The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1902-11-01

the Pacific coast for Australia and South
mand for flour. Bear traders were not in
clined to believe these reports at iirst, hut
the advance of nearly 10c at San Francisco
was a convincing factor. Some reports
from Australia say the wheat crop is
complete failure. Their average crop is
about 40 million bushels. and If America
is called upon to fill this deficiency at
once, as the bulls figure on, they have the
best of it. Despite all the bullish condi-
tions in wheat this week there was not
enough confidence among many of the big
traders to keep their lines, and the class
of bull traders who only follow the market
when it is advancing steadily, went cut
of the market yesterday and today. Two
months ago Chicago May wheat was sell
ing around 70c, and now it is up 4c a
bushel, while prices in Liverpool have not
should not lose sight of. A factor that is
being made a great deal of by Chicago
houses is the poor quality of wheat in the
unfit for milling, although mnlers on the
other side have a faculty of utilizing re-
deatin poor deand for Amsr
can wheat. The Manitoba wheat Will prob
ably find a ready market in Europe also
At present there are no visible signs ct
concentrated holdings IF wheat anG stocks
are increasing more readily. with the
worlds visible a trifle larger than a year
ago, according to Bradstreet's. The Gin
cinnau Price Current says of the grain
trade in its last issue.
weather conditions during the past
week were very favorable for farm work
in the corn and wheat sections of the
country. lnore mas De6n COnSlQSTdD1c
wheat sown of late owing to wet weather
in September, but the crop is now all in
the ground and in first class condition
The early soWn wheat is coming on nicely
but in Indiana the presence Of the Hes
sian fly is causing some apprehension
Taking the principal states 4 whole
the acreage is not relieved to be material
Iy di ferent fr, m that of year ago. There
was less corn land put to wheat and IN
Kansas there was not the incentive 10
sow wheat for pastures hat sEe<e was
last year"
Clearances for the week were almost C
million bushels, against over milf 2n
Sentiment a tt is ext extremely buiifsh in Chicago
and the northwcs1, while IN, scnIh"est
and adjoining territory is inclined to the
bear side. We would rather trade with the
talent than the outsider.
CCRN-Corn rcarlkcts have lCen moder-
ately active the Tas. week vi n a lower
tendency both in Ihs cash and speculative
markets. Corn husking is general IN
Kansas, but owing 20 The absence Of a
heavy frost SO far this season ,he 600 Is
slowly. However. With continued fav2ra-
Bile weather, husking will be general short
ly and We can expect the movement from
Kansas to get under full Roadway in
about three weeks. The disposition IS to
husk and sell as rapidly the conditions
of the grain viii permit undoubtedly due
to the expectation of lover prices later in
the season, xhian Will change the situa-
ton from one Of scarcity to one of pl'.1-
ty Late reports continue to reflect large
yields, and while it is true there has been
more or less damage IN some states DS
early frosts the quality in general is ex-
cellent and much good grade corn NJ may be
expected in the market shortly. The mar
ket has shown considerable symptoms of
weakness. despite the strength in wheat
and there was less speculative activity
than during the preceding two weeks Re-
ceipts of new corn are beginning to IN
crease and prices for track stuff nave
slumped. Foreign corn markets were also
weaker The big fellows are all out OF
their long lines. There is no outside snort
interest In the market and the fact that
hedgers will sell the options as fast as
they buy the cash stuff is in itself bear
ish factor. We feel extremely bearish on
the corn situation and do not hesitate 10
advise the sale of Chicago May on any
and all hard spots.
Speculation in oats continues to
drag and there is little or no new interest
coming into the market. Cash demand Is
poor, as a rule The sharp fluctuations IN
corn had but little effect on oats and the
range has been small. To the trader who
is satisfied with slow but sure profits. the
short side of Chicago May oats offers
A. G. GOODWIN COMMISSION CO.