New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-11-04
CROP MARKET REVIEW
Grains Are Weaker and General
Tendency Is Downward.

!
With the exception of slight furry on
| Thursday, caused by the Balkan war
news. the general tendency of the specu-
lative markets in grain has been down
ward, with weakness the conspicuous
| feature. Much of the heaviness was at
tributed TO discouraging cables and the
| large increase in the worlds visible sup
ply, which aggregated 100000 bushels,
as against 100000 bushels a year ago,
causing weakness IN the European mar
kets. The export demand experienced
decided falling off for the week. and there
is sufficient wheat a1oat or booked for
! Europe to settle any question OF exports
| from Southeastern Europe.
| Meanwhile offerings are somewhat ex-
cessive, and receipts at primary points
continue heavy. The Chicago Board of
Trade and owners of public warehouses
| have entered into an agreement regarding
receipts which will prevent elevator inter-
ests storing grain which is not actually
up 10 contract grade, but which might
! have been passed by the state inspection
department. Under this agreement one
cargo has already been rejected by the
committee. While the speculative markets
have dropped, the local cash market has
gained a cent bushel en- the week s aV-
erage Of prices.
! Corn has felt the effect of greatly in
creased crop estimates, based on large
increase In husking returns and the gem
| eral impression that a free movement OF
new corn will begin within a short time.
| The drop in prices stimulated ohiy
moderate business for export and domes-
tic account, and the local market Tor ex-
port corn lost a cent a bushei Tor the
week.
Oats have been in much the same con-
dition as corn and wheat, with heavy sup
| plies and a moderate demand, and the
| local market for standard white has held
! nominal all the week, with the NO. )
grade showing no change in quotations.
Dealers are inclined to be apathetc and
await developments. especially in view OF
the government grain report, which VIII
be issued on Friday, November 5, giving
the estimate Of yield OF corn an acre,
| which is expected 10 establish new high
record The condition Of S22 last month
| indicated q yield of 20. Bushels to the
acre. or a total Of 100000 bushels,
which would have been record in itself,
but later kusking returns indicate yield
I'm excess OF thirty bushels 10 the acre,
or more than 800 0COs00 bushels corn-
pared with 1906 when the yield was
| 2,g27, 5000 or 20.3 bushels to the acre.
The acreage that year was 96.7Ss,c0,
against us. 10000 this year.
Outside spectators have come into the
market for cotton in the last week, and
added TO trade buying and covering by
shorts, have sent prices up TO new high
levels for the season, the advance since
last Saturday having reached a maximum
Of nearly 81 bale. Much Of this ad-
vance and activity was due TO an estimate
sent out by we'll known Liverpool eX-
pert as to the worlds requirements OF
cotton for the coming year and the sup
plies available TO meet the demand. This
estimate indicated that In order to leave
mill stocks q year from now I'm the con-
dition they are at present l6,53i,Oo bales
will be required.
When the Glles estimate OF an hmcri-
can crop OF lS6c.Oo0 bales and the CordIll
figures OF, 1855 90 bGi4s are considered.
with Lyle's estimate OF not much II any
over 10000 bales, exclusive Of linters. II
Will be seen that the cotton market Is net
IN a statistical position from which any
lower prices may be expected. ia add
ton TO this the crop II about two weeks
late. and freezing weather I'm election
week. which is not m impossbIlity, would
damage the top crop, now maturing ana
corrcspondingly reduce the output.
Corfoe was the object Of raid by for
clgn interests on Tuesday. and under the
presgure OF heavy selling. estimated at
about 80 per cent Of the days sales. Gov
er!ng more than 100. 900 Bags, there was
decline OF II to IS points This was re-
covered on Wednesday. and while sentl-
mept for the rest Of the week seemed TO
lean toward the bull side OF the market
| the general situation was quiet and feat
ureless. price changes as well as sales be-
| ing small.
or twenty-fouT articlese tabulateh pS
The Tribune for the weeF only six snow
an Increase in price from the week before
ten show declines and eight remain I'M
changed from tho previous tsures
. !