The Washington herald., 1920-01-19
FOREIGNERS IN MARKET

FOREIGNERS In MARKET
Traders IN Canada and Ar
gentina Attracted by
High Prices.
The United States Grain Corpora
ton. and with the government stabili-
ration Of process. viii cease to func-
ton after July !. next. What mean
ing does this have for the wheat and
milling trade? Is there any danger
that this trade has become so ac-
customed to the balance wheel Of
stabilization that 1t has forgotten
its wonted foresight when again left
TO its own resources?
The Wheat Director has Just issued
a note OF warning in this direction
and IL Is worth while to look at the
situation as IL now stands. The signi-
hcant figures regarding the present
crop compared to last years are given
below up to December ]. the last date
for which this years figure are
available:
| WHEAT.
\ 19ls-1s 1ol9-2o
Try over on farms
July 1........... S,063, 900 10, 644, 900
ny over In eIeva-
tors, etc, July l.. IA. go, 900 81, s9T 900
7op -.........-... .921, as, 900 $40, os7, 900
Total supply. .043, 7TO. 900 COS, 42s, 900
,celpt from farm to
Dee 1........... .SI7. s4l 900 sO7. ss7 900
Sed for winter
wheat seed 5000, 900 $1,000, 900
-Stimated fed to
Dec. 1............ 100000 10000, 900
Total disappearance
from farms. :. .ss2. al. 900 1881 900
Remainder on farm
Dec. I........... 81. o29. 900 SO. Os1. 900
19IS-l9 19l9-2O
Wheat ground July
to Dec. 1t. ~. IOl. 900 2ss.o7s. 900
Wheat exported July
l to Dee. It,. Ills. SAG 900 100. SIS, 900
IotsI accounted for. Sc, $4,000 saI. 500. 900
Saance In storage
Zee. l..--.- 80. .2O0, 1874, 900 215, 81, 900
FLOUR.
Barrels. Barrels.
flour stock July l.. 4,428OOO 5,TOT. 600
Production to Dec. l. 51.446 900 s. SIC, 900
Total available. ..... 55.s72,OOO ss.Ol7 900
flour exported July
TO Dec. 1....... 1880 600 1854 900
- Ks Dec l.-..... 9.4s4OOO I4,I3I,OO0
tai accounted for 1858 900 21.T1s 900
Tmption for 1--WE
rths ........... 100000 &C. 3OI, 900
rice Attracts Foreign wheat.
total supply of wheat for this
disregarding imports is 99S, 900, =
lshels or 100000 bushels more
last year. Imports last year
Ie about 100000 bushels and the
resent prospects are that they will
1e increased this year. With the re-
noyat of import restrictions Canada
lr Argentina are already making
contracts attracted by our prices
EAich are ranging above the guaran-
.ee- Our total supply then Will be
veil above 1000. 900 bushels.
- Our domestic consumption Of -four
or the five months this year has
Zen 46.oeo.0no barrels against 8. eo0, 200
st year, but q year ago We were
lhder wartime restrictions. The in
LEGATIONS are that this year we are
soing to make up for what we did
rot eat last year. The present rate
u consumption will mean between
100000 and 100000 barrels of flour
or the year. equivalent to $1,000. 900
n 5ooooo0oo bushels OF wheat.
Our total consumption, including
eed from the 1gls-ls crop, was about
100000 bushes; our total exports,
including flour as wheat, 313. 900 ooo
his year our supply is $1,000, 900
ushels larger than last but our in
Teased consumption will just about
Ibsorb this. We will. therefore. have
L least 90. 900 bushels to be dis
'osed OF outside this country.
Outlook UnfayorabIe.
There can be no question but what
his wheat and more is needed in Eu-
ope. but how is II to be paid for?
-sst year. under wartime conditions,
nth Europe threatened with the most
erious famine since the Thirty-Year
Tar. with the shortage of shipping
orcing every country to our market
md with almost unlimited credit. we
ueceeded in exporting only 300. 900. 900
Rlshels- This year, the same condi-
ions do not prevail The worlds
rom Argentina and Australia at a
rice below ours. We will grant some
redits to Europe. but by no means
o the same extent as last year and
tnally the adverse exchange situation,
continued, will limit purchases here
. bare necessities. 1t would seem ex-
remedy doubtful whether we can oat
more than 2oOoo0o0o bushels. For the
We months shown above our export
as dropped 100000 bushels below
ist years II we include the month of
nEe. the decrease in exports this year
9. 10000 bushels.
Suppose we do have to carry over
100000 bushels IL will not be the
rst time we have had such a surplus,
ut the danger lies In the price at
Thich we are acquiring the surplus
Ian we expect the price to be main
aimed at its present level without the
government guarantee? This all goes
ack to the fundamental law Of supply
nd demand. Much capital is being
lade OF the fact that the acreage
osn to winter wheat this fail was
My 100000 against 100000 last
'eaE but it insult not be forgotten
raft we have harvesteS, 30 600 900
usl1els from 100000 acres Of winter
TheAt in 1914 and that the spring
rheat crop possesses great possibii-
lies.
!. Spectators After Surplus.
The table above shows that the
lrmers are marketing their wheat
4 approximately the same ratio as
Alst year. but this wheat is not be-