The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-12-04
A STEADY WEEK IN
THE WHEAT MARKET
ITS FUTURE DEPENDS LARGELY
ON RUSSIAN SHIPMENTS.
Barley Continues Dull, With Prices
Far Above a Legitimate
Basis.

Wheat prices have been fairly steady
during the week for the more deferred
futures. Liquidation carried maturing
options quite a little lower. The chief
factor in the way of speculative gossip
was Russia's small shipment of about two
and one-half million bushels less than for
the same week of last year. Exports
from the Atlantic and Pacific Coasts were
$4,000 bushels as compared with $500 900
year ago and 5,S25 900 bushels for the
week ending November 26. Roumania ex-
ports We're 5000 tons less last week than
the previous week. Liverpool stocks of
wheat are about 900 900 bushels, compar-
atively small amount.
1t is surprising that stocks abroad do
not show greater accumulation. The only
answer to be given is that millers' de-
mands are fully abreast with present i'm
ports. Home stocks continue light. The
visible supply is now about $500 900
bushels, no larger than at the same
period when the crop harvested was con-
sidered a short one. Farmers are I'M
doubtedly holding back wheat, but just
how much will not be known until an
other crop is assured, 1t is more than
likely 100000 crop has been almost if
not fully discounted by the trade. An
old adage among wheat traders is that
1t is generally safe proposition to bull
closing hours of short<crop. Assuming
that whatever may be the facts they
have been discounted. 1t is more than
last year crop have been too high and
will ere long show real conditions
The one great trouble with the wheat
other. years of depression, not alone in
cereals but everything outside of gold
coin, prices for wheat We're dropped to
soc and the trade can't wipe that from
hai min do he
quite different. Farmers are out of debt.
Money can be had at a rate of interest
almost at the borrowers option. Securi-
ties of all kinds are selling at prices never
who can find no more safe way to en-
ploy their money. There is now stability
behind this great mass of earning capac-
ity which promises the United States the
greatest prosperity of it's existence. 1t
would seem only fair that farm products
should receive at least a share of the
around 65 cents per bushel is as cheap
to-day as it was at soc during financial de-
preston. Added to this argument is the
difference In grade which was raised last
year from No. spring to No. 2 red, the
latter article being a greatly superior
grade to the former, the difference rang
ing from 10 to 20 cents per bushels. AT
present the wheat trade is watching
Argentina conditions. whose harvest will
soon begin. The country to be most
closely watched this year will prove to be
1luSSid, WHOSE crop ultIe Information can
be gathered about. Present indications
point to a small crop in that country. II
will take time to arrive at facts, but
when they do show UP present prices will
be wondered at. The time is fast ap-
preaching when weather conditions will
greatly Influence prices. the crop killers
are generally at their best during Janu-
airy and February. Conditions through
out California are very discouraging tc
farmers. Unless rain comes soon condi-
| tons will be equally as bad as last year
Considerable Utah wheat Is coming into
the State, keeping millers fairly well sup
piled. Exports from Oregon and Wash
tngton continue on a fairly liberal scale
Barley continues dull, ranging between
81 2Sq1 80 for December during the week
closing on Saturday at about 81 60 II
| looks now as if there will be heavy de-
| liveries of barley during the month tc
| fill contracts. Possibly a couple of thou.
sand tons may be what is known as clear
short, but will not be of sufficient guam
tity to pay any one to go cunning for
1t will be an exception to the general
run of things If those who take the ''real
thing" will not get sick of their bargain
and become sellers in the end. No one
questions the fact that barley prices are
| above legitimate basis. The end must
show an adjustment to meet the laws OF
supply and demand, which at present are
entirely ignored.
r. e. MULCAHY.