New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-22
THE WEEK IN THE
CROP MARKETS

Prices All Show ReceSsionS
Big Slump in Cotton
Coffee Also Lower.
The week just ended has been a week
other commodity markets, as far as fut-
ures were concerned. Early In the week
there was some irregularity in wheat, as
traders were inclined 10 await the two
government reports, one OF which was
issued on Monday and one on Wednesday
Both of these reports worked against
| holders OF grain, the official statement
giving a winter wheat production OF
$40. COO bushels. being approximately b.
10000 more than had been estimated pre-
viously. This pointed to crop OF So
oOo.O00 bushels, which would be the largest
ever gathered. The effect OF this and the
report as TO acreage, was decided de-
cline in futures although No , Red spot
held its own.
Late In the week there was less support
and more pressure to sell, with Urea
longs apparently anxious TO unload, ana
the situation dominated. according to con-
servative traders by the speculative sit
uation. The export demand has been the
principal sustaining feature, seaboard
clearances for the week aggregatns
1856. 90 bushels. against 4267,Ooo the pre-
vious week. and $4,000 last year.
The interior movement was liberal. al
though somewhat smaller than a week
ago, aggregating $1,000 against $4,000
the previous week and S,665.0I0 last year.
II is not expected that there will he
much more activity in the export line
until after the holidays. Foreign mar
kets also are feeling the ante-holtday
dulness. and conditions generally point
10 sluggishness until the turn of the year.
Corn also has tended downward, under
an increase I'm the interior movement, due
10 more favorable weather in the West
While the crop indicated by the govern
ment report. 2iis.sss0O0 bushels was
larger than had been expected. II had
comparatively little effect on the market
The increased movement led TO active
unloading by tired longs, and the close OF
trading found the market dull and soggy.
Another element OF bear strength was
the arrival here Of 227.Ooo bushels from
Argentina. with reports Of several cargoes
ahoat for the United States Receipts for
the week at interior points were ll,2iS,W0
bushels, against 4, 600 week ago and
$4,000 a year ago Spot domestic corn
has been too dear TO compete with the
Argentine. and dealings have been in new
crop. to arrive next month.
Oats have been weak and lower. with
considerable pressure from Canada, ship
ments having been made as far south as
Texas. with sales said 10 aggregate about
100000 bushels Receipts at interior
points were $500 bushels more than
week ago. and the heavy supplies discour
aged operations on the buying side. While
the visible supply decreased p $4,000 bush
els, against a decrease OF $4,000 bushels
a year ago. stocks are more than a, 90 600
bushels against a little short Of 20. 90
bushels year ago.
A Slump in Cotton.
Only once during the week did cotton
futures close at an advance. and that was
only a partial recovery from the decline
Of the previous day. Liquidation began
early on Monday, and with only slight
rallies continued throughout the week
prices at the low point which was reached
on Saturday, showing a drop in January
contracts OF s. 81 "A bale from the high
reached on government report day last
week. and So 50 bale from the high
made last october.
one OF the reasons for this decline has
been the general exaggeratlon of the
falling of in business, aided by belief
that the crop estimate OF last Friday had
under estimated the total yield from the
big ginning figures in the Census Bureau
reports The ginning figures Of Saturday
added TO the bearish feeling and caused
break, which, for a time, was sensa-
tionaL with heavy selling from local
sources. as we'll as houses with Southern
connections, which gave the impression
that some Southern holders were hedging
against low grades.
II is believed that the break through /
the l2-cent limit will encourage a lot OF |
speculative buying. as there Is general |
impression that 1912 70 10 cents is about !
the low limit which conservative dealers /
favor. II Is believed also that the sta
tistics of movement Of the crop into and |
out of sight will help to make bullish /
showing. Weekend statistics also gave
hope to the bulls. as they showed that the !
worlds supply of American cotton was
considerably smaller than ii was a year
ago. and the predictions Of consumption
requirements are large enough To provide
for a crop larger than present estimates
call for.
Coffee Declines.
Increasing stocks i'm Brazil. a depression