The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-10-10
LOWER WHEAT PRICES
CEREAL IN THE NORTH
WEST
RUSSIAN CROP UNCERTAIN

A Disposition to Market Grain--A
Good Commercial Supply Coming
Forward From Points In the
North Temperate Zone - BuIliSh
Yarns Advanced, but Not Ac-
cepted.
The changes in the price of wheat last
week were generally in the direction of low
er prices The movement has been liberal
in the Northwest, and there are indications
that farmers are not sufficiently well sat s.
fed with the situation to be induced 20
withhold supplies.
the future list, and the December option has
taken its place. The outlook in the option
line Is not altogether encouraging fer the
ordinary speculator.
On Friday, Sept. 90. September wheat
closed In the markets named below rs fol-
lows:
Minneapolis $3.50. .5g1A st. Louis .........6S
chicago ......o0 new 1orA .'.....'tZ
Duluth .........t352l
December wheat closed on Saturday in the
markets mentioned above as follows:
Minneapolis :. ..59B st. Louis COZ
chicago .......6zAl New YORK ....''..o'7s
Duluth E. .........60BI
Inquiry among the Minneapolis milers and
the more active traders in wheat in taat
section affords no encouragement whatever
for an immediate rise. Receipts are expect
ed to be large from this time onward for
quite a period from Northern Minnesota,
South Dakota and North Dakota. The farm
err evidently does not like the looks Of
the thing from his standpoint, and he seems
disposed to hurry the grain aong to mar
ket. The worlds supply Of wheat at the
close of the harvesting period in the north
temperate zone is satisfactorily meeting COM
mercial expectations so far as its volume IS
concerned. Bradstreets Review seems to
have come in at the last moment with
sort of bullish story on immediate demands
But the same source of information seems
to be conservative in connection Win oelV-
cries on futures
There Is a good demand for -four. The
millers of the Northwest are certainly pos
sessed of very large orders, not only for home
consumption but for export. They are not
Withholding good cash offers for the ripened
and the seasoned stock Of wheat which is
coming in. This goes to show that
they have a good demand for flour, and do
not stint in the matter Of paying the figure
that is due for the best material. The output
has been very large since the 1st of January
among the Minneapolis mills, and there is
confidence existing among them that there
will be a reasonable degree of frmness, but
nothing like the strong figures of last year.
There have been unquestionably sluggish ex-
ports of wheat from Russia, and the crop in
that country appears, even at this late day
in the autumn, an undetermined quantity. The
British crop reviews have industriously tried
to make it appear that the area of damage
in the growth was quite limited and not likely
to materially affect the general European sup
ply.
Summing UP general conditions 1t may be
truthfully said that the farmer Of the North
west, unless he holds on pertinaciously to his
crop supply, is not likely to receive much Of
a bounty above the cost of production.
We submit the following from the review Of
the Northwestern Miller of Oct. Z:
Farmers are holding in their home granaries
what they can, but the surplus is being sold
1t Is anticipated that this surplus above the
amount that can be held in granaries will be
out of the way in a few weeks, when the re-
cepts are likely to be smaller. and there is
a disposition on the part of all to look for
higher prices later in the season.
So far this year Russia has exported less than
one-half of what she exported during the same
period last year, which is strong presumptive
evidence that the report is true that her crop
is short of earlier expectations. The very best
authorities admit that the Russian crop is Sc
rously short; moreover, that there is no accu-
mutation of stocks at any point in the world
sufficient to warrant the present low range
of values. We note the increase in deliveries
during the past week, but they were not in
excess of the demand. We repeat what we
have said before, that prices are now lower
than in years of positive knowledge of over
production, together with accumulated stocks
of years previous, and when there was gen.
eral depression in trade. AS a matter of fact
values are largely a matter Of sentiment, and
the present sentiment has been engenderd by
an assumed cause, not founded en- fact, and IS
had the desult of inordinate depression. Wheat
and -four have an intrinsic value and from
every experience in the past their history
shows the value to be above the present range
Speculatively we might say there is little
speculation in it and that in part is the cause
of present low prices. The visible supply
statement of yesterday was a surprise to the
trade, being lbs, 900 bushels or 100000 over
estimate. When we consider however that
nine primary points secured over 9,450,00O
bushels last week this increase is compare
lively small, and shows clearly that an enor-
nous amount is being absorbed for home con-
sumption. 1t is known that there are no old
stocks of wheat in the world, and this forces
the new crop to supply all demands.
Receipts are expected to be large again this
long as it is taken about as fast as it is Of
fered to go into actual consumption? Amer
lea is short an enormous amount in her visi-
bic supply and elevators. Interior millers
everywhere are short Of their usual supplies,
and many not running because they can
not get wheat and many farm granaries are
waiting for wheat to replace the general
scraping out last spring. From nearly every
point of view the situation is bulllsh on wheat,
the present lack of speculative interest can
not last always, and upon awakening prices
are likely to advance.
The following expresses in a general way
the views of the Orange Judd Farmer This
periodical has maintained is view, advanced
early in the season, that there would be a
wheat crop in this country of approximately
700 ,C0O,OG0 Blu. In the light of this staten MT
what they say below is interesting:
An undercurrent of confidence in wheat
values is perCeptible. Speculative activity is
not great, and owing to some neglect the
market has been inclined to s,ugg.shness
yet there is little question that tde cereal
is regarded intrins!cally cheap at present
prices around 64c per bu for contract grada,
delivered at Chicago any time in December.
The situation is without particular novelty
and cd forces remain dominant, even though
causing no special comment. The O1ange
Judd Farmers final report pointing to
7G0,G00,O0O crop, confirms our earlier fore
cast Of the greatest wheat yield on rec
ord. But there is nothing in this re.tate-
ment of crop conditions to warrant ope. ators
In endeavoring to force any further d. cline,
as it has long been known that our farmers
have a splendid surplus fer export. And