The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-12-21
WHEAT STORAGE.


With the close OF the year the time
for the lapse OF the wheat storage cor
tracts Of the Washington farmers ar
rives. On January first large numbers
Of these contracts must be renewed or
the wheat now In storage be placed on
the open market at such prices as may
then prevail The amount CT storage
this year Is greater than in any pre-
ceding year, owing 10 the fact that two
seasons OF good crops on strong mar
ket have placed the producers on their
feet so that they are in position 10
hold for better prices. and are actually
SO doing.
II is not likely that the farmers are
expecting the renewal Of any such ex-
fraorjInary conditions as obtained
when wheat reached its abnormal
prices last summer There Is nothing
iu the news world or it's outlook TO sug-
gest even the possibility Of such con-
dti0ns. Famine and drouth have
been reported only from portions of the
grain belt OF Russia. ana Russian short
age Is too frequent 10 seriously affect
worlds prices. There can De nothing
to base hopes of advance upon save in
the actual market situation of the day.
Wheat siatisticians VIGOROUSLY dis
agree. but information from all direc-
tons seems To establish the following
general conditions as prevailing:
The worlds available supply. includ-
ing Argentine and Australia. on the
first Of December. was III ,93s. 900 BUSH
els. a decrease of 1883 900 bushels from
The supply at the same date in last
year. Against this feature, which Ia
rather favorable To higher prices. stands
the fact that since the first OF Septem-
Der the supplies have been increasing
steadily. and al a rate considerably in
excess Of the normal increase at this
season CT the year. If the Increase CON
tinues the supplies on January ! will
equal. IL they do not exceed. those If
January J. 1898.
Both Europe and America may be
presumed. on the basis Of this showing
to have recovered from the great ex-
haustion OF home stores brought about
by the European famine and the Letter
corner Of last year. Wheat il moving
greater centers OF distribution, and
there is nothing Of an exceptional or not
easily discoyerable nature to be count
ed upon in making calculations as TO
future probabilities
The actual foreign demand for Ameri-
can wheat is large. Shipments since
early in the fall have been in excess
OF those Of previous years. and better
than could have been ANTICIPATED In
view Of the fact that no unusual crop
conditions prevail abroad except in
Russia. But the reasons Of this de-
n1and are not entirely obvious even To
close students Of the grain exchanges.
and Il il likely either 10 terminate or 10
be reversed at any moment At least.
ii is so little understood rs not To he a
safe basis for any argument with re-
gard to future prices.
I'm all probability the uncertainty ex-
listing and apparently fostered by spec
ulators a9 To the crops Of Australia and
of Argentine has something to do with
the present American export movement
Reports in regard L. Argentine are espe-
cially contradictory. Nevertheless. the
drift of the market belief In the matter
Is - the conclusion that there will I've
no crop failure. If this be borne out by
the subsequent developments. one ~
the greatest factors contributing II last
years high prices viii be removed.
Out az none az these several consid-
erations can there be derived anything
to foreshadow pronounced advances IN
wheat There IS nothing to figure
upon save the ordinary seasonal varla-
tions 1t remains fer farmers, in Dc
termining rs to the renewal Of their
storage contracts, to decide uhethcr
suth variations Offer sufficient speca-
lative chance to Justify tae numerous
disadvantages which attach T. not SELL
ing The farm prol9crs when reasonably
good prices are - - secured