pro-
8uctiOn of wheat, raised only 1S6, O0O.-
900 bushels this last season, against a
crop average for the past fifteen years
of 248, 0O0, 900 bushels, and it is said
that the coming harvest promises to
be much smaller than the last, on &C
count of the severe drouths which
have prevailed there.
Argentine Republic which has been
an exporter of wheat to the extent of
from 20 to 6O,O00,OOO bushels per year
for some years back, has had it's sur
plus greatly reduced by the drouth
and also by locusts, and will not have
much of a surplus for export for the
next fifteen months.
In Australia the average yield OF
she last harvest was four bushels per
acre against a usual average of ten
bushels. This loss is the result of
serious drought, which has also affect
ed the present harvest which
is just beginning and instead of ex-
porting wheat she has become tenn
pOrary importer of it.
In the other and smaller wheat pro-
ducing countries the crop has been
below rather than above the average
Bith the exception of Roumania,
which has had a bountiful harvest.
Canada will nave surplus of about
10000, 600 bushels against usual sur
plus of 100000 Great Britain
is 2O,0O0,000 under her usual crop,
and will consequently be lar
ger importer than usual.
Take it in our own northwest, the
wheat crop of Minnesota and the
DakotaS for 1895 was about 100000
600 bushels, and for 1896 the best es-
inmates place it at 120,000,000.
So it will be seen that there has
been a world wide reduction in the
wheat production for the past year or
SO, while the conditions are such that
she worlds crop which will be har-
vested by Sept. 1st, 1897, not come up
TO the average of the past few years.
Hence the conditions all tend toward
still higher price for wheat. And
such is the opinion of those best
posted on the subject. The editor of
the FREE PRESS had conversation
with Mr.. G. A. Pillsbury, of Miune-
apolis, one of the best posted men in
the northwest on crop subjects, few
days ago, and he gave it as his opinion
that wheat would sell at one dollar
bushel before another harvest He
said that the worlds production is
less than the amount it annually con-
sumes, and that the stocks of the
worlds surplus had gradually been
growing less for several years back,