The San Francisco call., 1898-08-21
WHEAT MARKETS OF
 THE WORLD ARE DULL
CONDITIONS THAT CREATE A
 FOREGOING OUTLOOK.
Russia Is Underselling America and an Immense Crop Is Now Being Harvested-Barley Prices
 Are Shrinking.

Wheat speculation during the past week was more active than for several weeks previous. The heavy snort lntef- est which had crept into September, to- gether with a most urgent demand Tor spot was a potent factor in eStapllsH- ing a strong market-beg1nning on lues- day and continuing until Thursday. Re- ceipts at primary points were very much smaller than the same period last year. Kansas City reported millers paying 51a cents premium for No. red, over sep tember prices. Detroit reported coun- try offerings rapidly decreasing, with millers' wants urgent. Some rain Ill the Northwest at harvest time was another bullish factor These conditions Kept sborts in allowance until more disposi- ton was shown upon the part or larh- CTS to part with their wheat
 On Friday foreigners withdrew offers sent to American exporters, and replac- ed them with Russian exporters, whose prices were from to cents under America Added to this came heavy marketing Of spring wheat, causing marked break in the Minneapolis and Duluth markets, which was reflected in winter wheat centers. This resulted in starting to market a large volume of wheat at winter wheat points.
 Indications point to heavy deliveries for some time to come. There is compara- lively no foreign demand Producers must therefore depend upon home buy CTS to a greater extent this crop year than usual. Crops abroad promise well, in many instances exceeding those of any previous year Russia has shown much alertness in contracting for delivery season are completely reversed from those of last year. There is as much of an overproduction as there was sup posed shortage last year. There is not likely tO be .'anQRp' in the market this season. The wings cost Letter too much for any one else to try the game.
 A good milling demand will continue. Elevator interests will buy when there is any chance of earning carrying charges. At present the market offers this element of support no inducements, over futures. It Is not likely this condi- ton will continue after receipts increase and millers' demands are fairly satisfied. The closing price on Saturday of Sep tember and December wheat in the Chi cago market was at the lowest points reached on the present crops, with indi- cations of a further decline, unless farm CTS deliveries are suddenly checked, in which case temporary rally would re- suit, lasting only until freer move ment of wheat begins again.
 The fact is too plainly visible that there is plenty of wheat in the country. Sooner or later it must find it's way to market.
 Wheat prices in the local market ex- perienced heavy decline during the
 
 urday. Favorable harvesting conditions throughout Oregon and Washington and prospects of free deliveries caused longs to unload. Shorts were the only support afforded the market. This support is never more than momentary. Wheat generally burns through a short if no rallying circumstances are at hand. Short lines bought in were repeatedly put out again, even at reduced prices. Around 112 December wheat ought to be good property, temporarily at least
 Barley has been fairly active at lower prices, the big break in corn and wheat affecting a weakening tendency. Hold CTS of barley in Washington and Ore gon are showing more disposition to sell The low price of wheat will admit of sub stituting that cereal for barley as feed The demand for consumption has fallen off to nothing There is great deal of long barley held by local commission houses for country account. Should this barley come into the market bad break would result. The tendency of prices seems decidedly downward. Well inform ed brokers believe December barley will sell at 95 R. E. MULCAHY.