The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-05-13
WHEAT PRICES ADVANCE
UNDER. ACTIVE BUYING
Market During the Week Was
Higher and Excited and Fever
isll at Times.
CORN QUIET, BUT FIRMER
Crop Report Shows That Wheat
Yield Will Be Smaller Than
Last Year.

Last Year.
NEW YORK, May 12.--1hc domestic
wheat markets were buoyant early
this week, although, d fractional de-
cline took place, moro especially on
the distant or new-crop contracts. This
caused no surprise, In view of the
fact that tho depression was mainly
attributed TO warmer weather and
rains in the Southwest; where the
plant has been suffering. Selling was
also prompted at the outset by dis
couraging cables. Europern markets
being influenced largely by the heavy
worlds Shipments, embracing large
contribution by Russia and the Danu-
bian region, which brought about u
big Increase In the quantity on pas
sage The rnpltity of the advance was
largely attributable to alarm among
sellers for the decline, who, In their
anxiety to cover. bid prices UP in a
somewhat irrational fashion.
Cold Weather and State Reports.
This buying was mainly prompted by
cold weather in the Northwest and
further bad crop reports. The Missouri
Ing loss OF ~ points In April, leaving
the condition 50. against 81 a year
ago, when the crop was 3000o,00o. The
| Kentucky State report was also un-
favorable. the condition being placed
at SO per cent, against 80 last month
and 81 last year, when the crop was
11,500,o0O bushels.
The mercury was only 20 10 % above
4 in our own spring wheat territory. ann
16 to 20 above In Manitoba; and as a
consequences 1T is greatly feared that
farmers have found 1t Impossible 70
/, make any noteworthy progress with
1 spring seeding. Indeed, IN the north
ern part of Minnesota and North Da-
kota. as we'll as across the border, the
ground is said to be so hard that 1t Is
4 Impossible to plow. Prominent Cana
dams in the local market recently
state that a decidedly insignificant
area has thus far been sown. They
apprehend that, unless the wea tEcf
becomes a great deal warmer in the
Immediate future, tho spring whca
4 area will be greatly reduced.
What the Crop Figures Show.
Late In the week the market wa;
j, again higher. prices rising in a sono
what sensational manner. attended b.
} rather violent fluctuations and mucl
!: excitement. This was especially tru
after the issuance Of the croI repor
Of the Department. OF Agriculture
when an advance Of z{3-S cents sud
denly occurred. This was attribute,
mainly to the unexpectedly large arc
abandoned, 5,632,574 acres ana al
though the condition. 82.9, is eon1ewl,a
higher than was ant.c,pated, Il Ia 1oy
as compared with May, 1905, when
was 81. The. so-callcd crop exper!
differ as to what these conditions NEAR
t but 1t Is generally agreed that tn
!: probable Yield on the remaining are
will not exceed 400,0Oo,OOO bushels, q
! q loss of about 90,OOO.0oO. as con traste
I with April 1st. and $4,000, 900, as com
pared with year ago.
3 mo great anxiety among speculate,
to cover was also partly ascribed |
tho fact that tho June report Is likel
4 70 snow further loss because much in
pairment has taken place since Il
end Of April. 1t, therefore, is ar
parent that there will be decided
Z small quantity Of winter wheat t
( spare for export. This IL particular
unfortunate at this juncture, In view
= the cold weather in the Northwes
y which has undoubtedly apprec!ab
3 hindered seeding of spring wheat. n
z only in our own territory, but in Maj
= itoba. There has been an excelle,
Is export demand during the week Il
nearly. all varieties including No. r,
winter for Portugal. but business WI
v greatly hindered by the meagre SUI
z ply available. the higher prices aske
3 and the strike among 'longshoreme
= Narrow Fluctuations in Corn.
X In the speculative corn market mo
rs or less apathy has been noticeab BILE.
rule traders have displayed limit
= interest, and consequently the fluctu
z tions were slow and circumscrlbed, 6
4 though as a rule frmer underto
i obtained, largely in sympathy wit
* tho buoyancy in wheat In some qua
tiers the flrmness was partly nttri
uted to the cold weather in the Mort
west. which has delayed planting. b
= many conservative dealers think it
"A too early to worry on this score. 1t II
. been dull in the cash corn mark
n partly BECAUSE exporters were In I
70 ,ceipt Of comparatively few orders. a
mainly at low limits and furthermo
90 busi1ess has been hampcred by t
l. 90 ~ twill RI