THE PRICE OF WHEAT.

Waikato Argus, Volume IV, Issue 260, 17 March 1898, Page 3

THE PRICE OF WHEAT.

TO THE EDITOR.' .Sir,—Though many fanners are accepting 4s u'd as a fair price for their wheat, 1 would strongly advise all who can do so to ho'.d for a "further rise Certainly there is a p'obability that pricts may rase a little locally, if farmers rush their wheat into the market; but for every penny it is likely to fall I consider there is au equal chance that it may rise a shilling on the London market. It is not every day that farmers have a chance of making a shilling at the risk of a penuy, as such an opportunity comes once in a lifetime. For some time I have been conteuding that the Waikato wheat crop was largely over-estimated, and the thrashing machine is proving my contention to be true, as in most cases crops are thrashing quite 25 per cent, less than the owners expected. In spite of sensational newspaper reports about a bumper Waikato wheat crop, it is being found that we are quite 30 per cent, below the average. It is true that 4s 6 1 sounds a nice price for a good crop of wheat, but for a fifteen to twenty bushel average crop there is very little in it, particularly as we Lave many an unpayable year to make up for. Some pessimistic farmers have a great deal to say about the disastrous result of holding their wheat a few years ago, but 1 submit that the cases are not parallel, as the world's present visible wheat supply is many millions of quarters less than at the time referred to, while the population has largely increased. Until a year or two ago the American wheat farmer was always a large holder who had to be considered, but a falling market year after year has put an end to all that, and 1 have it on the best of authority that at the present moment he cannot be said to hold a bushel. It may not be generally known that in the world's wheat markets " bear" sellers have sold tor delivery before or about the middle of May many millions of quarters more wheat than there are in existence. This has been coing on for years, but now is the first time that " bull " speculators have felt themselves strong enough to demand delivery. Aoyone with experience of a "comer" will understand what that means, eo I fay once more, " farmers hold your wheat."—l am, etc., J. D. P. Moroa.v. ilautapu, March 14th, 1898.