Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1896-10-21
GRAIN TRADE AND CROPS.
The Cincinnati Price Current of Ii

GRAIN TRADE AND CROPS.
The Cincinnati Price Current of last
says
The government preliminary esti-
mate Ct average yield of what per
acre, as announced this week, is Il 8
bushels. The previous data in regard
to acreage suggested about "a, SOC, 900
acres. The crop thus indicated is
about 412. 600, 900 bushels-or slightly
above the Interpretation given the
condition returns q month ago. For
the corresponding report last year the
estimated average yield was 1876 BUSH
els, but when the final statement was
published by the Depart of Agriculture
an average of 1877 bushels was submit
ted-an advance of 10 per cent. It was
an extra ordinary piece of statistical
work last year-an effort to remedy q
palpable error, due probable more to
under estimates of area than to under
estimates of yield, but the whole
change in the forced balance was cred
tied to the yield, thus disturbing the
relationship which had been estab-
lished between the official calculations
as to condition and yield It is not to
be expected that the Department will
repeat the record in this respect this
year.
1t does not follow that the present
official calculation reflects the actual
situation this year in regard to produc-
ton of wheat. While there was forced
addition last year to the official indi-
cations of fully 40, 600, 600 bushels, that
procedure failed to reflect the extent
of the supply by about 81, O00, 900 bush
els, if records of distribution and the
understood rate of consumption count
for anything in such evidence.
On August ~ the Price Current said:
"The total of the spring wheat will
probably not be less than 100, 000, 900
bushels, and lie, 00O, 900 is not an I'M
reasonable quantity to be recognized
as possible. If this should be realized
the entire crop will likely prove to be
about $50, 900, 900 bushels" Since that
date there has nothing been presented
in evidence which essentially disturbs
the conclusion then reached, and it is
still justifiable to recognize 450, 200. O0C
as fairly representing the production.
The wheat markets have been in
teresting the past week, and close with
a decided advance compared with q
week ago, even after striking break
from the high point in the early part
of yesterdays trading at Chicago, un-
der enlarged speculative selling.
Spectators have made great capital
out of sales of wheat at San Francisco
for India and Australia, and with Other
strengthening information there has
been a continuance of the tendency Of
values 20 respond to such influences
The fact that the importing countries
are more deficient this year than in re
cent years, implying larger move
ment of breadstuffs from exporting
countries, and that these sources Of
supply are not burdened as in recent
years with excessive reserves, will
undoubtedly continue to have an i'm.
portant influence on the markets here
and abroad.
The corn market has displayed q
strengthening tendency, and Chicago
prices have advanced quite decidedly
Interior prices are firmer, although
the offerings and movement are liberal
The excessive estimates of the croI
which have been promulgated are evi
IDENTIFY not accepted by trading men.
The week has been favorable for the
autumn sown wheat crop, which is Sc
curing splendid stand where sown
In some localities seeding operations
are not yet completed, owing to delays
occasioned by rains. As previously
suggested the indications favor main
tenance Of the area, and quite likely
some increase.
Corn husking has progressed to q
large extent in many sections, anC
cribbing has begun on a liberal scale
although more of dry and cool wealth
or is needful to make such operations
general The indications as to yielC
thus furnished are not sufficient tC
give reliable basis for calculations
but thus far there is little or nothing
to justify an enlargement in estimates
and it is not likely that the volume Of
the entire crop will much exceed last
years. A fair estimate is probably
about 1850, 600, 000 bushels, or 100, 900,
600 in excess of last year.
December wheat at Chicago closed
1sc below the highest point of the week
2ac above the lowest point, and tx
lower than q week ago.
Corn at Chicago for December closed
&c below the highest point of the week
25c above the lowest point of the week
and 2sc higher than a week ago.
Wheat receipts at primary markets
were 1894 900 bushels for the week
against 5,776.000 the preceding week
and s, 104, 900 last year.
Corn receipts were 3,555, 600 bushels
against 3,992, 900 the preceding week
and 3,073, 900 last year.