Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-08-03
r,rpuOAy AUGUST 3, 1911
rur WHEAT MARKET.

x,,,.. continues very strong. ana 'heIe
t. NO longer any doubt that the iise -
a., ,-ice NJ the staple is due 10 ha'ui"i
a.a,,,ons-that is to say, is due 10 'he
sbortaee of crops abroad which sno' '''9
q estimated at some 225OOWo ousneis' -
ono tenth Of the worlds average wv
A studv Of the market reports as -
=, r. noUsoapers and embraced IN CIR
-. cont ont by reputable grain ope-
- eurbasizes the gratifying iact
that the advance has the suDs'"i'',''
,as,s Of legitimate demand, ana 'hat .''e
h,,ovancy has had little. If any Spe'"''
tive support. On the contrary inc -
- element has been almost enureS
..o hear side of the market. ana any
tendency to weakening of prices 'h"t ''''7
resulted from attempts TO bear mas oee"
followed by n sharp rally, attrpu'aole ~
the actual demand. and Supply. s!ea''o"
rho several estimates as TO the wheat
,.,old NJ this country this year vary con-
s,derahlv. AS might have been expected
owing 10 the foreign shortage more ~
,ontlon than usual has been paid III
England TO the 1887 crop conditions anu
-s.,,.,s What we are told is very
ohservant and careful English authority
n1aces our probable harvest at eVo'"''VO'
h,shols which would furnish an export
able supply OF 96,OOo,OoO bushels more thah
last wear. This would imply total eN-
portable supply Of upward OF Z''V"V'V
bushels. provided the consumption OF
wheat per capita for the year slahus
NJ about the annual average. me I'm
cinnati Price-Current, however thinks
this European estimate too hish' 10
recognize, it says. the winter portion as
s95 $50 900. and the spring crop as likely
70 reach 225,OOOOOO. making a total OF
6a0oo.OOO bushels, appears to be very
full reckoning on the existing iniorpa-
ton.
Tho pr,ce-Current then, estimating on
the basis of 1900, 900 bushels, and low
consumption per capita at home puts
tho total excess available for export at
,s5 600 900 bushels. The recent govern
ment estimate Of our wheat yield was
much lower than that of the Price-Cur-
rent being 46O.OOO.O00 bushels; but. on
the other hand, the New York Tribune
thinks the indications are That the CROP
will show between 5Oo,CoOoO and 552OO'9oo
No matter. however, what may be the
actual figures as to the yield there Is
no question that there will be large
excess available for export, and that
there is every reason to believe that the
prlce will continue 10 rule higher than
for several years. Even should the eN
cess be greater than the shortage abroad
the difference between the excess anl
the foreign deficiency cannot prove 81
great as TO cause a material and perma
nent decline in price.
II Is assumed in some quarters tina
there may be a reaction when the mar
keting of the new crop becomes general
But. as against this assumption, IL i
stated that the marketing may be slow
as many Of the farmers in the large win
ter-wheat sections are now borrowini
money on easy terms and stacking thei
wheat This accommodation TO IN
farmers IL in itself one of the best o
evidences of business confidence in con
tinued strong market Furthermore
heavy contracts have been made for ex
port during August and September, bot
In the interior wheat centres and on tn
seaboard. stocks in the warehouses 4
the former and al the mills are very low
as compared with this time last year
and present and future demands on IN
railway systems for cars indicate tina
even should the crop be marketed rapid
ly. the drain eastward and thence I
Europe Will be such as TO give assuranc
against a glut. In a word. condition
at home and abroad would seem 10 just
fy the conclusion that the strong whea
market has come TO stay.