New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-03-10
CROP MARKET REVIEW
Grain Prices All LOWer-COt.
ton and Coffee Also Down.

ing movement has been founded on de-
pressed foreign markets, due to heavy
worlds shipments and favorable reports
respecting the Indian crop outlook, as
we'll as domestic conditions. Conservative
decrease in the visible supply. have
been disappointed by an increase, and by
larger primary receipts than had been
looked for. But probably the most potent
influence in the weakness of the market
was the practical unanimity of belief that
the amount of farm reserves Of wheat
would turn out to be around 100000
bushels. against 1872. 025,0oo bushels a year
ago The governments official figures
Will be made public to-day. and IL Is be-
lieved that they viii be close To the fig
ures given. While there has been good
buying On the declines the dulness or
both cash and speculative business. the
extremely favorable outlook for the next
crop, and the large reserves have all
worked against any increase in prices
The bearish feeling I'm the West was added
10 on Saturday by the report that Duluth
had sold large amount OF wheat to go
to Chicago on tine opening Of navigation
Even at recent reductions in price, No. =
red. cash. is AZ cents n bushel higher than
il was year ago while No. / Northern
is g5iL cents lower. There was come reac-
ton I'm the late trading of the week, but
not enough to wipe out previous losses,
and due mainly TO lighter offerings and
the desire OF shorts to cover. and there
is a feeling evident that prices are down
70 safe basis I'm comparison with the
cost Of other foodstuffs, particularly
meats. Worlds shipments for the week
aggregated l4,352Ooo bushels, against H.
5000 "A week ago and lo2OS,0o year
/ ago.
Corn also has felt the effect OF enor-
/ nous farm reserves. and while the total
reduction In price has not satisfied the
| bear element. the tendency has been
/ downward. The reserves are Varlously
estimated at 1852 10000 bushels. or about
; g. per cent Of the crop. down 10 l,2-I0o-
go bushels. but either figure is record
breaker. and although there has been a
good cash demand both for export and do
nestle USE. and some decrease In the crop
movement. the depressing effect has been
pronounced. Even with No. mixed cash
AT 5eis cents. or 20 cents a bushel less than
a year ago, the feeling in regard to the
amount Of feeding 10 livestock is divided,
some holding that the scarcity Of hogs
has materially reduced the amount used
/ i'm that way. while others assert that with
the high prices ruling FOR hogs and cattle
there is more profit for the farmer IN
feeding the corn thaa in forcing II on q
declining grain market
( oats are following the lead OF the other
grains from the same causes. although the
decline has not been marked Reserves
are estimated at from 567cpo.Coo bushels
/ or about 40 per cent of the crop. down TO
/ so 9s6 GO and according 10 some figures
are about 6Jo0D.0rJ bushels larger than
the consumption from March 10 August
/ /, 1911. the previous high record year Tor
I reserves The cash price ~ No. white
/ IL now 70 cents "A bushel under that OF d
I year ago. and this should mean abundant
/ n not wasteful feeding.
The movement Of -four has been along
routine lines. with soft wheat Hours show
ing a little decline iu Chicago and un-
J satisfactory trade reports from Minneapo-
+ lis The production az the three big mill
ing centres Tor the week was 352, 80
/ barrels. against 32j.03O week ago ana
b 1895 n year ago.
/ The cotton market has been dull. as a
rule. with most Of the trading OF specu-
/ Iative character, the net result or the
weeks trading being net loss OF only
/ II to - points against an advance az the
B first OF the week Of 10 TO 20 points. There
/ has been spread Of pessmistic feeling
based on dulness Of the spot market ana
optimistic reports ~ coming crop pre,a-
rations and acreage. Exports are nearly
| / 500. 600 bales less than year ago ~
/ this time. nd. while the crop was aDou7
/ - 600 0O0 bales smaller than the previous
one. interior stocks are much larger, some
! statlsticians holding that there must be
| close to 100000 bales OF spot unsold IN
tho South. which will have 10 come on
| the market II is noteworthy however
/ that the declines Of the wecl. have not
/ been large that on all the setbacks there
/ has been free covering. rallies have not
been infroquent and there has been no
! marked aggressiyeness in the selling for
a decline Another thing to lie remem-
bered Is that in spite of all the bear senti-
nont and statistics. spot cotton I'm New
| York is now $50 points higher than IT was
a year ago.
| coffee is In the dumps. The absence Of
! spot and consumptlve demand. even with
prices two cents pound under last years.
the prospects Of a big crop in Brazil and
the Indifference of country buyers 10 the
fluctuations Of the market here. have all
| combined To make the trade practically
stagnant This feeling is added TO by
weakness iu European markets and the
evident willingness of Brazil 10 sell cost
and freight coffee at very little above the
recent drop. with the tendency or the
Rio and Santos markets 20 be quiet ana
! lower. Just where Il will end IS puzzling
many traders. especially I'm view Of the
fact that statistics recently made public
show an enormous increase in tea drink
ing some dealers reporting an Increase Of
from IS to l2j per cent In their sales
| with the demand for coffee largely re-
ducod This movement, If continued, Will
play havoc with the valorization scheme,
for with an appreciable increasing de-
cline in the use of coffee the ''pegging' OF
prices ut any figure will pass unheeded
| by the consumer.
In the country produce markets an ad-
vance of 1T cents in butter has been
offset by corresponding decline i'm eggs,
and the prices of scasonable fruits and
vegetables have suffered only minor
changes Livestock has advanced, the
largest increase being in hogs. while
| Lrnsand 1nnais haNn ehnNn nnlN fractional