The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-06-24
Wheat Market Unsettled, but
Generally Firn1cr III
Tone.
The QUESTION OF SHORTAGE
Corn Stronger Because Of Back
ward Crops and Good
Exports.
!.

Z 4 . j. 1 = Z
e NEW YORK, June 23.--1n the FIRST
half OF the week domestic wheat mar
kets were irregular and feverish.
Price fluctuations were cratic but
tending toward higher levels. Tho
great number Of contradictory crop
advices were chiefly responsible for
the great variablencss. There seemed
to be no one factor strong enough to
swing; the market far in either direc-
ton, and hence the buoyant feeling
was ascribed unainly to speculative
Influences. Keen observers were in
clined to infer that the market hao
become soversold. by spectators for the
decline; This preponderance of bear
fish sentiment is always expected at
this time of the year, as traders are
Inclined to anticipate the effect Of the
warmer weather on the crop, and to
discount the pressure of the new win
ter wheat crop the market.
Question OF n Shortage Abroad.
Most spectators appear to have lost
sight OF the fact that this is far from
being Abnormal season, many of the
chief influences being totally differ
emit from those usually noted. There
has been as yet no equalzing OF crops,
! nature I having failed to make good a
shortage in one locality by a gener-
Gus crop in another. 81 The most trust
worthy Euro European authorities agree
| that the crop there ls bound to be
seriously short. Their ASTHMA ties as
70 the deficiency range from 100000
600 to ESQ 100000 bushels. This will
make 1t necessary for Importers In
W estern Europe to depend upon this
continent for much more wheat than
they did$a year ago. .sssg5 @
4 ~, u ls plain from recent estimates that
| the winter crop will be under, rather
IMAM over. $50, 600 900 bushels. giving
US total Yield Of some 100000. 900
bushels I, Will be seen tlla- this is
\ Just sabop enough for domestic needs,
4 for$if we figure according to the Agri-
cultural Departments figures OF ID. s
bushels per capita on our populaNon
OF, say, So, 100000. we get total COW
sumption OF about 57S.O00 900 bushels.
\ On the first OF last July we had about
a e3o.ooo, 600 bushels OF Wheat available,
n including the new crop OF $4,000, 900
4 bushels, and the old, surplus Of j co.
lvoS,ooo 1bu 'l' Is. From this we have
taken. say 81 1000. 900 bushels for do
Il mesuc food andi seed requirements:
tantl--.lsav ripped s-abroad ssonne Is !.
Il 100000 bushels. hfcha will give us .
reserve Of only 1 07 100000 bushels with
y Which to start the new crop year. The
strength early in the week was in par,
j attributed to "a revival OF s interest
4 among the outside speculative public
They have been induced to buy agar
by the REPORTS Of Disappointing thresh
ing returns in winter wheat fields anc
also by the appearance Of green bug.
in the Northwest. Itsis asserted tina
; many spring wheat fields, especial,
y In tNorthaDakota and Canada, are suf
1 fering3 because of insufficient moisture
Conflicting Movements, Towards TIL
, 55i'is Close.
In the last half Of the week Their
!. was virtually nothing in the news t
bring about a change In the position
and the market remained g PRACTICAL.
!, unchanged. Steadiness was create
2 temporarily by the frmness in Unite
!. Kingdom markets, due to the 4excessiv
moisture and the brisk demand 70
6 cargoes. These advices were Offset i
{ part, however. by the weaker tendenc
on the Continent. in spite OF additions
: Idismal advices regarding conditions I
3 Southern Russia. It was stated tina
4 green bugs We're discovered in til
d / Northwest, but this influence was neu
"A tralized by the timely and beneficie
rains In that section. Further report
y Of unsatisfactory threshing return
= We're received from the Southwest, BIT
q these seemed merely to indicate IL,
& denomination of earlier predictions Sti
3 1t seems to be reasonably certain no,
y that the Yield in Kansas will not@es
z coed 60,000,00O bushels. and hence thu
Z State will have practically no whes
u to spare for shipment
There was little speculative intere!
Il In corn. and fuctuatio2s were som,
y what narrow, although rather a trif
8 more flrmness was noticeable, whic
X was partly ascribed to the good d,
! mand for cash corn. for export. ar
* partly to the backward and unsati
IS factory appearance OF the crop in v.
II furious sections. Thus far the grow
has been slow, and 1t is said that farm
ers are showing unwivingnessg to pa
In with their old reserves.