The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-04-16
SHARP ADVANCES
IN WHEAT PRICES IS
Report Of Government Agricu'll--
tural Bureau Chief Factor in
Rise III Grain Market.
CRITICISM u . FIGURES ,.,y;
Weight Of Opinion, However i; vel, on. on
Side Of Accuracy Of Report.
General Conditions. All
FIGURES,
nHF HF1sHfE f7HHHH ThH II
(specInl to The Timcs-Dispatch.)

(special to Tho Times spatch.) 4,&
CHICAGO, April 15.-Rarely has q re-!
port Of the Federal Agricultural Depart
mert been so severely criticised as was
that Of last Tuesday, covering tho con-
dition Of the winter wheat crop for April
1st Raps at the figures are stu being
made, but tho Developments OF the week
In tho markets OF this country and
abroad show that the weight Of opinion
was on the side OF tho accuracy pf the
report. Prizes movements had quick
and positive upward turn, and, while
there were some other things to DO cons
sdered In getting at the cause Of the
Increase the lnainspring was this same
government report.
Improvement Since.
One great troubleis that traders have
been looking at the new crop prospects
from a viewpoint later than April LIST.
Granting that the government forecast
was accurate at that time, there Is no
reason why there should not have been
much Improvement in tlS, outlook In tn"
the trade generally believes there Is
such Improvement Weather conditions
for fortnight could hardly have been
better for growing winter wheat
Throughout tho areas devoted to that
crop there was little to complain of, and
H. the government were TO Issue another
report based on the conditions up to anu
including to-day, there probably would
be different tale to tell.
AS It was, the agricultural report sus-3
Rested a total winter wheat yield of 47o,-s
100000 bushels-figures that could hardly
be construed into a hulisl item, except
lby, contrast with theSlarger figures that
were generally counted upon. It is inter-
esting to note the variance between state
and Federal figures on wheat conditions
April LIST. The Ohio State report made
THE April LIST conditions q; the govern
En1ent Sc. There were other differences
just as striking. and the trade Is at lib
erty T, take It's choice.
Bulge in Prices.
The immediate thing OF Importance,
however, Is that wheat prices began to
bulge at once; that foreign cables braced
OF greater activity all along the line OF
the markets.
n Wet weather; Inv the Northwest, which
is tcausing q delay in. the work Of seed
Ing BprIng wheat, attributed to the ad-3
vance Of wheat prices. The same inf1ll-.
ence had Its effect on the corn and oats
markets. Delays In seeding are now Sc
rious matters, and farm operations arc
being watched with lively Interest.
A falling off in receipts Of wheat In
creasing cash demands at premiums
which grow steadily larger, advances in
prices abroad, and a buying by foreign
ers OF futures here gave bullish tinge
that lifted the market out of It's long
apathy and gave a. new breadth to oper-
atoms.
Figures are being submitted which tend
ed to show the Accommodations In the
northwest will Just about satisfy milling
demands, counting out the wheat that
will 20 forward now that lake navigation
is opened. III these figures are to be
credited 1t is fair to look for rapidly
decreasing visible supply, especially as
European wants are now an important
3considerat ton In the world situation.
s.sist4 Wheat in Hand.
Shipments from Argentine are not keep
ing up to the pace OF the past and It
not meeting the continental requirements
The Minneapolis Market Record furnishes
some interesting statistics, gathered from
1000 millers and grain dealers In the
Northwest. These make the amount Of
marketable wheat ntfarmers' hands and
in country elevators Loco, 900 bushels. 10
this is added 25.000,0O0 bushels In Min
.neaDOllSt anu tDuluIH otoNNS, llWhItS q
total Of 6SO0o,0UO bushels supplies until
the new crop is available. The mills, It
is estimated, should grind $4,000 BUSH
els before September LIST. Allowing that
half tho shipments from TIE two markets
go to outside mills, says the Record, In
conclusion, "and estimating shipments APP
proxmately the same as last year's-16,-
100000 bushels-6o,o 100000 bushels VIII be
required" Even allowing considerable
leeway for errors. it would seem fair 10
suppose that there is need for all OF
tho spring wheat now IN the North
west" -
Toward the close OF the week there
was witnessed the phenomenon of the
millers being unable to buy wheat IN some
cases within 10 cents a bushel OF what
speculative sellers forethe May delivery
they could not buy to deliver on their
contracts here or in any other market In
the country. Minneapolis millers bought
tho offerings on the sample tables In that
city at from ga cents to 2 cents over
the May price, bought more to arrive at
the same premiums and even bargained
to pay 2 cents q bushe over the May
price In store, the wheat to be loaded out
after May Sth,
The bulls arc making much of the fact
that millers all over the country are
buying at prices considerably IN excess
of those ut which It is being sold for de-
livery on future contracts and that the
visible supply probably Is not greatly IN
excess of domestic requirements. Foreign
ers are counted upon to take any surplus
there may be,
Corn.
The corn situation has grown very
strong. Receipts are far from The volume
predicted by the bears. Argentine ship
ments are inconsiderable, Stocks are now
under those Of last year and still de-
creasing The cash demand Is wholesome,
Planting is delayed by wet weather, East
ern consumers are IN mo market IN q
large way and seabosrd clearances arc
eating into the surplus,
Farmers are too busy to market corn,
andL4gthey are showing no particular
anxiety about getting rid Of what they
have. 1t Is. a combination that has put
the bears to rout Corn is held by strong
interests, who are playing for higher
prices, &.
Oats is feeling the effects Of delayed