The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-28
TRADE IN GRAIN
BECOMES ACTIVE,
Crop Conditions at Home and
Abroad Appear Favorable for
an Advance in Prices.
WHOLE COUNTRY INTERESTED.
Europe Not Buying Much just
Now, Though 1t Is known That
the Markets There Will
Soon Require More Wheat.
WHOLE COUNTRY INTERESTED.
REPUBLIC SPECIAL

REPUBLIC SPECIAL.
New York, June N.-Increased activity in
grain, noticeable for the first time few
weeks ago. has broadened this week into
speculation of considerable proportions
This is true not only of futures on the
Produce Exchange here, but on the Chicago
Board Of Trade. in st. Louis and In the two
principal markets Of the Northwest.
There has been more general interest in
the future market than at any time before
this season, or. in fact, since the partial
failure of the corn crop in 1901.
Commission houses have done q large
business. as well as profitable one. and the
grain situation appears such as to cncour-
age trading on the part of the general pub
lie. The uncertain outlook Of the stock
market and the wild speculation in cotton
have served to render grain more attractive
to the conservative element.
SENTIMENT BULLISH
Whether due to the knowledge of heavy
foreign requirements this season. to rather
unsatisfactory harvesting returns from GER
tain sections Of the winter-wheat belt or to
deterioration in the condition Of spring
wheat, sentiment in grain circles has grad
ually shifted to the side of higher prices.
and evidence Of this change has been forth
coming throughout the week
Prices have advanced several cents
tushel on active buying by the grain trade.
as well as by the speculative public. and
yet, up to the present time. purchases by
foreigners have not kept pace with what
are known to be the needs abroad.
Those most familiar with the situation
say that. owing to this fact, the market Is
in comparatively sound condition. not
withstanding the advance. European con-
sumers must eventually enter the market.
and this they are likely to do in the event
Of moderate setback.
Developments of the last three weeks have
furnished foundation for the belief that
there will be no burdensome supply Of wheat
harvested this year. With a good Ameri-
can crop. the farmer OF this country Is
guaranteed a remunerative price for the
seasons product.
Before the close OF last week reports Of
rather dry conditions were received from a
few sections of the spring-wheat belt. In
Canada rains had been ample. For this rea-
son reports from the extreme Northwest
were favorable.
For time the trade was 10th to believe
IN the need Of moisture in the Dakotas and
Minnesota. but with the weekly weather re-
Port On Tuesday it was found that advices
were in the main OF a trustworthy charac-
ter. and that, while the situation was not At
all alarming. the needs were such az to
render rains imperative in order to preserve
the hne condition previously existing.
CORN Is FAVORED.
weather conditions have been somewhat
favorable for the progress of corn this
week, though tho weather Is still far from
ideal The crop has received better cult
walton than at any time before this season
and is in better shape than a week ago
The temperatures have been below the
normal. however. and this fact has served
to prevent any decided change in the char
acter Of the corn market. Reports from the
more important corn-producing States are
such as to give promise of a rather low con-
dition in the report Of July 10.
On Wednesday Of next week the condition
of this cereal will be made up by the De-
partment of Agriculture. though It will not
be issued until July 10. Owing to the back
wardness of the season, to the low tempera-
lures. to the excessive moisture and the re-
sulting absence of needed cultivation. 1t IS
generally expected that the figures will
date
With moderate Improvement In climatic
surroundings the crop has made better
progress and, as has been pointed out,
drought years cut down the yield more ex-
tensively than low temperatures or ex-
cessive moisture So 1t is in good condition
to Withstand the heat OF the summer and
warm weather which is now most needed
for this crop.
Speculation in wheat. corn and oats has
been of the most encouraging character as
advancing prices Indicate greater return,
to the American farmer as well az to the
Spectator.