New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-16
CROP MARKET REVIEW
Grains and Coffee Easier for the
Week-Cotton Higher.

There was a slump in the wheat market
on Monday of last week which carried
prices down Adlls cents, and the rest Oh
the week was spent in efforts TO recover
that loss. the efforts being only partially
successful, with price changes at no time
after the drop large enough 10 sttrac'
attention. The week end found the mar
ket unable TO keep up Il little steadler
feeling, which had manifested itself, as
although foreign millers were said to De
good buyers, and Antwerp was bidding
FOR cargoes, the export demand was only
a little larger, and the receipts at IN
terror points were more than twice as
large as those OF a year ago, with I'D
eraI increase In the visible expected on
Monday.
Worlds EXPORTS are expected TO be
small. as the movement from other eN-
nortIne countries was small. and the bulk
~ the weeks exports was from America.
Mills here are running heavily on oiu
orders. and there is little prospect or I'M
movement in the -four trade until AFTER
the holidays. That short selling OF wheat
IN the near future is likely to be haZ-
ardous is argued on the basis or COM
ing falling off in receipts due TO the
enormous movement which has already
taken Mace. Il is noteworthy that In the
last five months the crop movement has
exceeded that for the twelve months or
Ia ST year. The extent OF the movement
may be Judged from the record OF the
last five weeks. during which the receipts
OF cereals, including wheat. corn, oats
rye and barley, at the Western primary
markets aggregated l22.S76.07O bushels.
against se,O059S7 bushels for the CORE
spending five weeks OF last year.
Trading In corn and oats has been a
spiritless affair. with unimportant fuc-
tuations and slight showings of weakness
at times At one time December corn
sold at &c under May. instead OF at a
ago. The spot markets for wheat and
oats show slight gains, corn remaining
at the same average as a week ago.
The cotton market closed a week OF
disconoerting and puZZling movements,
with May touching a new high record for
the season and March close TO last No
vember's record. There was a steady
climb in prices until the government crop
estimate came out on Thursday. These
figures started heavy selling, under which
the market broke sharply, the break
bringing big trade interests into the field
on Friday, when the losses were more
than recovered, the movement continuing
into Saturday, when an opening advance
was added to during the day, the close
nd With N
reaching distance of the 13-cent mark.
Bullsh sentiment apparently is still
strong in the South and Liverpool, as
we'll as in the local market, with the
whole course OF prices practically de-
pendent upon the force OF individual
opinions as to the extent OF the mer-
charitable crop, the government figures
being interpreted either way. according to
the trend OF the individual idea. 1t is
shown by statistics that the government
In big crop years has almost uniformly
underestimate the final crop, and this
encourages the bears, while bulls. on
trade predictions, mill reports and firm
ness in spot markets, are not backward
about talking IA cents for cotton. with
10 cents will be reached before the March
and May options mature.
In support OF this idea the estimates or
recognized authorities as to worlds con-
sumptive requirements in comparison with
crop estimates In excess of the govern
ment figures are given. Southern mill
consumption In November aggregated
2i3,O5i bales, states outside OF the cotton
growing districts taking 232, 1856 bales, and
with mill people buying spot cotton when
ever they can. and the increased activity
in the manufacturing trade all over the
world, the bulls seem to have a good ar
gument. In the meantime prices this
week are IS TO % points above those at
the beginning of the present season and
about 45 points above the beginning OF
the year
Coffee ruled duh and easier during the
week, with little show of firmness and
slightly higher prices at the close of