The Topeka state journal., 1900-01-20
Grain Letter.
hIaa ~r

Chicago, Jan. Observation-Disclosures
appears to have exhausted itself in the
wheat market for the present and values
are steadying. The rearrangement of
| speculative lines has been most thorough,
recent break being made to shorts, who
were quite satisfied to accept such good
moderate buying for long account, but
the market has been relieved from the
pressure of the unloading process while
the aggressive bears have been the light
wights who usually follow a run in the
| market too long and to their own disad-
vantage. It promises to be a waiting mar
ket within narrow lines until develop
nounced enough to become factors one
! way or other. The fine Argentine crop
now secured in good shape and its prob
able early movement makes United
Kingdom and Continental buyers rather
| Indifferent to any but their immediate
| wants our clSarances are mirror re-
fecting this condition. Crop conditions
with us are temporarily without influence
! guess work just now. 1t will be thirty
/ days, yet before any intelligent forecast
can be made of our winter wheat prob
! able outcome. M&antime while our visi-
! BILE supply is large the movement of wheat
/ from farmers hands is growing less. The
present price is not an attractive one to
! the grower and he is not compelled to
sell this year. For these reasons the
market promises to drag for some time to
! come, Influenced mostly by the express
! sions of speculative humor as they may
become evident. France has sent some
/ reports of damage from frost following
| extremely mild weather and it is possible
! our next motive in wheat will be from
damage by the extraordinary winter sea-
son that has prevailed in our ATTITUDES.
Meantime don't expect large profits in
CORN-While the intrinsic value of
! corn is generally admitted and the
weather such as bulls could wish for
| deliveries disappointly light, the corn
/ market has been unable to maintain the
| recent advance: The government report
| to be issued this afternoon is the bug
| bear of the bulls. The fear is general
| that the. government figures viii be in
| excess of those given out by private sta
! tisticians and there is a disposition to
cut lines down to as small a volume as
/ healthy feature in corn If liquidation
would break the price when the property
might be bought freely with good assur-
ance Of prompt profits being realized.
! half a cent away from 24c for the MAY
delivery. Some raiding yesterday carried
| the price off, but the market rallied frac-
tiOnally before the close and the UNDER
| seems off the export demand at present
| but this viii probably spring up again,
as the quality of the crop IS a good one.
PROVISIONS have received some set
back after the recent sharp advance, but
so far have lost only a small percentage
| of the betterment IN prices that have
been scored. One set Of bulls have sold
| out at good profits the property being
taken by some of the packers and locals
short. On the decline from top prices
another set of investors is coming into
the market. The run of hogs is far be-
low last year. as is the packing. The
cash trade is good. There is no chance
of the packing equaIling last year and
country adViceS indicate that finished
hogs have been closely marketed. There
are also complaints of hogs scarcity in
regions west. The packers are divided
with the heaviest concerns favoring the
product. ]. F. HARRIS.