The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-06-29
Better Crop Prospects scl1d
Down the Price Of
Grain.
CORN 0 DULL jill BUT STRONG 'IF7l:.
Collapse OF July Deal Feature Of
Cotton Market-O Outlook for !
New Crop.

=
Cotton Market-Outlook for
New Crop.
n NEW YORK June 2S.-Grain mar
= kets early in the week were extreme
x ly irregular. the only noteworthy fea-
e ture being the the fact that nearby de-
{. liveries displayed weakness, while Just
q the reverse was true of the September.
8 This was due to an almost universal
b desire OH the part of spectators in all
II markets to sell the July and Buy
4 September, bringing about, of
eacourse, a rapid narrowing. Of
4 the difference between tic two,
and leading to predictions that In
Il winter wheat markets at least the
Il Indifference would soon be in favor OF
q the September. The opinion was that
D a great many traders had been mis-
a lead by the stories of brilliant crop
q promise and that the selling of Sep.
n TENDER in anticipation of bountiful
n harvest had been overdone.
n The Next Government Estimate.
q The Impression seems to be gaining
Il ground that in the Agricultural De-
" partment's Ju1y'ss report much lower
n figures will be given for the yield in
81 Indiana. Illinois Missouri, Kansas and
Il Oklahoma
Great steadiness was noticeable at
Il times, partly because threshing returns
were not up to expectations. and part
~ because of the surprisingly large
decrease in the worlds available sup
q uly. 7os5,o00 bushels, compared with a
4 decrease Of 3,99a5,o0o year ago. This
II leaves the total supply for the world
III only s5.903.00o bushels, which Is round
II ly 61,o00,000 bushels less than year
ago.
AT the same time the American
& visible supply is almost the smallest
a we have ever had. being 100000
bushels less than year ago. and as
y supplies of wheat and flour in other
Y positions are unusually small,it seems
n certain that reserves with which we
Il will begin the new crop year will be
y about the smallest we have ever had.
Further Unsettlcment Later.
e Late in the week the market was
y feverish and unsettled, but without
3 radical change in either direction al
e though there was rather more firm
Z ness temporarily, mainly because of an
81 nnfavorable report from the Kansas
81 State Board of Agriculture. which
n stated that owing to the floods acreage
V had been reduced from 100000 to 81
8 $4,000. This. it was generally sup
posed. suggested loss of approximate
a ~ 15,000,000 bushels. leaving the total
a to be harvested 75,000,00o. or course.
4 this latter is largely conjectural, and
5,is subject to revision later. AS the
q yield in several other States west of
Il the Alleghanies has probably been re-
duced appreciably by recent floods
q there are dealers who fear that the
8total of winter wheat will be slightly
less than year ago. possibly not more
\, n a., H.
Y But with continuance of favorable
/. weather in the Northwest the yield of
a spring wheat will doubtless be
aabundant, possibly 255.ooo. 900 to $780,
100000 bushels. This will give lis a
4crop of possibly 66o,0ooOoo bushels
II As our population is now estimated
Il at over s7000,000, and our estimated
H home requirements for food and seed
yare 5So,oO0,o00 bushels. 1t will be seen
bushels for export. This is much less
8 than we exported in the past cereal
}gEear, owing to the fact that a year ago
a we carried fairly large reserves over
s from the preceding crop. while now
i we have almost nothing. 1t is likely
that 1t will be necessary to set aside
u a part of our new crop to re-estab lish
preserves In view of these facts, and
athe further fact that winter wheat
~ - A@Ns uAS no lIlolS lIldll ~ CENTS Il
q bushel lower than year. ago, there
S'are merchants who feel thatsvalues are
f down to reasonably low level.
u There are, however, two important
e obstacles in the path of Improvement.
= For one thing, crop prospects in Mani
\ toba and nearly all over Europe, are
Asmuch brighter tGan a.Sear ago, and.
secondly, the .Nolsane of speculation
3 seems to be too small to support the.
4Irnarkef ba nv
S3of hedges against the new crop move-
ment, BUYING for the rise has been
8 discouraged to material degree by
the limited interest shown by ex-
porters, the engagements of new wheat
#for forward Shipments being uncom-
,Smonly light.
Sluggish Trading Of Corn.
81 Ihe$corn market was a decidedly dis
appointing ad insignificant affair.
gi'ea .ss We're extremely light and fluc-
81 tuatlons slow. Temporarily there was
81 rather more firmncss, owing to reports
81 mat the crop was backward and iweedy,
8mainly because of the excessive rains
81 and resultant floods, Afterwards
" there was rather more pressure, largely
" d ltrlputed 10 clear and warmer weather
8f est. There are many traders who
s ieei that corn cannot decline material
ss ~ IN the near future, because the visit
ss pie and invisible supply is believed to
ne about the smallest on record
Cotton Market.
VI The principal feature of the trading
Sein the cotton markets the past week
K las been the liquidation Of speculative
III holdings in the general option list.
This has been influenced by the pro-
Il gress the new crop has been making
n The past fortnight, by the absence Of
new outside speculation by dull and
easier spot markets in the South, and
sby the disappointing failure OF the
sSdry goods mfTkets to show the i'm
IIsaprovement expected from last months
IN optimistic reports. The greatly i'm
proved prospects Of the crop from the
uncertain conditions which existed up
Ito fortnight ago, and the rapjdtv
with which the July and August on
tons collapsed three-quarter cent per
spound in practically one hours trad
ing last Tuesday when some >of the
Dull Clique tried to unload has been
100 much of a damper on continu-
q ance OF bullish operations.
ss& Moreover. the feeling is spreading