The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-03-01
THE SUPPLY OF WHEAT
ABOUT 2ss.ooo.ooo Blu. MARCH l
As Figured Out by the Price Cur
rents Estimator.

The trade is looking forward with interest
to the March report of farmers stocks of
wheat, as submitted by the department OF
agriculture, says the Cincinanti Price Cur
rent Such statements in the past have
been deficient in rejecting the actual posi-
ton, in the light of subsequent evidences of
distribution. On March / last year the farm
ers' stocks were reported as 12S, O0O, 00O and
on July 1 as $1,000, O00-showing 97,OOo,0OO
bushels as the quantity moved into CONNER
'cial channels and consumption. The supplies
of wheat in second hands on March l, accord
ing to the Chicago Trade Bulletin, were 101,-
900 bushels, and on July l were 49,Oo0,-
600, showing a decrease of 52,00O,000. These
changes in farmers holdings and commercial
supplies, from March l to July l, make an
aggregate of 149 900, 600 bushels. During this
period the exports were $4,000, 900 bushels, the
domestic consumption as usually reckOnel
| about 115, 100000, and spring seeding 25,0O0,-
600. The aggregate OF these three quantities
is 224, 100000 bushels, or $4,000, 900 in excess
of the indicated reduction in supplies during
this period, the larger proportion Of which
may beyond dispute be recognized as appli-
cable to the extent of the underestimate Of
! farmers stocks on March l.
| The latest intimation Of the proportions OF
the wheat crop of 1901 from the standpoint OF
government data suggests ESQ., 900 bushels
(which, however, the Price Current regards
as not so near the actual production as
| 715, 900, 900 bushels. Taking the $50, 600, 600
as basis, with 81, 900 for farmers stocks
| on July 1, $4,000. 900 of comemrcar supplies
July l. the indicated total supply would ap-
pear as 100000, 600. From July / to March
| the usual domestic consumption may be
counted as about $50, 0OO, 900 bushels, autumn
seeding $4,000, 900, unusual feeding 5000, 0Ot
exports Its, ZOO, O00-making total of 475,0OO,
900 indicated distribution, and leaving
2S5, 0OO, 900 for farmers stocks and commercial
supplies on March /. The commercial sup.
plies will probably be about 90, 000 900 bushels
leaving 100, 900, 900 to be accounted for as farm
ers' holdings. This would mean about 9
per cent Of the crop the basis Of O,OO0,.
900. 1t would also mean a quantity $4,000 00
greater than the reported stocks for farmer
on March 1 last year, but it does not follow
that the forthcoming report will indicate 81
great an increase over the exhibit for las
| year.
For the twelve months from March las
year the domestic consumption of wheat Il
the usual way may be recognized as abou
$50, o00, 900 bushels, seeding 70.00O,O0O unusua
feeding 25, OO0, 0OO exports 260. DOC, 0o0-makin
the years total distribution appear as 705,
900. The commercial stocks on March
, will be approximately 100000 bushel
smaller than a year ago. If the crop b
counted as $780, 100000, the farmers stock
should appear to be 20, 100000 smaller tina
year ago. If the crop be reckoned at 715,
, Loco, 900, the farmers stocks should appea
, Is, 0,00O greater than year ago--Whith az
pears to be logical and reasonable view
take Of the comparative position.