The sun., 1918-07-31
WORLD WHEAT CROP
INDICATES SURPLUS
North American Supply 3OO,-
100000 Bushels Moro
Than Last Year.
FOREIGN YIELD BETTER
Exports Will Not Need to Be
Materially Increased, Is
Expert Opinion Here.

Latest reports OF the worlds wheat
crop available for the twelve months
ending July 1. 1919. indicate there Is
a surplus supply over any probable re-
quirements OF the Allies, and the only
condition which will prevent an enor-
nous accumulation under Government
control for 1919 will be a disaster to
the 1919 crop. or the end OF the war.
which will open the starving markets or
central Europe. The North American
supply promises to be easily 400. 100000
bushels more than last year. While last
year the exports were curtailed by the
shortage OF supplies here. 1t is not tx-
pected that this year they will have to
be materially increased over last, due
to the much better crops abroad. Latest
estimates of the Italian crop point to
fully 10 per cent. more than last year;
tho French crop is much better than
last year, and the English crop also
promises TO be greater. The necessary
imports OF the Allies apparently need
be no larger this year than the actual
imports OF the past year. even II the
restrictions on bread consumption
should be removed. and the bread con-
sumption left open.
Argentina has approximately 10000
900 bushels left to export. after having
exported 75,o00,ooo bushels since jan
uary 1. Australia has the surplus OF
three crops. and the weather conditions.
both in Argentina and Australia. have
been excellent for the plouehing and
seeding for the new crop. Latest mail
and cable reports indicate there is likely
TO be no decrease in the acreage, and
possibly an increase. Last years acre.
age in Argentina was a record one. In
India the acreage harvested In March
and April was a record, and the crop
made a record outturn All that Is
needed to release probably 1o0.0oo,00O
bushels surplus IN India, and at least
$50 .000. 900 bushels in Australia. Is an
increase in tonnage. so that vessels can
be spared for the Far East, or the ter
mination OF the war, so that the pressure
for munitions and munitions handling
will cease. and the tonnage released for
food transportation. AS 1t looks at the
beginning OF this years crop, there will
probably be an accumulated surplus or
4oo, 900 900 to 50o,0oo,ooo bushels in
America, India and Australia. at the
end Of the present crop year.
CHICAGO, July 3o-Falling off in re-
ceipts. together with the less favorable
aspect Of war news did good deal
to-day to lift prices Of corn. The close
was strong. IN TO &c net higher. with
August &l.54L to s154S. and Septem-
Der 1851, to s1.55&. Oats finished at
1ac. decline to NC. advance. and pro-
visions up 10 to IS cents.
At first corn displayed weakness ow-
ing to better weather and to reports
that Turkey and Germany had severed
relations Subsequently. however. the
fact that the Turkish German break
had not been confirmed led to rally.
which gained In impetus after word
came that huge counter attacks by the
Germans in France had not been wholly
fruitless Then strength In the cash
market began to take effect, and the
attention Of traders focused on the
circumstance that receipts here for the
day amounted 10 only 100 cars, and that
primary arrivals SO far this week had
decreased $4,000 bushels.
Improved shipping call from the East
helped to make the close the highest
point Of the day.
Larger supplies from the new crop
kent oats down in value. Good sized
deliveries on July contracts were ex-
pected.
Advances In the hog market made pro-
visions average higher Furthermore
On sh demand was better aud shipments
liberal
WHEAT-Reports from the West indi-
Gated a frmer tone to the market for cash
wheat which suggested an active demand
despite the heavy movement. In the local
market, however. buyers were stu making
purchese at Western points on the basis
Of s234la for No. red winter New
wheat is beginning TO show up at sea
hoard points. and the total yesterday was
se3.noo bushels. Western receipts were
again large, akgregsting c,4si,Ooo bushels.
compared with 1885. 900 last week and
52e 900 for the corresponding week last
year. Crop accounts were again very IA
| vorable. especially from the three leading
spring wheat States, where yields are said
to be exceptionally heavy.
CORN--A further falling on in the re-
ceipts of corn at the primary points served
to turn the trend Of values In the corn
market upward during Yesterdays opera
lions Shorts were good buyers, and at
the close OF the day values were y to 2
cents above the nnal Of Monday. Receipts
at all interior points were 55+ 900 bushels,
compared with $4,000 last week and
ket fresh shellAd No. yellow was quoted
at sle3& and No. yellow at $500.
cost and freight New York.
OATS-The local cash market dull
and easy; standard quoted at SAVE: No.
white, safe: No. 3 white, sac; No. 4
white. SO TO s2isc; fancy clipped white.
So to SIC; ordinary clipped white. SO to
sbc.. all elevator.
RYE-Market weak: No. . Western,
3l.T1 cost and freight New York,
BARLEY-Market quiet: feeding. sl.?5
to $3.50; mailing. Sl.35 to $40 cost and
! freight New York.
HAY-Harket steady; No. !. $50; No
:, $40: No. 3. $40 to 81. 30