The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-06-17
Better Weather Brought Out
Larger Offerings During the
Week.
CROP ESTIMATE BEARINGS
Professional Traders Manipulate
Markct-Corn Inactive and
Weak.

j"
part OF the week, offerings being lib-
eral and the demand inactive. Prices
in all markets, but especially In the
West. were often broken violently by
the dumping OF large quantities. Many
keen observers attributed the selling
10 forced liquidation. being of the opin
ION that big professionals were pound
ing vigorously In order to shake out
those who had been waiting for n rise.
IT was asserted that many big oper-
utors had Joined forces, and were gun
ming" for n big trade in MinneapoIs,
The peculiar stand taken By the prGfea-
siOnal traders was accounted for In
two ways One explanation was that
they had been free sellers on the adj
vance. and were now working to get
the market down to II point where
they could cover protitably. The other
theory was that many OF them had
been taken so completely Wy surprise
when the public forced the price UP
rapidly tina, they were more than dis
satisfied. and hence inclined to oppose
the advance.
Chance of Favorable Weather..
Good weather Is to he looked for this
month since we have had such u Ions
period of low temperature. While a
great deal of benefit will result from
bercd that the crop in man. fields. and
Eotably In the Southwest. mas been In
jured 30 much as to be beyond repair
In view of the fact that they could see
little or nothing In the Agricultural
Department crop report to warrant
any weakness. shrewd dealers were In
Clined to View with suspicion the re-
markable break following It's publica
ton
hearing Of Crop Estimates.
II must be plain that report on the
condition OF the spring wheat plant IL
absolutely valueless at this early day
1nasmuch as in most sections farmers
have barely finished putting the seed
3n the ground 1t seems nonsensica
TO assert that the spring wheat condi-
ton is ss.T per cent and to figure on,
from this that the yield will turn out
TO be 250.000.000 bushels. 1t must bs
admitted that such an estimate may
eventually turn out reasonably close
but almost ideal weather will be neces.
sary in order to put the crop out OF
danger OF damage by an early frost
The condition given for winter wheat
ia. Is about the same as predicted
last week. and II II is assumed thai
the area tsl,13200o acres will not
be reduced. Indications point to q YIELD
OF about 3T6.000.000 bushels but as Il
is generally conceded that there mus
be further curtailment in the acre
age. 1t would be safer TO put the pro
duction at 351,U06.J00 bushels Hence
1t will be seen that we can hardly
count on Il grand total OF more thar
6o0.o00.000 bushels and as this Is thu
amount figured on for home require.
ments 1t is difficult to see where we
are going to get anything for export
s,y,1. wa. n rpu h. ROC 1y EGl
over from former crops.
UnxettIement Towards the Close.
Late in the week speculative whea,
markets were characterized by erratit
fluctuations. prices rising and falling
with striking frequency, and often ap-
parently without adequate cause. II
other words, the spasmodic variation.
were to n great extent attributable t.
speculative influences.
There was seemingly material re-
vival of interest on the part of the So
called outsiders. and hence a notable
increase in the volume of business,
which naturally gave the market d
much wider swing. There was tenn.
porarily further downward trend. fol.
loved almost Immediately by a SHARP
RISE In some quarters the latter was
ascribed to the fact that there had
been far too much unanimity on the
bear side. and 1t. therefore. seemed
evident that the market was oversold
There are many wellinformed dealers
who believe that prices are likely tc
continue at az comparatively higher
plane for good part of the coming
crop year and they base this opinion
upon the abnormal conditions tina,
have prevailed in Manitoba as well as
in our own spring wheat States. There
Is a general impression that the next
bull movement will emanate from the
Northwest.
Toward the close there was another
sharp setback. Offerings suddenly be.
came large again, prompted principally
by continued fine weather and as
result prices weakened speedily. o,
the break further fair export pur
& chases We're made although cash price
did not decline as much as the futures
Dull Trading In Corn.
1t has been comparatively dull /,
the speculative corn market although
In the main the trend was downward
Sellers We're more numerous, OWNS
chiefly to the more seasonable weathe
in the West. witch has doubtless
greatly improved the outlook for TIL
crop, and therefore it is supposed tina
farmers Will be more willing to par