New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-09
CROP MARKET REVIEW
Grains Slightly Higher-Cotton
and Coffee Lower.

was followed by steadiness which
caused shorts some anxiety, although the
Improvement amounted to little. 1t was
caused partly by lighter receipts in the
winter wheat territory. and the opinion
that the farmers who were now holding
wheat back are so situated financially that
to market Interior receipts were about
/, 200 bushels less than week ago, but
10000 ahead Of last years.
Shipments we're also smaller, and II
was thought that Mondays visible report
would show a substantial increase, as
part OF the wheat which had disappeared
last week on the Lakes was expected to
come TO light Bulls have been encour-
aged by reports OF larger -four sales In
the Northwest, but reports came In on
Saturday that one OF the largest mills in
the Southwest had closed down owing to
lack Of orders and at the same time Of
/ ferings of -four here from some Western
mills were on a more liberal scale.
The Argentine crop situation has been
an important factor, and while some or
the early favorable reports have not been
entirely maintained more favorable
weather for harvesting has had its effect
on the markets. The official report OF the
4 German crop shows an increase OF about
| 10, 10000 bushels over last year, the
/ figures being 100000 against l49,4l6.oco.
| Exporters have cut little figure in native
wheat, although slightly reduced ocean
| freight rates have helped their business,
which has included fair quantities OF
/ Manitoba.
| The December option in corn has had
an exciting week, shorts having been
scared by the scarcity OF old corn and
the moist condition OF much OF the new
crop. The option at one time was at a
premium OF cent over May. against
/ half a cent discount early in the week.
Farmers are said to be unwilling TO ac-
cept current prices, and receipts at pri-
mary points have not been as large az
! were expected Late in the week. with a
/ large short interest eliminated, the option
declined a little.
Receipts for the week were 4.G50O
| bushels. compared with 3.3eS,01 bushels
! last week and 5.is5010 last year. Oats
/ have held steady and firm. as a rule, al
| though there was slight decline IN tut
ures late in the week, spot standard
white however. showing a gain OF sc
[ for the week The Argentine crop is the
largest on record, and growers here seem
| disposed TO sell more freely at the recent
advance. The stock Of contract oats In
| Chicago is only 2s0 90 bushels, against
supply OF 2042 90 bushels year ago.
Crop estimates. upsetung some pre-
viously accepted low figures. have caused
/ a modification OF the extremely bullish
views which have governed the cotton
market recently. and while bullish sent-
ment stiu predominates II IL more con-
servauve. The weeks fluctuations have
| been sharp and from the high OF late
last week 20 the low OF Thursday there
was a difference OF 90 70 20 points. with a
break on Friday 10 within ten points OF
I the low for the last two weeks. Satur-
days trading showing a slight reaction.
The average crop estimate has now
gone back 20 more than 10000 bales.
/ and the ginning figures. due Monday. arc
| expected 70 show over II 10000 bales
rinned as an average OF large number
/ OF guesses These figures would leave
/ only 2s010o0 bales remaining TO be ginnec
% make the crop 100000 bales without
Unters. and as these would run about
/ $4,000 bales the igures will show COM
merclal crop OF l4,iOo.co bales 10 meet
estimated requirements OF 100000 &c
/ 1900 go bales.
( As against these New York estimates
/ Memphis reports that the average OF l54
estimates Of members OF the Cotton EN-
change places the yield at only l3,ss6.OOU
bales. including lintsrs. and New Orleans
reuorts bagging and ties being offered at
lower prices without finding demand
This indicates that the crop had been
oyerestinated earlier In the season, and
there are continued reports OF clean
picked fields and little cotton remaining 70
be ginned.
/ Latest news OF the week favored the
/ idea that no lower prices were In sight
The drygoods trade is I'm a healthy con
dltion. and spinners have taken a ire
mendous amount OF cotton for consump'
ton. with mills reporting the biggest trade
since 1906. There IL still a feeling here
that there is o good deal OF spot cotton
still held In the South from last years
carry-over. Secretary Hester, OF the New
| Orleans Cotton Exchange, being credited
with placing the amount at more than
200. 600 bales. much OF which. while low
grade. IL now in demand from Southern
mills and might be delivered or contract
In New York In the mean time, IL "a
not forgotten that cotton Is now $50 points
higher than It was year ago, and that
the prospects are for a large increase IN
acreage for the next crop.
The coffee market has been depressed
and business only moderate. The depres-
sion has affected foreign markets az well
as New York. and II credited 20 persistent
rumors OF large sales OF valorization cof-
fee i'm this market az well as abroad
Dulness IN the spot situation has also had
its effect. and late I'm the week the Bra
lillian situation caused some anxiety
among local dealers. the impression pre-
valllng that coffee is pressing for sale al
producing markets. The spot weakness
has caused a drop In Rio Is OF &c to nc
but the drop failed to attract more than
scattered buying.
The country markets have shown 1T
tie change during the week, butter having
| decreased a cent pound and eggs de-
creased the same amount a dozen for the
fresh gathered grade. the very highest
grades having declined about two cents a
a dozen. Fruits and vegetables have
fuctuated In accordance with the condi-
uons OF the daily markets, and the range
OF prices on apples has narrowed some
what on the table grades. Live fowls and