The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-10-31

if necessary until the next season. The past
season with its unprecedented yield has sup
piled an opportunity for abundant storage
against the possible shortage OF the worlds
supply during the next crop year. OF course
there Is considerable hazard in banking
against such possibilities and if there shall
be any Increased acreage next year accom-
panied by good growing and ripening weather
the chances of profit would be rather slender.
There Is certainly nothing in existing condl-
lions, however, to foster the hope of any inn
mediate Improvement in prices save the single
one referred to above, viz: the eagerness of
the millers to get stocks of -four ahead at the
present prices of grain.
Late reports for the week reflected an i'm
proving export trade. Winter weather seems
to have set in in earnest in the Red river
valley, where snow is falling, and this con-
dition will probably have an effect not only
upon late threShing. but upon deliveries to
elevators. thereby lowering the volume of
receipts early this week. A consequent i'm
proVement in price may therefore be reason
ably anticipated.
In it's issue of Oct. 2Sth, the Northwestern
Miller said of the Minneapolis grain market:
Heavy rains throughout the Northwest have
largely cut off farmers deliveries, ana the
wheat now arriving at the terminal markets
chiefly comes from country elevators. Aside
from restricting receipts, the wet weather
mas no DOUBT resulted III cOHSluSTdDlo udIIdISS'
particularly in the territory north OF the
Northern Pacific road. In the districts close
to the railroad and on each side OF the Red
river valley, the grain has been threshed, but
in the rest of that section, unthreshed WheaS
is the rule. Some is in shock and some in
stacks. The former is supposed to be most
affected particularly in the direction of low
erng the grade. Well informed men estimate
that 60 per cent OF the wheat in the territory
described has been damaged by rain and
snow.
The very handsome advance in wheat is
expected by some to induce the farmer TO
market his grain more freely, and thus cause
a relaxation in the spot situation However.
it is barely possible that with the substantial
success that has already attended his policy
of holding back wheat, he will be induced TO
hold for still higher values. no small part
of the wheat in country elevators belongs TO
farmers; they have simply stored it to walt
for price at which they would be willing to
SELL The elevator men give receipts with
right to sell the grain, and when the farper
decides to SELL. he is settled with on the mar
ket prevailing at the time Such stored wheat
the elevator men have shipped to the term1-
nal markets as fast as the supply Of cars
would permit, that they might get the benefit
Of the premium commanded by cash wheat.
and have bought the December options as
protection to them in settling with the farm
er. The miller has also been considerable
buyer of December as hedge on -four sales.
This makes the line of December wheat out
a considerable one, particularly in the light
of the fact that the stock of contract grade
is only 66600O bu If receipts are not
largely increased, there is the possibility Of
than other futures. and of its early attain
ing value close to the cash price.
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