The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-06-04
WHEAT SURPLUS
FR|CHTENs BULLS Ill
The Prospect of Overflow Crop
Causes Marked Weakness in
Grain Market.
OUTLOOK IS FOR BIG YIELD
--------,---
Great Strength Underlying the
Wheat Tradc-Packers and
Meat Inspection.
OUTLOOK is FOR BIG YIELD
tspeclal 10 INC Times.Dispateh.)

s NCdl# lllSl)CSllOl.
Especial to The Times-Dispatch)
CHICAGO. June 3.-'The situation In
wheat looks weak, and do not see any
thing that Will change IT except wet
harvest II tho southwest or possibly a
crop damage scare in the northwest
later In the season. At present crop
conditions nre usually encouraging
In these words A.. l. Valentine, who Is
soon to retire from tho leadership OF
the Armour Grain Company. expresses
the general sentiment regarding the
wheat market. 1t Is palpably true that
foreign conditions or Influences are cut
ting very lt.c figure In this country
Tho domestic situation Is the whole
thing, and there Is the usual difference
OF opinion on the relative values OF the
various features OF that.
Europe continues to get along without
bothering about crop damage talk and
shortage OF wheat in this country.
Foreigners have even less on that score
TO give them serious thought than they
had two weeks ago. Rains have fallen
all over the winter wheat region. The
outlook Is now confessedly for good
average yield OF winter wheat. There
may be some surprises in the June re-
port OF the government to be issued
week from tomorrow. but the trade gen.
orally is looking for figures that will be
neither particularly bullish nor bcarish.
Good Rains Repc:sed.
Good rains have fallen in most OF tho
States where they were most needed.
The harvest in Texas Is progressing
under favorable conditions and 1t Will
be only short time when Oklahoma
and southern Kansas will be cutting
grain.
There is still talk OF too much mols-
ture In the Red River Valley OF the
spring wheat country. but the grain
men OF that region believe that very
little damage has been done and that
the moisture now complained OF may
In the end prove to have been a good
thing.
Aside from the lack Of demand from
abroad for American wheat, tho foreign
ndvices are generally bearish. This is
particularly true OF the outlook for crops
There was no comfort in the shipments
from Argentine which aggregated for the
week 2.i32Y6O bushels against $4,000
bushels the previous week and 2,18.Goo
bushels n year ago
The movement from Argentine for the
first five months OF the year were 3d.
$4,000 bushels against 59no,Oco bushels
last year.
The secretary OF the Kansas Grain
Dealers Association says the south part
of Kansas will raise as much wheat as
II did n year ago. but that 81 counties In
the northwest are destined 10 have their
yields reduced 20 per cent. or more. Sec
rotary Cobum. OF the State Board Of
Agriculture, takes rather dark view
1t Is understood hut there are estimates
OF Kansas yield from 100000 bushels
ca mn nsn ali ri. =,
dian Territory are counted on from
present Indications to break all pre-
vious records, the reports from these
places being especially era tifying It Is
not unlikely they may make up entirely
for wha tever Kansas may lose from
the crop OF 1905
Important Consideration.
A northwest authority says the In
crease In wheat acreage In the north
west is $4,000 to 100000 acres. The total
acreage IS placed at 100000 acres, OF
which 100000 Is credited TO durum
wheat.
This same authority sees nothing but
ideal conditions thus far for spring
wheat with the possible exception OF
a few sprouts here and there. II this
forecast be correct, It Is safe to assume
now that the United tates will have a.
surplus OF wheat In 1905 and the great
d,
granting that the generally favorable
stories on crops in Europe are not rem
dated by the facts later on.
1t is that consideration on which Ia
causing the present marked weakness
and Is calling out @ lot of long wheat
Bulls are losing their faith, although It is
u credit to their nerve that they do not
look for crash. They are not so sure
but present levels are right. be the pros
poets for the new crop what they will.
So long as the cash wheat holdings
remain intact. there seems no reason
to anticipate q decline OF Importance.
There has been O marked falling OF
In the output OF -four In the Northwest
In the fortnight past There are fewer
mills in operation and the sales are not
keeping pace with the manufacture. Tha
demand for -four for export and for
domestic distribution Is slow and stocks
are accommodating again. Hence the clos
Ing of important mills and the obsery-
ance by some OF them of Decoration
Day.
Corn.
Corn is going Its own way, !ndepen-
dent of wheat. Underlying the market Is
great strength which does not waver un-
der tho persistent forecasts OF Increased
supplies. Stocks do not increase, High
prices are paid for cash. corn by those
who need tho grain In their business, No,
sold hero during the week, beyond the
fifty cent mark. Even that hgure Is
not coaxing great offerings fr,y' the far
mers who seem 10 feel there Is time
enough to sell, let the speculatlrs say
What they will. Crop prospects have I'M
proved with the rains. but It Is long
time until the new corn is available for
commercial purposes, Receipts have b.
come markedly more liberal but they are
easily absorbed by good shipping de-
mand. Until arrivals begin to 80 ahead
OF distribution. there seems no reason to
look for decline In prices. Charters for
vessels for shipping are on a large scale,
Argentine shipments were $4,000 bushels