The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1910-07-25
CROPS THIS YEAR
ARE NOT So BAD
And the Worst Is Believed to
Be Over Regarding the
Spring Wheat.
HOME NEEDS TO BE NET
WITH LITTLE CHANCE OF MUCH
OF THE CROP GOING ABROAD
RUSSIAN WHEAT CROP RE
PORTED As GOOD.

PORTED As GOOD.
Chicago, July est IL now the gen.
eral belief in the wheat trade that the
worst has already been heard regard
ing the spring wheat crop of North
America. Rains last week checked the
backward tendency that was univer-
sally conceded for the spring wheat
crop in a good part of the northwest
on both sides of the international line.
Harvest is now getting rapidly under
way this side of the line, and it may
soon be followed by revision Of mar.
ket values in that section.
Meanwhile the trade here Is waiting
for the first big run of new winter
wheat 1t is starting little later
than last year, but promises to be con-
siderable. for a time at least. Upon
the extent and continuance OF this run
very largely depends the course OF the
market for the year. II arrivals are
large enough to pile up a surplus at
centers of accumulation. it may mean
a hard fight for the believers in high
er prices. II the run IL small or Of
short duration the bear is likely to
have to 60 into retirement again.
Are Problems Ahead. 80
There are problems ahead of thu
49, 1NA$r
been considered. There is no foreign
outlet. while the domestic trade is only
just recovering from the effects Of
reckless overlooking. The crop II sta
tistics are Of value. appears to be ad-
justed to about normal home needs,
with a modest margin for export. In
view of his recent lesson the domestic
miller will probably pursue a hand to
mouth policy, which means that the
first run Of the new. crop wheat will
have to be carried by the Spectator.
Will he take the property at current
levels or will he wait for the seller to
make lower ones? --..e
AS far as the winter wheat is con-
cerned, the quality is exceptionally
fine, and merits well OF the investor.
The quality Of the spring wheat is q
matter Of doubt. Samples thus far
shown are also of fine quality, but
shriveled wheat may be in evidence as
the harvest progresses.
Worlds shipments are running down
to a modest total. despite the fact that
Russian forwardings continue very
large and the Indian shipments are in.
creasing. Nevertheless, the total in
and afloat for Europe is larger than q
year ago, and some running down of
supplies can be calmly considered at
this time Of the year. with all OF the
European harvests begun or just
ahead.
European stocks have decreased
enormously-over 100000 bushels
in a month, and replenishing is in or
der. Fortunately for the exporting
countries there has been some crop
loss in France, and it is expected that
this country will have to buy small
quantity to carry her through the year.
Big Russian Crop.
At present, however, the surplus
from the last crop, q large and fine
one, prevents any immediate necessity
OF extensive foreign purchase. Russia
will probably have an even larger ex-
port surplus from the present than
from the last crop, as she has been
unable to forward all Of the last one,
and will have some Of the old wheat
to ship along with the new. The new
crop also promises to be larger than
last, despite recent claims OF crop
losses. The great bulk OF the total
wheat production there is exportable
because OF the enormous rye crops
produced.
Argentine shipments continue to
show that the last crop was a small
and unsatisfactory one
Prospects are that the crop to be
harvested the latter port OF the pres
ent calendar year will come from a
larger acreage, although drought has
been retarding seedlings and growth in
part Of that country. In any event,
unless there are more serious crop
losses in Europe than have yet been
recorded, there is no cause for ankle
ty during the present crop year on the
part of the importing countries.