The Price of Wheat

Feilding Star, Volume XVIII, Issue 119, 18 November 1896, Page 3

The Price of Wheat

The price of wheat has been moving upward yery slowly, the movement beinj; checked by heavy deliveries in the United States, where farmers are supposed to bi $o needy that they are compelled to market their grain quickly for the sake o: getting money. The special report of the American Department of Agriculture puts the condition of the total wheat crop al 74*6 per cent of a full crop as compared with 75*4 for last year. This is supposed to indicate the production of 410,000,000 bushels ; but because the official estimates have been too low in recent years some American authorities estimate the crop as high as 450,000,000 bushels. It seems to me, however, that there is no reason this year to suppose that tbe crop will exceed official expectations, because threshing has disappointed growers as a rule. Besides, a great deal of the wheat in certoio States has been damaged by tbe wet weather and other causes, and I see no reason to alter my estimate of 400,000,000 bushels of market wheat. The home consumption of the United States (including seed) for the cereal year will be at least 875,000,000 bushels. While allowing for 50,000,000 bushels of old wheat held over in excess of a minimum reserve stock, tbe export surplus, according to these figures is tbe smallest quantity available for Europe fora number of .years. At the pre. tent time, moreover, reports on the growing wheat crop from both Argetina and Australia are unfavorable, locusts having done damage in the former country and droughts in tbe latter. Then as Russia has small crops of both wheat and rye, and (wo or three of the other most important wheat«producing countries in Europe nave less than they produced last year. will be only 75,000,000 quarters, (be position of holders of wheat is certainly a very strong one.