Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-08-04
SITUATION IN WHEAT
TIRE ADVANCE N PRICE CAUSED
ny SHORTAGE IN FOREIGN CROPS.
FINE PROSPECTS IN UNITED STATES.
Yield This Year VIII ne About
10O.0Oo,0o0 Bushels Greater Than
I'm 1s9c-Europcan Buyers I'm a
Quandary.
Quandnry.

Great interest is being manifested here
as well as elsewhere. I'm the upward ten
dency OF wheat. II has advanced steadily
during the past several weeks. until the
price has reached about ~ cents per
bushel. This advance in the price OF
wheat is due TO shortage in the foreign
crops. The crop in the United states
this year was good. AS was shown by
the annual report OF the Commissioner
OF Agriculture. just issued. the prospect
is for a fine yield in Virginia.
From a statistical point OF view. the
situation as regards wheat has changed
but little since Messrs. Thomas Branch
& Co. issued the following circular. July
10Th last:
The worlds visible supply Of wheat Is
much smaller than it has been for many
years-say. 50 20 60 per cent. less. On
the LIST of July. 1897, the worlds visible
supply was 100000 bushels, against
100000 in 1891. During 1891 cash wheat
sold from s. cents to sli6. To-day it is
IS cents.
The English supply, as OF July LIST.
was sufficient for six weeks only. with
no more wheat available before the isr
of September.
There is an evident deficiency I'm the
crops OF France. Italy, Austria Hungary,
Roumania Bulgaria, and Turkey The
last three have suffered from excessive
rains, and Russia complains OF drought.
india. Argentine. and Australia have no
wheat to ship. our crop promises to be
large. but in 1891 II was 6l7 0co 900 bushels.
when wheat sold much higher.
Europe will be forced 10 take our
wheat. - ~ /;
Should the harvest abroad be delayed.
or the hopes for very big crop I'm this
country not materalize. wheat must sell
much higher. Yours. very truly.
THOMAS BRANCH a co.
LARGE CROPS THIS YEAR.
Our exports continue large. The wea-
Their for harvesting abroad has not been
favorable and II would seem that the
hopes for a big crop in this country viii
not materiallze. This country made last
year 426O,o.0o0 bushels. IL Is supposed
the crop will be 1oO.O0O0oo larger this year
Conservative foreign estimates recognize,
that the European crop Is about l4i0J.cW
bushels less than last year. Our average
exports are about l50O00,CO0 per annum.
The quantity exported this year should
be at least a0Oo00o0. and II may be much
more. An average export OF 100000,
plus n shortage OF 100000 In the Eu-
ropean crop, makes the enormous total
Of nearly 3O0.0OoOOo.
Wheat Is higher than last year. II Is
natural that foreign buyers should work
from hand to mouth. taking only what
grain they actually need hoping to see
the price of American breadstuffs de-
cline. They claim that the price OF
wheat is too high and that heavy re-
ceipts and pressure to sell will force II
to go lower; but observers are astonished
TO see how slow the farmer is TO shr
his grain, and II would seem that ht
has some financial backing and conn.
dence I'm the Nalue Of hls property.
THE CONDITIONS IN 1891.
In 1891. when the United states made
the biggest crop In the history Of the
country. and when receipts ir the month
Of July were tho heaviest on record.
wheat fuctuated between So and 9S cents.
and advanced the following month (Au-
gusD 10 sl.l3, In spite OF the enormous
receipts. European buyers having finally
realized that though the American crop
was very large, they were In need OF
breadstuffs. They were forced TO take
| American wheat az high figures.
To foretell the Immediate course OF the
wheat market Is impossible. and there
may be lower prices for a time, the re-
suit OF manipulation or Of heavy receipts.
IL is usual to see the wheat market fuct-
uate violently but all things taken into
consideration. It is evident that 1t is ike
ly TO sell much higher And I'm this con-
viction is found Tho best basis for tho
return OF that prosperity which is 80 con-
fdently looked for by tho conservative.
careful observer