Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-09-17

crease of production trade between
the two countries naturally should
have great expansion, 10 the advant-
age OF both countries. 1t is to be
hoped that the establishment OF a
good understanding between the two
countries will lead TO all these de-
sirable results.
Rise of Agricultural Products
Prices Of agricultural products
were at their loweN~n July, when
small grain crops were nearing harv-
est with large promise. Estimates
upon this country's production OF
wheat has been lowered about 10000
600 TO 35,000.000 bushels since July
lst, and upon the Canadian crop fully
l00,000.000 bushels. and these reduc-
tions have given some strength 10 the
markets. It remains true. however,
that without including Russia, Europe
plus North Africa, has produced
about 200,000,000 bushels OF wheat
and rye in excess Of last years har-
vest. 1t is accepted that Russia will
export a considerable amount OF rye
and probably some wheat. but no
very definite calculation about it can
be made.
An unusual feature OF the situation
in this country is that east OF the
Rocky Mountains and aside from the
drum variety, which is practically
all exported, the wheat crop will be
practically all wanted for home con-
sumption. The surplus is in the
PacIhc Northwest. which has a fine
crop. AS result OF the short crop
OF Spring whea: in Minneapolis ter
rltory the milling demand at that
center to supA domestic consump-
ton has carried the price in that
market about IA cents per bushel
above Chicago 1t is a mistake to
Suppose that whea' has been ranging
much below the price; OF a year ago.
Tie range of contract wheat in the
last week of August. 1922. was, for
September delivery, 99$ to S1037s
while for the last week OF August.
1923. the range for September has
been from $l.0C TO $l.03; for the De-
cenbtr delivery, N the same weeks.
the range was, last year, Sl.00M TO
Si.05B; this year, S1.048 10 $l07H.
Last year. the Chicago and Minneap-
oils markets were about on a level,
while this year on the last day Of
August, September wheat closed in
Chicago at sl00M and in Minneap-
oils at Sl.l4M. The December de-
livery was about 3 cents higher in
both markets.
All other grains are higher than
they wert year ago, two months or
one month ago. In corn, the range
III Chicago during the last week of
August. 1922, Tor September deliv-
cry was 591s TO Co. cents. and for
the December (rew crop) delivery,
from 81 to 557s: in the last week Of
August. 1923, the range for Septem-
Der delivery was from Sl5s to 84A,
and Tor the Deccnbe. delivery from
COZ TO 67M. The fact that the De-
cember delivery NEW crop) is SELL
ing about IL cents per bushel over
the corresponding figures of a year
ago and about 5 cents bushel over
what it was two months ago, is not
able because the crop row promises
TO yield over 3.000,000.09C bushels and
rank among the half dozen largest
crops ever produced.
Oats, year ago for September de-
livery, were ranging from 3lM 20
323S: and at the close Of August,
1923, from 37H to $3.50.
The most pronounced change in
prices has been in hogs. which scored
an advance Of about $500 per humid
redweight in August remarkable