The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-04-29
Unfavorablc Crop Bulletins Sent
the Market Up
ward.
CORN ALSO STRONGER
Cold Delays Seeding, and Snow
Prediction, With Export De-
tnand. Has Effect.

NEW YORK, April 2S.-Aside from a
slight period of casiness at the out
set, domestic wheat markets exhibited
stronger tendency during the early
part of the week. The temporary sag
ging at the beginning was due to
more urgent pressure to sell, induced
by liberal arrivals at primary points,
and the Improvement in climatic condi-
lions. These included scattered show
ers ana warmer weather in winter
wheat territory, and also a rise in
temperature in the Northern States,
the last being pleasing, as the seeding
or spring wheat had been seriously de-
layed heretofore by the Extremely
cold weather Then. too, the uncx-
pectedly heavy worlds shipments. and
the large addition to the quantity on
passage were responsible for much Of
the selling 1t was not long, however
before there was an appreciable i'm
provement in the demand. and a cor
responding decrease in the offerings
which led to n sharp advance in prices.
Have Prices Advanced?
This abrupt change was traccable to
a reversal of the factors responsible for
the initial depression. Later reports
on the weather and crop prospects
were much less satisfactory. Tic
precipitation in the winter wheat
States was considered insufficient.
chiefly because the heavy rains that
had been predicted failed to mate
rialize.
In the Northwest farmers were dis
appointed. as it continued cold there
whereas much higher temperatures
had been expected. From many points
in both soft and hard winter wheat
States. rather dismal advices We're re-
ceived. These reports of serious injury
have heen heard as usual by shrewd
traders with considerable incredulity,
but nevertheless they cannot help but
admit that there has been nothing en-
couraging as yet In climatic conditions.
That a drought of several weeks dura-
ton, such as has been experienced this
spring in the wheat country, is not
calculated to help the plant to any
great extent, is evident
1t is necessary, however, in making
these forecasts, to allow for some i'm
provement over present conditions in
the event of heavy rains soon. An
appreciable Improvement in the de-
mand from exporters was one of the
factors responsible for the advance.
In spite of the higher prices asked
for export wheat, buying for foreign
account was of satisfactory volume,
the most important sale being that
of 100000 bushels of No. red for
May shipment to Portugal. Sellers of
May for the decline were rendered es-
pecially uneasy by this feature, and
many were anxious to cover. as the
expectation OF such large quantity
will draw heavily upon the already
meagre local supply of contract grades.
Demand was accelerated In part by
reports that sales had been made in
Minneapolis of 10000 sacks of flour
for forward shipments to the Orient.
Chances, of Deficiency.
Late in the week there was a further
material advance in wheat prices. This
was especially true of the local mar
ket, and notably in May contracts,
which jumped up in striking man
ner. selling momentarily on even terms
with July, as compared with l cent
discount last week. 1t was evident that
sellers for the decline had become
frightened and anxious to cover be-
cause supplies here are small. while
the export demand has improved. The
general rising tendency was largely
ascribed to a continuance of unfavor-
able weather in the Southwest. where
it is still dry, with the temperature
too low. Furthermore, additional re-
ports have been received noting impor-
tant Impairment, owing to insect life.
Recently the temperature there has
been low, and in some sections farm
ers have made little progress with
seeding. Buying was also accelerated
partly by the strong tenor of cable
advices. which noted an active demand
in the London market for cargoes off
coast 1t is assumed that this buying
has been largely prompted by the poor
outlook in Germany, where the yleid
promises to be appreciably smaller
than last year. AS result, exporters
here have received fairly big orders.
Some Strength in Corn.
The corn market showed signs Of
life this week. Most of the time sellers
were scarce and timid, while the de-
mand was more animated. Buying was
stimulated partly by the rising ten
dency in wheat. but also by encourage
ing cable advices. European markets
showing surprising strength, Export IT.
ers received fairly large orders Tor
cash corn not only for early deliveries,
but for distant deliveries. running as
far as October.
MIL.