New-York tribune., 1913-05-26
CROP MARKET REVIEW
Grains Generally Firm and
Higher-CottOn Prices Up.

IIQiICi SOttUII ! IOCO Ops
The early crop scare hit the wheat mar
ket on Wednesday. and caused a bulge
which gave shorts a good scare and
caused a rush 10 cover. For the next two
days the market sagged, as the extent
Of the reported damage was minimized
as far as possible by shorts, but on Sat
urday there was a renewal of the dam
age reports from Kansas and Oklahoma
and although bears succeeded I'm pushing
prices down a part of the early rise, the
final figures of the week showed a gain.
From other parts of the winter wheat
belt, as we'll as the spring wheat country.
crop reports have continued favorable
and the drouth situation i'm Northwestern
Canada has been relieved by rain.
Although the American visible supply
decreased 2,6lSCC0 bushels for the week
stocks are still about 100000 bushels
more than at this time last year, while
further decreases are expected owing 10
light interior receipts, and shipments 10
consumptve channels ard Europe have
been heavy. The European visible supply
fell off l2j6.0O0 bushels. as against an
increase last year of 100000 bushels. and
European stocks are about 100000 bush
els below last years figures. 1t Is re-
garded as likely that there will be con-
siderable fuctuation 20 the wheat mar
ket until the crop gets beyond the scare
stage. but the tendency Will probably be
upward, owing to the practical assurance
of heavy European demands, since the
controversy over terms of settlement has
been amicably adjusted.
Corn prices have advanced on lighter
receipts than were expected. poor crop
! conditions and light stocks and the FIRM
ness in wheat Distant futures nave
touched the highest prices for the season.
and covering was stimulated largely py
conditions in Chicago, where large opeE-
ators were prominent on the bull side OF
the July option. Chicago stocks are smaIi
and the current price IS % cents under the
figures OF a year ago. which facts nave
bearing on the future Of prices.
Oats were on the jump practically all
the week, except Saturday, when there
was a break of a cent in the May option
and fractional drops in other months, OUT
they were not sufficient 70 alter the iact
that prices were higher Bulls were free
with assertions that the next crop would
be 49o 100000 bushels fewer than last
years. and throughout the West the DUH
side of the market seems most IN favor
There have been few reactions. due
mainly 10 profit taking, but May shotIs
had a troublous time until the break OF
Saturday gave them a breathing spell
Even AT the advance price oats look
relatively cheap 10 many operators oeihs
l6 cents a bushel lower than year ago.
Cotton Market Stronger.
There has been more-actiyity I'm cotton
IN the last week than has been shown LOT
some time. and prices have suffered only
few setbacks in their upward marcn'
on Thursday afternoon they touched the
highest point Of the week. showing gam
OF about 80 points. or 81 % bale. Inc
strength Of the market has been Dased
mainly on unfavorable crop conditions
with steadily decreasing stocks and
heavy exports as additional bull factors.
The rise in prices is also credited to the
oyerso.d condition Of the market the
short interest having become so heaVy
that a shaking out was practically sure
10 follow the least unfavorable crop
neU.s. or even some well handled manipu-
letion OF nearby options The New York
market. for both spots and futures, -
still below the usual PARTIES with Liver
pool and Southern markets, but the
differences are less than they were a
month ago.
Rumors that the report OF the National
Ginners' Association would show con-
dition Of 79.s or barely up 10 the Official
ten-year average. and an increase OF not
more than per cent In acreage. prob
ably contributed 10 Saturdays advance,
combined with complaints OF low night
temperatures preventing growth in the
central belt and apprehension as To the
effect OF concentrating trade demand in
New York. where prices are relatively
lower than other markets. The govern
ment's first report on the condition OF
the coming crop will be published at noon
on June 2 Additional private reports
will be available before the official
figures are issued. The so-calied June
condition. according TO the Department
Of Agriculture. was 7S9 per cent last
year and sIS two years aso. The ten
year average has been 7s9 Last year
the acreage showed a decrease Of about
: per cent as compared with 1911. which
produced the l60OooO0-bale crop, accord
ing to the July estimate OF the depart
ment. Since then corrected figures have
been published on last years area, in
creasng the total By about 7oO.O0 acres.
and this years estimate will he based
on these revised figures.