The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-07-20

Kansas City. Kan, July 19.-wHEAT
The wheat market was more or less n
scalping one during the past week. one
daysup and the next day down. Although
there were splendid crop reports, the
new September wheat closed only about
lie lower, at 92Hc, than week ago. And
this in spite of heavy professional bear
pounding all the week. 1t was down to
32asc twice lately, but each time the
price ran up against a stone wall and
rebounded sharply. At that point it is
S3sc off from the last high that Septem-
Der wheat made, $1.00%, a sufficient de-
cline to justify buying on a big scale,
which is being done in that vicinity by
the very best wheat talent"
The wheat crop of the world is now
estimated at 1891, 100000 a decrease of
290, 900 from last years CROP which
practically confirms the recent popular
estimates of a 300 million bushel short
age. About lis million bushels of it is
in this country. The figures in detail
follow:
Europe $50, 00O,00O
All America .......... 823,000,00O
Asia ...........-.... 372,0o0,00O
Australasia .......-... S4,OOO.OOO
Africa INSTRUMENTATION. Sc, OO0, 600
For the past five years the average
yearly worlds wheat crop was 81 ,000,-
900, showing a decrease this year, in
that respect, of about 10, 100000 bushels.
The latest reliable estimate on the
Kansas wheat crop is about Sc, 100000
The harvest will soon be over, and many
southwestern crop experts say it will
at any rate fall about 25,000000 below
last years crop.
Many alarming reports are coming
from the Canadian northwest wheat reg
ion which is statistically about the same
as Kansas. A crop of only about $1,000
900 is now expected against 100000
last year. Spring wheat in Minnesota
and the Dakotas is maturing very slow
ly. Experts up there say there may
only be about three-fourths of a crop.
European exports continue big at about
5000, 900 bushels a week. The new Sep
TENDER and December wheat still looks
invitingly cheap around present prices.
CORN-Good growing weather all
through the corn belt, punctuated by
timely and refreshing rains, caused the
new September corn to close today at
52A @527sc, about 11zc lower than week
ago. But, at $3.50, it was down &c from
the recent top and met with good buy
ing on the theory that a &c break is
sufficient and a sharp rally is now IN
order. The fact that the crop will any
how be about 400 millions short of last
wear is too big to be ignored, and will
soon make it's influence strongly felt on
corn traders. The present estimate Is
for 2.527 0O0, 900 bushels. Both the do
nestle and foreign demand have begun
to improve and stock are rather light.
COTTON-The cotton market for the
past week was mostly a professional
affair and. after See-SaW movement Oh
20 points closes about the same as
week ago at Hip for October. 1t was
up to 11.92 and down to 11.60 in the
meantime Trade was not very brisk
except on a small scale. A great deal
of the variations was based on tho
weather, particularly west of the Mis-
sissippi At 1160 cotton is down about
81 a bale from the last high point. and
it seemed to convince many people that
the decline is enough. for it has made
three trips in that vicinity recently and,
every time, came back in a hurry. The
bears are seemingly afraid to go short
therea bouts, for it is generally conceded
the outlook does not favor crop OF
over II, 000, 900 bales and, on that basis,
prices are apparently much too low now;
The August notices" in New York VIII
be sent out in few days. OF course IL
they are not well taken care of, COTTON
may decline a little more, at least tne
nearby options. 1t is reported that the
New York bull clique will try to force
further decline so as to accumulate con-
siderable more cotton at cheaper prices
The Giles monthly report on cotton
Thursday was bearish at 76.5. weather
was good throughout the cotton oelt
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