New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-11-18
CROP MARKET REVIEW
Grains Make Low Records for
SeaSOn-COtton Irregular.

levels for the season with every day
trading last week. and Saturday showed
loss of more than six cents a bgshel
since the first Of the month. and at the
close OF trading bearish sentiment was
in the ascendancy. The decline is cred
tied to heavy and steadily accommodating
stocks in the worlds producing coun-
tries. and while this factor has been in
a measure Offset by the prospect of peace
In the Balkans in the near future, the
technical position is still against any
increase In values. This is due to the
fact that during the war few traders
were courageous enough to take the
short side Of the market. and there was
an absence of short interest to counter
act the heavy offerings of cash wheat.
This phase Of the situation, however,
did not prevent the cash market from
showing a gain in price over the aver
age for a week ago Of cent and half
a busheL
Receipts at interior points were heavy
aggregating 12,643,000 bushels, against
IL, 100000 the previous week and 1885,
600 a year ago, and while shipments
were liberal they were more than 5000
600 bushels less than the receipts. That
foreign wheat is coming into sharp com
petition with the American product is
shown by Liverpool cables reporting ho-
eral offerings from Canada and Russian
cargoes pressing for sale. According TO
the Central Statistical Committee, tAs
Russian wheat crop will bs 4SO,0OO,OOO
bushels, against 320,OOO,OOO last year,
and reports of the Argentine crop are
very favorable, with Buenos Ayres prices
down / Is cents.
These points all influence the course OF
prices here. and in the mean time the
export demand mas fallen off, while North
western receipts have reached so large
total as to attract considerable attention.
One thing in favor of the American mar
ket is the uniform excellence Of the
wheat, while the quality In some other
countries is declared TO be defective.
Corn has steadily weakened in price,
much Of the decline being due to sym
pathy with wheat, aided by reports OF
large Western offerings Of new corn.
Lower interior cash markets, IDEAL
weather condition and the expectation
OF continued heavy receipts have added
TO the depression. In the face Of all this
there are interests in the market credited
with the belief in a big consumption this
season and higher prices. Shipments for
the week were smaller than week ago.
but about six times the amount exported
In the same week last year
Liquidation OF long lines Of oats, fall
Ing of IN the export demand and the local
cash trade, and general talk OF lower
prices for the next two months have de-
pressed the market, with a temporary
steadiness induced by liberal covering
movements. But, as with wheat ana
corn. the trend has been downward, with
bearlsh sentiment apparently controlling
the market.
Cotton trading conditions were not only
irregular and unsettled, but late in the
week reached a point where changes In
price were so rapid aud violent that II
required cool heads and steady nerves 70
keep track and take advantage Of them.
The start OF trading showed prices bound
upward, and a maximum advance Of about
50 90 a bale from the low record OF Octo-
Der II was recorded on Monday. That
was the high mark OF the week however
and since then there has been heavy
speculative reselIing and hedge sales by
Southern and local spot interests. This
resulted in a sharp break on Thursday
and Friday, with an early advance on
Saturday wiped out by following weakness
and further slight loss, the reduction
from Mondays high figures being about
SO 30 a bale.
Memphis advices say that 10,2S6,o0
bales have been ginned 10 November II.
II the Census Bureau report, due next
Thursday. backs up these figures, they will
compare with 11.313,235 bales ginned TO
the same date last year These figures
arc received in different ways by differ
cnt interests. and Il Is doubtful II either
side will consider them conclusive. The
government estimate OF the crop, to be
issued In December, will probably exer-
else a final influence on sentiment as TO
the showing Of the official crop figures.
Speculation in coffee has been fairly
active, with prices tending downward,
while spot figures remain practically un-
changed Cost and freight offers from
Brazil, which few Gays ago were taken
to indicate weakness on the part of Bra
lillian holders, have become little frmer,
and hopes that producers Will have to
lower their demands In order to move
their stocks are pointed out by q we'll
known trade authority TO be based on
error as the Brazilans are to-day in
good financial condition. they know that
their entire output will be wanted for
consumption and that the main features
Spectators, but the facts Of small sup
plies in the hands OF the trade, produc-
ton OF 100000 bags less than Is required
for consumption and prospects that next
years crop will also be smaller than the
worlds requirements. A large part Of
the new crop will find its way TO Europe,
as sales have been made for January to
March shipment at from one-half to one
cent pound above the prices ruling here.
The hrmness and advancing prices noted
on butter and eggs have held during the
week Just ended, with creamery butter
lJs cents a pound up, and eggs the same
amount higher q dozen. In other country
products fruits felt the effect OF cooler
weather late in the week, and demand
was stimulated little, but prices showed
no Improvement, with apples and grapes
l.. Ffl.