New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-15
REVIEW OF THE
CROP MARKETS
Grain Trading Dull and
NarrOW-Cotton Tends
DoWnWard-Cof-
fee Receivers.


affair generally. with the trend OF prices
toward lower levels Wheat has had
few ups and downs, but the range OF price
changes has been narrow. and while there
has at times been a scarcity OF selling
orders there has been at no time any
marked enthusiasm on the buying side.
The foreign markets and the possibility
Of damage TO the winter wheat crop,
which has MADE a rank growth and is
said to be poorly rooted have been the
dominant features, but they have had
comparatively little effect. as the market
has been inclined to await the publication
Of the final government crop report which
is due to be published on Monday at 2:l1
p. m and will give the yield OF all the
leading crops.
There is a general idea that the export
able surplus of Argentina Will be COM
paratvely small and that Europe VIII
have to rely mainly upon American wheat.
which would reduce stocks I'm this coun-
try and Canada to a low level before the
new crop becomes available. Receipts at
Northwestern points were smaller than
either the previous week or last year, but
the falling off recently has not been as
great as expected. and stocks In the
Northwest continue to increase, Duluth
showing a gain Of 1.13l. coo bushels for the
week. Underlying sentiment in the mar
ket appears to be bullish, on the theory
that there is little likelihood OF very heavy
pressure of supplies. at least In the I'M
mediate future, and local cash interests
continue to call attention to the hrmness
in the spot position, and state that When-
ever prices show a material decline ex-
porters take American hard winter Wheat'
and that every bushel which Is sold di-
minishes the stock OF contract wheat JUST
that much.
Corn has been erratic and unsettled, ,
with short sellers showing signs OF ner-
yousness. There has been a general feel-
ing OF weakness and sentiment has peen
bearish, with larger receipts at primary
points and indications Of continuance
OF the heavy movement as the main
causes. The interior markets have been
heavy and cash trade is slow.
Some pronounced differences OF opinion
in Chicago are expected over the enforce |
ment OF the rules regarding inspection OF
contract corn. In the late local trading
IL was noted that there was good alb \
sorptive demand on even slight declines
In price.
Oats have generally followed the lead
of corn, and with liberal stocks all over
the country and steady arrivals or cana
din oats at Chicago the market has been
devoid of feature, with the trend or
prices downward.
Cotton Report Dsappoints.
The final effect of the cotton report on
the local market was disappointment and
a decline I'm prices, although bulls made
successful effort to boost prices when the
report came out. The market up TO FRI
day was in a waiting position. with trad
ing restricted and the advances scored
mainly credited 10 covering by shorts, the
closing Of Thursday being at practically
the figures Of the preceding Saturday.
When the report came out bulls made
determined effort to send prices up, and
succeeded, but trading on Saturday
showed that the advance had no under
lying strength, for Fridays buyers were
upset by weakness in Liverpool and
selling pressure from spot houses. the de-
cline for the day amounting In some
cases to 81 % a bale.
Reviews OF the domestic goods situa-
ton were somewhat mixed. There vera
reports that some Of the mills are now
accommodating stocks, but moderate accu-
mutations are not unusual In December
and may be taken care OF by January
distribution. There is usually some
slackenlng of absorption of staple articles
Just preceding the holiday season, which
may account in some measure for the
quiet trade now reported in certain lines. .
The Slump in Coffee.
After doing practically nothing for four
days OF the week the coffee market turned
weak on Friday and went all TO pieces on
a heavy decline in Havre and pronounced
weakness IN other foreign markets, with,
cost AMI freight offers from Brazil ID
points down and the market weak. Trad
ing on Saturday, however, gave the Inn
preston that the decline had been mainly
speculative. as a show of trmness IN hu@'
rope caused higher opening ana sharp
advance Immediately after.
The market could not hold all the CANT
and declined later, the net gain being only
IL points at the most. Trading has not
been active at any time and the market
has been extremely narrow as a rule. The
situation in Brazil is not entirely favor
able to holders receipts at primary points
have been larger than for the last TWO
wears, and the movement at Santos has
passed the 100000 mark. The spot sltua-
ton is discouraging. as there is no de-
mand. but dull markets are expected st
this season, and no particular activity Is
looked for until after the holidays.
Eggs Declining.
Eggs have shown another reduction In
cost I'm the week, although the strictly
hest grades have almost held their own.
Foreign shipments have been put on the
market In large quantities at a compare
lively low price. and have taken some de-
mand from the domestic product. The
market closes somewhat unsettled. with
prospects OF still further reductions In
price. Butter on the contrary. has held
steady for all grades, with some advances
on the best grades. other country prod
uce has fluctuated In accordance with
supply and market needs, and changes In
that line, as well as In dressed meats.
have been only fractional.
Livestock has held steady. except Tor
beeves and hogs. which have declined IN
price.