WHEAT PROSPECTS.

Press, Volume L, Issue 8482, 13 May 1893, Page 7

WHEAT PROSPECTS.

The following extraots received by the last mail will prove interesting to our readers :— AMERICAN CROP PROSPECTS. In the U.S.A. opinions are divided as to the extent of the injury doao to the winter wheat by the severe frost. We are assured by disinterested eye-witnesses that the winter has presented an appearance of severity never before recorded, that the alternations of temperature have been more frequent and rapid, and the killing blizzards more terrible in their effect than ever before, and that the first warm growing weather will reveal a state of the wheat crop that will electrify the trade immediately it becomes known. There are others who maintain that the weather conditions lately, while not exactly favourable to the wheat crop, have been by no means so inimical as many interes ed persons assume and report. Iv previous years the outcry as to winter-kill has been twice as noisy and far more prolonged; that the wheat plant is almost aa difficult to kill as grass and that last of all, but by no means least, there is plenty of time to plant spring wheat iv place of winter wheat or to extend the normal spring wheat area. The following letters respecting the crops in Argentina and the stocks of wheat in America contain interesting reading:— ARGENTINA CROPS. Sir, —Weather since harvest has been favourable for the threshing and shipment of wheat in the province of Santa Fe, and cargoes have gone forward in very good order, but during the past ten days there have been heavy ruins that will have injured many stacks and necessitate more careful selectiou. The crop is turning out considerably larger than was expected, and quality is very satisfactory, as there ia not much evidence of injury from frost. Receipts of wheat from the province of Buenos Ayrea have been quite large, and, after supplying the wants of millers, a considerable quantity has gone to deposit, and shipments are now commencing. Quality is generally very good, but much more varied than in Santa Fe, owing to differences of seed, soil, aud climate. Extra choice Barletta wheats weigh up to 641b, and even 651 b per bushel. No. 1 elevator about 63ib, and it is probable that "fair average quality " and No. 2 elevator will run about 601b to 611b. Condition perfect so far. The crop ib turning out larger than was expected, and will tax the capacity of the railways when the farmers want to sell freely. Entre Rios wheat varies in quality, but ia generally good and the yield satisfactory. Accurate calculations are out of the question, for there are no reliable Bbathitics in this country, but it is generally considered that there will be an export surplus of 600,000 tons, or even possibly 700,000 tons as against 417,000 tons in 1832. Very little is Baid, about the maize crop, and estimates of export surplus are pure guess work. Meanwhile old maize crop is Helling for Brazil at a higher price than wheat.—Yours, &0., Wm. Goodwin. Buenos Ayrea, February 25th. SOME AMERICAN NOTES. Sib, —The following are the present stocks of wheat in tbe three cities to which I have previously drawn attention :-— Bushels. Chicago 22,000,000 Duluth 17,000,000 Minneapolis... ... 14,500,000 Total 53,600,000 No other epithet than " euormouu " can be applied to these figures, and one result is that No. 1 Northern spriug wheat is selling to-day in Minneapolis at 20s per quarter, and in Duluth at 20a 94, > ,< r \ The Government estimates iudicate 135 million bushels to be in farmers' hands, and your monthly statement gives us about 125 millions aa visible in second hands in the United States. There is also iv the shape of flour 10 million bushels visible, and there are probably at least 20 million bushels, Erobably 30 million, out of farmers' hands, ut not "visible." There is always some quantity like this, and it may be called tbe "irreducible residue." Therefore there were on the Ist instant little, if any, short of 300 million bushela. and of this 120 million are required for home consumption and seeding, 60 million will be exported, a certain quantity will remain invisible and irreducible, and more or less 100 million bushela will be carried over on Ist July and remain visible. Is not this enormous? and is it not without parallel ? and is it not to be seriously taken into account ? The Department seems now to admit that it has under-estimated the lost two crops by about 31 million bushels, and considers that is tbe " safe side." The theory is doubtful, but at all events we may now in round figures make the following final estimate of the two crops:— Bushels. 1891 ... ... 620.000,000 1892 ... ._ 540,000,000 —Yours, &c, William 8. Pattk-sox.