Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1897-10-07
GRAIN TRADE AND CROPS.

u
The Cincinnati Price-Current of last
Thursday says
Drought conditions have been in
tensified the past week. The grain
growing regions have been practically
without rains during this time. The
moderate rains previously were less in
fiuential than expected in advancing
blowing and seeding operations. and
there is now quite general complaint
moisture. It may yet be said that 1t is
not too late to secure good results, If
ample rains be had soon, and favorable
conditions follow. But the situation
becomes a less confident one steadily
with the prolongation of delay in such
work. 1t is in fact becoming somewhat
discOuraging.
The drought has shortened the yield
of corn, as also of potatoes and other
vegetables and garden truck, and thus
curtailed very greatly the production
of food and feeding products. This
does not imply a lack of sufficiency to
meet all home requirements, and more,
but it implies far smaller surplus than
would otherwise have been available
for distribution where DEFICIENCIES exist.
The result also implies higher cost of
living to the earning classes who must
purchase food material, and a modifica-
ton of benefits arising from revival of
industrial employment, unless the pro
ducts of labor be assessed the addition
al cost, in which event the competitive
position of such products in the mar
kets must be lowered.
The marketing of wheat in winter
grain regions has been reduced, as re
flected by receipts at the prominent
markets, while it is also in evidence
that interior millers are finding diff
Guilty in procuring supplies within the
usual range. There is however, an
ample offering of -four. and it is nota-
BILE that in various instances flour is
available at prices manifestly lower
than cost on the basis of current values
of wheat.
The movement of spring wheat is en-
larging, and it is argued that under the
lack of carrying charges between cur
rent and future prices the interior ele-
vators will not be called into use in the
usual way in retention of supplies in
| the interior.
Some weeks ago the Price Current
called attention to the fact that the
earlier threshings of wheat in the
| Northwest could not be taken as fully
reliable criterion, for the reason that
such grain represented that which had
been unduly fastened in the ripening
process. It is interesting to note that
this view appears to have verification
in statement presented this week in
the Minneapolis Market Record, giving
averages of yield from 1857 fields il
Minnesota, 1905 fields in North Dakota
and 1853 fields in South Dakota-result
ing in 1871 bushels as the average fol
Minnesota, 1879 for North Dakota, snG
SO for South Dakota. With the excep
ton of South Dakota these averages
are higher than those offered by the
Minneapolis journal the latter part Of
August, when 10000, 900 bushels was
submitted as the indicated production
with the averages of yield now sub
mitted, when applied to the Journa
presentation of acreage, suggest 131,
900, 900 bushels-or nearly..10 per cent
gain.
Previous to the closing day of the
week now ended the Chicago wheat
market disclosed no striking changes
the range for December being 90Aa934
the prevailing tendency being down
ward. At the close the weekly state
ment of the worlds visible supply has
disclosed so large gain as to nomen
tarily intensity the weakness of thu
market, and quite break occurred
This exhibit does not imply more whea1
than previously recognized, nor any
gain in the worlds supplies-merely
the enlargement of the quantity iii
sight" in certain channels, and neces
sarily at the expense of decrease il
Iox ;.; h1o3, Oh
due trading effect is attached to sucl
statistics.
The corn movement toward the larg
ers markets has been very considerably
reduced-as it may we'll be, for the
visible supply in such markets is now
larger than ever before, while the in
terror supplies, although materially re
duced, are still large, and the total Of
this seasons production and surplus
gives promise of meeting all require
ments for the coming year, and afford
ing a considerable excess-so that high
prices for this grain can hardly be
looked for with confidence until the
next session advances to point fur
nishing an unfavorable outlook for the
coming years planting. The absence
| of carrying CHARGES for future months
for wheat, and the existence of such
margin for corn, are features calculat
ed to make and maintain large .'visi
BILE" supply of corn.
| December wheat at Chicago closed
44c below the highest point of the
week, &c above the lowest point, and
BIC lower than week ago.
Corn at Chicago Tor December clos
ed 2fc below the highest point Of the
week, &c above the lowest point and
24c lower than week ago
Wheat receipts at primary markets
were $3.50, 900 bushels for the week
against 100000 the preceding week
and 5, ia 900 last year.
Corn receipts we're 1862. 900 bushels,
against 100000 the preceding week,
and 2,601 900 last year.