192 



EEPOKT OF THE COMMISSIONER OF AGKICULTURE. 



The improvement in prices toward the close of the year is due to short 

 crops in the Northwest, as well as to the better quality ; there was a 

 good demand for old wheat at the close of the year. ^Minnesota wheat 

 has become quite popular with the English millers as one of the most 

 available for mixing with other wheats, but the short crop of Mincesota 

 in 1876 limited this branch of trade at Chicago. 



Corn. — The corn trade of 187G shows a great enlargement; the receipts 

 were 48,608,0-10 bushels, an increase of 20,327,490 bushels, or over 71 

 per cent., over 1875; the shipments were 45,629,035 bushels, a gain of 

 19,185,151 bushels, or 73 per cent. This increased trade is attributed to 

 the great yield of corn in 1875 and to its inferior condition, which made 

 producers and traders indisposed to hoard it. It was gathered, generally, 

 in a damp condition, and was destitute of keeping qualities. Complaints 

 against the inspection authorities caused some changes in the official 

 board, after which the complaints ceased. The crop of 1876 was abun- 

 dant and good, and a general disposition to crib it caused the receipts to 

 be light. It was secured generally in good order, and hence would bear 

 keeping. The low prices offered at the close of the year presented but 

 little inducement to holders to part with. it. The range of prices was 

 remarkably limited, and less disturbed by speculation than formerly. A 

 systematic effort was made to enlarge the consumption of western corn 

 in England, and a large quantity was shipped from Chicago. As long 

 as the grain commanded at least 26 shillings per quarter in the Euro- 

 pean market, it was found profitable to ship it; but the supplies sent 

 forward were in excess of the demand, and not over 25 shillings per quar- 

 ter could be obtained for lots in good condition, while some that had 

 been spoiled by heating on the passage were sold at 19 ^ 22 shillings. 

 The crop of 1875, not being in as good condition generally, as had been 

 calculated, made a less favorable impression in England than had been 

 anticipated, and this materially affected both the price and the de- 

 mand. The annual and monthly range and average of prices of Ko. 2 

 corn during the year and the last four years were as follows : 



Month. 



Lowest. 



January I tO 40 



February ! 3S J 



March 42i 



April 1 44i 



May j 44 



June ...' iM 



July I 42J 



August I 411 



September ] 42i 



Highest. 



to 47J 

 43 



47.1 

 48i 

 49 

 47J 



4-5 



4Ti 



471 



Arer^ge. 



.?0 43. 4 

 41.2 

 44. 62 

 45.84 

 415. 3 

 4.'5. 7 

 45. CI 

 44.65 

 45.31 



Month. 



Loweot. 



October 



November . 

 December . 



Year— 

 187(i. . 

 1875. . 

 1874.. 

 1873.. 



$0 42 

 4U 

 41i 



4« 



53 

 29 



Highest. 



10 46i 

 46i 

 4Ci 



49 



76J 



86 



53i 



Average. 



(0 43. 6 

 43. 85 



45. 26 



44i 

 63i 

 f.5 

 37 



Oats. — The market for oats exhibits a small increase in quantity but 

 a decrea.sc of nearly half in the value of the grain. The receipts were 

 13,030,121 bushels, against 12,016,428 in 1875; shipments, 11,271,642, 

 against 10,279,134. The course of the market was regular, and the trade 

 was remarkably free from corners ; the disastrous results of the corner 

 of 1875 still lingered as a warning in the memory of speculators, while 

 the new rules of the board of trade rendered the process of combina- 

 tion more difficult. The natural play of supply and demand depressed 

 prices, as the large surplus of the crop of 1875 was e^-en larger than had 

 been estimated. The shipi>ing movement of the old crop was very satis- 

 factory, being much larger than during the preceding year. The low 

 grades mostly went to New York, and the higher to New England and 

 Europe, especially to England, where the feeders found a profit in using 



