The Butler weekly times and the Bates County record. (Butler, Mo.) 1918-1950, 1920-11-18
WHEAT WON'T 90 LOWER
Only General Price Decline Will
Affect it, is Belief.

four different ways, the Market Re-
porter, official publication Of the
United States Bureau of Markets,
points out in discussing the present
situation That is, by utilization OIL
farms for seed, by consumption in
this country as food, BY export and
by carrying over into the next crop
year.
The wheat supplies Of the country
for the current crop year are placed
by the Market Reporter at 900 mil.
lion bushels, including carry over
90 million bushels, home consulnp-
ton has been sos million bushels I'M
der Io-year average and carry over
has averaged Sc million bushels for
the last ten wears. Out of the 900
million bushels available for the cur
rent crop year that would leave z2-
million bushels as "exportable sur
plus" Since July of this year the
exports of this country have amount
ed to about $40 million bushels.
Continuing, the Market Reporter
"The abnormally heavy export
movement can mean only one thing,
and that is that the wheat supplies
of this country are working close to
the bottom. Should the present tx
port demand continue there will soon
be scarcity of wheat in this coun-
try. Should the export demand fall
off and there be only an average, or
less than average, export demand
throughout the remainder of the year,
the supplies remaining in this coun-
try even then will not be excessive.
"What then may be expected i'll
the face of this years possibilities:
For one thing, the market is likely
to continue to be unsettled, rising or
falling on the basis of conditions and
rumors of conditions which ordinar-
lily would have little effect upon it.
An indication of heavier European
demand will cause the price to rise,
and efforts on the part of farmers to
hold wheat will have the same ten
dency. On the other hand, a falling
off of exports might result in down.
ward tendency in the price, 1t IS
probable that throughout the year
wheat prices will bear a closer than
usual relation to the receipts and
supplies of wheat at the principal
western markets. 1t may be stated
here that the supply, ordinarily
termed visible supply" on October
was smaller than usual, being 2,
million bushels as compared with a
visible supply of more than 80 million
bushels in 1910, and more than 90
million bushels in 1918. If large
volume of wheat should start to move
flom the farms, and accumulate IN
"a To- ,NoJ 1.x.A1 ned
tendency will appear. on the other
hand, if wheat moves very slowly
from the farms, prices will tend to
rise. To repeat, conditions this year
seem nropitious for market which
is nervous, easily influenced and un-
certain.
Farmers, ill., considering the re-
sponsiveness of the price of wheat 70
changes in the rate at which wheat
moves from farms, should bear in
mind all the difficulties of the for
eign situation. The fact that two
thirds of the exportable surplus from
the COUNT has already gone might
seem to indicate total foreign de-
nland for the year decidedly above
the average. However, it is possible
that the European countries have talk
en- their supplies earlier than usual
| because of expected strikes or Tor
ether reasons. Moreover, the large
Canadian crop will soon move into
export, while a little later American
wheat will have to compete with the
supplies from Argentina and Aus
tralia.
Furthermore, the present down.
ward tendency of prices in general il
having, and will continue to have, a
depressing effect on the price Of
wheat. The thinking producer will
not let this general decline in prices
cause him to overlook the fact that il
condition of supply, and demand
warrant y the price of wheat may
rise desnite the general efforts to-
ward lower prices. II, for instance,
the export demand continues, the
price is almost certain to rise; if the
movement from the farm is slow
there will be a stiffening in prices.
On the other hand: if the foreign de-
mand becomes small it is possible
that prices may weaken; but with the
heavy exports to date it may be
questioned whether the comparative
value Of bushel of wheat will de-
cline materially from its present
level. General prices may move
down, in which case wheat will prob
ably decline with the rest. But the
point which is emphasized here 10
/ that wheat is unlikely to decline from
the present price level unless it is
dragged down BY a general decline"
Wheat brought sass bushel in
September of this year, which to
I MANY eoa,,nad 1;La=a h;0h or;ce haat |
this was in terms of accent dollar |
instead Of the Ioo-cent dollar in 1913. |
On the basis of 1913 values, wheat
bought in 1919 slightly more than 81
a bushel, ranging from $I.o4 to $I.I4
Thus, bushd Of wheat had about |
the same or slightly greater purchas-
ing power last year than in 1913.
End Irish Hunger Strike.
| Cork. Nov. 2r-Jhe hunger strike |