The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-12-07

December 6. 1907.
NEUTRALITY-SUSPICIOUS. the wheat mar
ket for the past week I find quotations
about cents lower than one week ago.
The May option, Chicago market, sold
early in the week at $1.04 and a frac-
ton Reports about a prospective big
yield in Argentine, together with the
financial trouble at Kansas City, de-
pressed prices about cents per bushel
from the highest quotations of the week.
Opinions among grain men and spec
ulators differ widely. 1 find plenty of
bulls who predict s1.25 for wheat before
spring. On the other hand the bear
talks about $50, 100000 bushels for ex-
port from Argentine. The increase in
the winter sown wheat as well as the
bright prospects for the same make
many bears talk lower prices and many
of them are predicting 85 and 80 cents
for May wheat, Chicago, before the
next crop is harvested. A st. Louis
correspondent under date of December
4 writes as follows:
THE London Statist November 16,
says: Exporting countries have an ag-
gregate wheat surplus far below total
requirements of importing countries,
so that a very serious inroad upon re-
seve stocks in all countries will be nee
essary, apparently to make both ends
meet"
There is no actual scarcity of wheat;
1t is the prospective security which af-
later and no amount of financial strin-
gency can alter this. Thus we find to-
day that prices have recovered almost
the whole of the decline which has oc-
CURED in the interval since fortnight
ago.
We may almost say Europe is indie
pendent of American influence this sea-
son, because The requirements of Euro
pean importing countries are SO large
that the American surplus does not
count for 20 per cent Of those require
ments. 1t is easily to be understood,
therefore, that the influence of dear
money in America. with all its con-
comftant evils, can only be temporary
as far as the wheat trade is concerned.
The same is the case in regard to Can
ada, where the total crop is but SS,000,-
900 VS.. 123. 10000 a year ago. and the
surplus only about $4,000. 000 a large
portion of which has actually been ex-
ported.
India crop reports very unfavorable |
Australia may get 44,500,000 bushels |
where they had 71,750,798 bushels last |
year. The chief source of supply. in the
first half Of 1908 is expected to be Ar !
gentina Republic. Buenos Ayers pro-
1uces more than half their entire wheat |
crop. The crop cannot be considered |
safe before the middle of December. 1t
will be quite understood if anything
should happen to seriously mar this
crop, the signal for rapid advance in
prices would at once be given.
In Russia the position is quite alb
normal. North Russia has bought
Durum wheat from America. Rumors
continue of a probable prohibition of
exports from Russia. eve understand
hat Russia will cease exporting after
January -. Last year Russia export
ID las, 900, 900.
Beerbohm, November 8, says: THE
worlds wheat import requirements are
,88, 900 900 bushels. Export supplies but
II ,00O, 900 bushels. The deficiency will
lave to be made good out of the reserve
Itocks in the various importing coun-
refs which are never reduced below a
certain level except under the attrac-
ion of high prices"
The Statist says the only bear" point
would seem to be the monetary crisis
n America. Meanwhile it is not a
question of immediate supply, because
he worlds visible November 1 was up
o the average of the previous six
ears"
Australia and Argentina crops COM
,ined will not be as large as last year.
russia and India will not be competi-
ors in exporting after January 1.
will have shot "her wad" by
FEBRUARY. What will happen in the
,ear future we leave to our readers.
1t certaily looks as If we mignht have
advance in December when the calan-
Ter says there is no good in wheat. We
hink the premium on May wheat over 4
December wheat will not be over 4 or 5
ents early in December Broomhall
ables wheat at Odessa sold at $1.41 per
ushel and predicts no shipments from
ndia next week
There is only 100000 bushels of reg
lar contract wheat in Chicago that