The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-11-20
|WHEAT'S EARLY LOSS
QUICKLY RECOVERED
Less Favorable Argentine Reports and Lighter
Primary Receipts Main Influences
Week in Corn

European markets being influenced by
favorable weather und crop reports
from Argentina and India This In
turn was Offset in part by the lighter
worlds shipments than expected, and
particularly from Russia, and conse-
Quently there was q decrease of $4,000
bushels in the quantity on passage,
whereas some increase had been count
cd on.
"Bullisb News"
Subsequently the market news seemed
to favor the bull sido. For one thing.
1t was exceedingly cold in the North
west. and especially in Canada. and,
to make matters worse. there was u
heavy snowfall. 1t is alleged that a
large percentage of tho crop there was
stun unthreshcd. 1t was claimed that
much OF the grain, exposed to the vicis-
STUDIES of the weather. would snow ma
teriul deterioration, and il was feared
mat large part of 1t would be only
1T for feeaing purposes, and IL was
further claimed that much OF 1t would
DC shipped to Eastern Canada, where
there is scarcity of oats and hay.
The early weakness in Europe was
from Snow, who is in Argentina. He
claimed that the crop there might
reach 5O,000,Q goo bushels. provided there
was n continuance of favorable rondi-
lions. against 100000 bushels last
year: but the subsequent buoyancy
was largely caused by n sharp advance
In Bucnos Ayres, as n result of unwel-
come rains in Northern Argentina.
where threshing Is about to begin.
The IN tna At al
partly attributed to a decided falling
off In spring wheat receipts and to re-
ports that millers were bidding for an
other lot of 100000 bushels in Chi
cago. on a special basis. as previously
noted; but while they were willing to
pay as much as before. their bids were
refused. In case there Is any note
worthy damage in Argentina, IL IS be-
.ieved that Europe will be compelled
TO buy more freely OF our wheat. cspe-
cially as reports from Russia are by
no means satisfactory. II was alleged
that there was a complete crop failure
in twelve Russian provinces and a
partial failure i'll eight, and conse-
qucntly 100000 people were in immc
diate need OF relief. Therefore it was
assumed that the exports from Russia
would be small.
Late Rlsc In Prices.
During the late trading the high
prices for the week were established
but there was slight recession sub
scqucntly. The strength was largely
cue to influences already mentioned,
namely, reports of damage by bad
weather in Northern Argentina and
by the continued light receipts In both
spring and winter wheat territory
Consequently 1t is believed that the
time is near at hand when the visible
supply will cease to increase. This
sounds plausible 10 many conservative
traders, who incline to the opinion that
many have parted with an unusually
large percentage OF their surplus. Buy
Ing was also stimulated partly by re-
ports Of further purchases OF hard Kan
sas for shipment to California. ] he
stronger trend In European markets
was partly ascribed to predictions Of
light exports for the week from practl-
cally all producing countries Conse
quently n fairly large decrease is eX-
pected in the quantity on passage.
There are keen observers who think
that we arc getting close to an export
basis on winter wheat. and they would
not BE surprised II Europe should be-
gin TO show greater interest, especially
in case TIL. exports from Argentina and
Russia continue small next week.
Firmness In Corn.
Early in the week corn was decidedly
quiet. with slow variations. 1hsre
gradually developed lrmer tendency,
which resulted in actual buoyancy
later. The strength was largely
ascribed to nervousness among short
sellers, caused partly by the insig
niilcant supply available and partly by
excessive moisture in the West, which
doubtless Will delay the movement; as
well as the drying OF the grain. In
word II ig fcarei that NrIth 90 y,,,,I
moisture only \ limited percentage OF
the grain VIII be sufficiently dry TO go
into the contract grade. Thus far the
receipts OF new corn at country sta
tons have been disa ppointingly light,
Exporters have mad fair orders, but as
q rule their limits were too low. al
though late in the week they maze