East Oregonian : E.O. (Pendleton, OR) 1888-current, 1915-07-19
HIGH CHARTERS BAD
FOR WHEAT PRICES
SAYS CROP EXPERT
NEVERTHELESS, EUROPE NEEDS
VAST AMOUNT OF WHEAT;
BLUFFING GAME ON.

If Terms Remain Low Foreign Gov
ernmcnts VIII Make Purchases for
Next Season Is Ascrted-AI Euro
pean Nations Require FOOdstuffe.
tBy Hyman II. Cohen in the Sunday
Journal)
So far as the open market at Por.
land is concerned, no prices have
thus far been established for new
crop cereals Quotations have been on
a nominal basis and have really rep
resented nothing. The views Of the
grain trade are so conflicting that
they cannot be got together or clo-c
enough for active trading.
While to some extent similar sit
uation is shown at practically every
seaon's opening, still the outlook this
season for the market and prices Is
for more difficult to forecast than
ever before,
There are various conditions enter
ing upon the present years trading
that were practically absent in other
seasons. First of all, there is more
conflicting reports regarding the
crops of the world. While It is
practically a certainty that the world
as a whole will not have even close
to the crop of year ago, still the
warning nations are as a rule trying
to give out the impression that the
outlook is mot favorable. This, how
ever. must be taken with grain Of
salt because the buyer is never a bull
in the market and European nations
are no exception to the rule.
Charters a Big Influence.
Then there is the charter rate sit
uati0n, which with the shipping prob
lens to confront the trade. are very
hard to fathom. Exporting interests
with high priced charters on their
hands are naturally desirous that the
charter price remain high and the
are summarizing te market price in
an effort to keep their balance.
Europe will need much American
wheat this season. That is an abso-
Lutte certainty, The exact amount is
the mater Of much speculation am
ong the worlds trade. George
Broomhall, leading worlds authori-
ty, in recent issue Of his Liverpool
Corn Trade, says:
1T may be safely assumed that the
United Kingdom will consume aoaut
$4,000 to 100000 quarters foreign
wheat per week. France has heen
Importing recently at the rate OF
100000 quarters, but is now expected
to take less in anticipation Of obtain
ing supplies from her own cron
which should be ready in about
months time, but, of course, there is
always the uncertainty Of govern
mental action to be reckoned with.
and there is no saying when the
French government will take acton
again.
May Buy for New Year.
If prices for the new crop posi-
tions fall much lower than at pres.
ent, then 1t is quite likely that some
Of the governments may enter the
market and make provision for next
season. If We allow for France tax
ing 100000 quarters per week-of
which Switzerland will want $4,000
quarterS-durIng the ensuing three
or four months We shall be probably
allowing literally.
Holland and Belgium may be esti-
mated as requiring about 200. 000
quarters per week until their own
crop becomes available, and should
the new crop be available at around
the present price of 42c cd per quar-
ter for new American winters, we be-
lieve they will take this quantity per
week all next season. Italy is al
present buying little or nothing. and,
as her new crop is now available. win
probably continue her present policy
for while longer, but she will need
several million quarters of foreign
wheat next season. and, besides. will
probably import something on ac-
count of Switzerland-say about 25,-
000 quarters per week. We may take
1t, therefore, that the Italian demand
during the next 10 months will aver
age somewhere about 10000 quar-
ters per week. Spain, Portugal and
Greece between them may take So
600 quarters per week. Scandinavia
and Denmark may be expected to i'm
port at the rate Of about so, 600 quar-
tiers per week throughout the season.
Ex-European countries and Malta
will probably account for about 100.-
600 to 10000 quarters per week. We.
now summarize the weekly require
ments so that they may be readily
Quarters |
United Kingdom ......... 100000 /
France t25.000 for Switzer-
land) .,...,.,,. ..... 0,000l
Holland and Belgium ...... 100000
Italy (25.000 for Switzerland) 10000
SPAIN Portugal and Greece. $4,000
scandinavia and Denmark 10000.
EN-Europe ,....,......,.. 125,O90 /
Total per week 1885, 00U
Europeans May Try Bluff.
Seemingly this is going to be a