The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-08-22
CRITICAL CROP PERIOD
WEEK OF UNCERTAINTY IN
THE WHEAT MARKET

Values Are Low Now, With No APP
parent Tendency to Advance, but
i'm "a Few Days or Weeks ImpOr-
tnnt Changes in the Current Fig
ures May Result In Higher
Range of Prices.
The wheat market during the past week
mas been uncertain so far as values are
concerned but there has been nothing eA-
+raorairary in the situation, in view OF the
chanCeful condition Of things, as In the
passing from the one crop to the Omar
This. of course, is critical period between
the old and the now crop. There mas osen
4 good demand for export for the wheat o.
the old crop, and there has been also strong
DEVELOPMENT of views as to what shall be the
outcome OF the new crop. 1t is difficult to
form an idea of what may be the demand
upon this country during the months inter-
1ening between September, 1898, and, say,
MAY or June 1892 The winter crop has
not proved to be particularly large, but there
IS evidence of reliability in the belief that
the production of the spring wheat bslt will
come very close to the estimates that were
early placed upon II. Mr. Peaver, wAo Aa'
control of a large numbre of acres, has al
ready given as his opinion that 19l,OOoCOo pu
will be earnered in the elevators o. the
Northwest as the result of the crop OF 1888
These figures appear large, and if they are
IN carry anv weight as they should justly,
coming from so eminent a source, there ap-
nears to be no doubt that the cop in the
United States. so far as the wheat pr2dncS
IS concerned will attain somsth!ng IKE IN ;
volume as represented by the figures OF 6oo,-
COO bu.
The tendency in the market is to regard
these enormous figures with doubt as 10 inc
realization, but it is believed now that the
erop Of the Northwest is meeting the very
highest expectations. Several weeks ago
we heard a good many stories Of rust, OF a
deficiency of the filing out Of the grain, OF
the effect OF damage by hail storms and the
like The area disturbed by thu All orns
came to be very much more restrlcteu tuan
was at first supposed. For instance we
were informed CT a loss OF 15,ec9 acres IN
North Dakota The adjustment of the loss
brings out the fact that not more than o'o''
acres were really involved.
Passing from North Dakota over the terrl-
tory covered by Grant and Codiington coun-
ties we find that there has also been an ex-
travagant estimate in regard to the dam
age to the crops of those sections The WIN
Ter wheat belt has suffered in various ways,
as in the case of Kansas Missouri, Ken
lucky and Illinois, in the line OF the shrive!-
ing Of the grain; but the outcome, as a
general rule when the crop has come to be
weighed in the balance of the inspector, we
find that very much larger estimate OF dam
age has been accredited to the crop than 1t
is entitled to.
Taking the whole crop of the year under
one head of consideration, it may be figured
out that the Northwest, or the spring whea.
section of the country has produced very
large volume of grain, and it follows that,
as the result of this production, the supply
will be greatly in favor of aford-ng larger
shipments, and possibly, at reduced rates
There IS nothing in the situation, however
10 indicate that the farmer OF the North
west will lose in the long run in the m :rket-
ing of his crop but, as has bsen painted
out heretofore in the columns Of The G / o e,
ne must not expect the excrbitant prices of
1897 and 1895 but must be content with the
realization of the elevator rates in his local
ity: and while he will receive less for his
output per bu, he viii receive more for his
output in quantity.
There is a tendency in certain localities to
withhold shipments from the market. This
fact may have something to do later on with
the realization of higher prices, but 1t is
doubtful If the prevailing prices will be
much disturbed in either direction from now
on until the crop of the world is pretty well
known. The indications are now that Rus
STA will do considerable and that the condi"
tons of Europe will go far toward filling the
bill So far as Argentine, Australia and
India are concerned. these are conditions
which must be taken into account later on
but there is absolutely nothing to justify the
belief mat there will be an excessive supply
from any of these quarters. Meanwhile,
prices are iuctuating in obedience to the or
der of supply and demand for cash wheat
Our-cain+fent under the conditions existing
is that wheat is now low in price, lower than
it will prove in September or October Ihere
is A scarcity Of wheat and the supply must
come from this country. Prices are proving
low Just now, and there is no disposition IN
the way of advancement apparently, but IN
a few days or a few weeks important changes
in current figures may result and mgher
score may be reached
The following figures show the comparative
prices at closing OF the September option last
Saturday with the figures of the week before
In the cities named below:
Aug 20. Aug 10.
Minneapolis :. :. .............t0 o2as
Chicago -.........'. eS12 US US
e. n,,;e - 651a~ 67la
Soy York G95s tbs