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OATS.

The conditions affecting the market for oats at the beginning of the year induced a good demand. Old stocks were nearly exhausted. Unusually wet weather immediately following harvest, in the States of Illinois and Iowa, strengthened prices and created at times quite an extensive trade. Prices during the year for Contract Oats ranged from 28 to 71 cents per bushel. The great feature of the market was the creation of a new grade, called "Standard" Oats. These oats were traded for the first time for July delivery, and the first sales were made in the month of April for July delivery at 36 to 363 cents per bushel. The Contract grades of oats are: No. 1 White Oats, New No. 1 White Oats, No. 2 White Oats, New No. 2 White Oats, and Standard Oats. The opening sales of the year of No. 2 Oats, "seller the month," were from 45 cents to 46 cents per bushel. In the month of April, the same grade of oats, for "seller the month," was sold at 41 cents and as high as 443 cents. Standard Cash Oats sold during the month of July as high as 71 cents per bushel, closing on the last day of that month at from 60 cents to 63 cents per bushel in round lots. The market during the latter part of July was one of intense excitement. This was the culmination of the speculative trade in this grain; and out of the conditions then existing and from the result of these extreme prices a great many controversies and considerable litigation arose. Cash Standard Oats for delivery during the month of August ranged from 344 cents to 52 cents per bushel, most of the sales during that month ranging from 35 to 363 cents. Standard Oats, "seller the month," during December ranged from 31 to 33 cents per bushel, and Standard Oats for May delivery closed on the last day of the year at 333 to 33 cents per bushel. On page 13 may be seen a statement showing the highest and lowest prices each month in the year from 1879 to 1902, and on page 11 may be seen a statement of price for Cash No. 2 Oats on contracts sold by sample.

The following table is a statement of the extreme prices in Chicago of Contract Oats each year for the period of thirty-eight years, indicating the month in which such prices were obtained :

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Out of a crop of 33,630,592 bushels, the largest crop ever produced in this country, about one-half of that quantity was so greatly damaged by violent and continuous rains that it could not be classed as merchantable; this was especially true of the crop of Michigan, Iowa, Illinois and Ohio. A large portion of the crop therefore was used for feeding purposes. The high prices for the

coarse cereals was most fortunate for the favorable disposal of this grain under conditions that otherwise would have resulted in serious loss to the farmer. Much of the crop will naturally drift to foreign markets, where the common laborer is driven to use the cheapest food obtainable, almost regardless of its quality, and where the requirements of civilized labor do not obtain. The weather in the northern rye-producing states was not unfavorable, hence the receipts at northern primary markets were well maintained and were uniform both in quality and volume. The high prices of corn and oats were of immense advantage to the sale of damaged coarse grains which during the last year were used to a larger extent than usual for feeding purposes, and presented unusual opportunities to sell all kinds of damaged grain on the farm at good prices. The receipts of rye in this market aggregated 3,170,541 bushels and shipments 2,834,215 bushels, the receipts not varying materially from those of the previous year, though the shipments exceed those of 1901 by about 1,500,000 bushels. The quantity that was shipped by the lakes aggregated 399,861 bushels. Most of the shipments were via the eastern railway lines and aggregated 766,644 bushels. On page 16 may be found a statement showing the receipts and shipments of rye for the year, by months, and also showing the lines on which received and shipped. By far the larger portion of the receipts were brought in by the Chicago, Burlington & Quincy Railway. On page 17 may be seen a statement showing the range of prices in store of No. 2 and No. 3.

The average condition of Winter rye on December 1, 1902, was 98.1 per cent. The acreage sown in the Fall of 1902 was 1,242, 993 acres. The average condition of Winter rye on April 1, 1903, was 97.9 per cent, and the average condition for ten years was 87.9 per cent.

There were inspected in Chicago during the year 3,231 cars, as against 2,382 cars inspected in 1901.

The following table exhibits the highest price, the lowest price and the closing price of rye, in each month, for the years 1901 and 1902:

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The crop of barley was the largest recorded, viz: 134,954,023 bushels, produced on 4,661,063 acres, valued, on the farm, at $61,898,634. The largest barley-producing state is California, which yielded 29,751,124 bushels, followed by Minnesota with 25,956,245 bushels. The crop of barley of 1901 aggregated 109,932,924 bushels, and that of 1900, 58,925,833 bushels. The receipts in Chicago during the year aggregated 14,923,173 bushels and shipments 3,505,423 bushels, shipments not varying materially from those of the previous year, but the receipts were about 1,000,000 bushels in excess of those of 1901.

As in the case of rye, persistent rains greatly damaged this crop. Barley of the best qualities was grown in the Dakotas and in Minnesota. There was no considerable damage to the crop in Wisconsin and Minnesota, but the crop of Northern Iowa was so much injured by excessive rains that a large part was kept at home and fed to stock.

The exports of barley for the year ended June 30, 1902, aggregated 8,714,268 bushels, valued at $3,995,303. Of our exports 6,377,561 bushels were shipped to the United Kingdom and 1,034,158 bushels to Portuguese Africa.

The opening prices of the year for No. 3 Barley, "seller the month," was 57 to 62 cents. There was no material variation from these prices throughout the month, neither was there during the month of February. The latter part of the month of March prices improved, so that sales of this grade were made on the last day of

that month at a range of from 61 to 66 cents per bushel. This strength in the market continued and prices still further improved, so that at the close of the month of April, sales were made at from 64 to 70 cents per bushel. There was an improved demand during the month of May and prices were well sustained. The trade during the month of June was quiet and prices eased off from one to two cents per bushel. They, however, recovered during the first part of the month of July and sales were made at as high as 73 cents during the middle of that month. The market fell off during the last few days of July, so that there was a range of from 48 to 65 cents per bushel. From that time through the month of August, the trade was dull and prices gradually, though not materially, declined. Sales on the last of September were made at from 38 to 60 cents per bushel. This dullness prevailed throughout October and brought about a still further decline on an average of about 1 to 13 cents per bushel. In November there was but very little trade, the range being from 35 to 58 cents per bushel with but very little variation. Throughout December prices were about the same.

On page 16 may be seen a detailed statement of the receipts and shipments of barley, showing the routes by which received and shipped, and also showing the receipts and shipments by months. A very large portion of the receipts of barley in this market is sold independent of inspection or grade. Fair to good malting barley sold, by sample, throughout the year at a range of from 42 cents to 72 cents per bushel, and choice to fancy malting barley sold, by sample, at from 60 to 73 cents per bushel.

FLOUR.

The flour trade in this market is largely of a local character outside of the business transacted in the flouring mills. The middle or commission man has disappeared from the market; his services are not wanted. The buyer puts himself in direct relation with the miller, or rather the miller passes by the commission merchant and calls at once and directly upon the buyer, not only in all domestic but in foreign markets. Chicago can not be called in any prominent sense a flour manufacturing center. Only 1,262,000 barrels were manufactured in this city during 1902. There is but little variation from these figures for a series of years. The receipts of flour for the year aggregated 7,395,207 barrels, and shipments 5,839,441 barrels, showing a marked falling off in both receipts

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