Cottonwood report. [volume] (Cottonwood, Idaho) 1893-1901, 1896-02-14
The UPWARD ,e~oercY IN wHeA,

Demand From SCUM Africa. Due to
An Australian Shnrtaee.
There has been an upward ten
dency in the local wheat market ever
since the beginning of the movement
or the new crop, says the Oregonian,
and within the last week quotations
have ranged between 60 and 65 cents per
bushel. With the May furry, wheat
moved upward until it reached 55c and
bic, and, when the movement Of the new
crop was begun, the quotations began
mounting again, until they reached 81
cents and So cents. Then, from Novem-
Der / to Is, the demand from South
Africa, due to the shortage of the Aus
tralian crop, began making itself felt,
and shipments from San Francisco
helped the upward movement, until
wheat now ranges from 60 cents to IS
cents.
This upward tendency has not been
due to speculative causes, but Is based
upon the merits of wheat. This is the
opinion of the local milling men. The
shippers, on the other hand, seem to
think quotations above go cents too
high, and say that, while there may be
more shipments to South Africa, about
all the business in that direction has
already been done.
One of the most prominent buyers Of
wheat here, however, differs from
them. Speaking of the wheat market,
he said he had faith in the cereal. He
said:
There are great many causes for
this upward movement. First, there is
the shortage of the Australian crop,
which Unexpectedly caused a demand
on the coast from South Africa and
China. 1T is said that the Argentine
wheat will soon secure that market,
but the Argentine crop is not as large
as was expected. The crop will hardly
be as large as last year, when Argen-
tine experienced no inconSiderable
shortage. Another thing, Russia is
holding onto her wheat, and not selling
any at these present prices, and all
these influences combined are having
considerable effect upon the local mar
ket"
The upward movement of Chicago
quotations upon cash and May options
has had systematic effect upon this
market. Said a wheat broker yester-
day:
There is no question that wheat
will sell higher this year than last. The
highest quotation for July option last
| year was SO cents, and the conditions
| for the present are favorable for much
| higher prices. Foreign markets at this
! time are about as high as when wheat
was selling last year at 81 cents. The
lowest prices last year ruled on De-
cember 81, when cash wheat sold at 81
cents and May option at 567s cents.
Since then there has been steady up
ward movement, the highest being
reached today, when May option sold
for 66A cents and cash option for 6S1
cents, and the conditions are favorable
for a further rise. The failure of the
corn crop last year caused the wheat
buyers to draw heavily upon the in
visible wheat crop, fact which was
not properly appreciated at the time
and this has been another factor in the
upward tendency"
Sibson e. Kerr reported yesterday
that the ship Edinburghshire had just
sailed from the sound with cargo OF
flour for South Africa, and that the
Anshios had been chartered to load
wheat from the sound for the same des'
tination. Speaking of the South Afri'
can demand that has been felt in this
market lately, Mr.. Sibson said there
had been only a few special lots fol
outside business, and these had beer
of a special quality. at is specia
trade Of uncertain duration" he added