The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-19
LL'ith the Grain Brokers;
Present Market Conditions
The advanc

The advance in wheat yesterday seemed to
have little solid ground stand upon
less Of the manipuative character and more
real bullishness Of it-than most of the advance
of the past two or three weeks had had behind
1t. The December was up to around 7s1sc, &c
over the close of the previous day. good part
of the session. The May opened at Size and
was up to s2Ac some time before noon. hang
ing around Size split a good part Of the morn
ing. The close the previous day was Slssc. The
advance in the July option amounted to about
&c.
The local brokers advised from New
York that seventy loads of wheat-56oooo bushels
were taken for export yesterday: This is an
increase of about 24G 600 bushels over the prey.
brokers report.
The big export wheat business yesterday-that
is. big business for this years. regarded by
leading local shippers as an index to the export
wheat situation There is much better de-
mand both domestic and foreign for hard spring
and winter and hard winter wheat developing
now than there has been all fall. of the
local dealers said he has been advised by his
Baltimore exporters. This is unquestionably a
good piece of ground TO be added to the bulls
territory. II has been generally admitted for
some time that the domestic wheat situation
has been bullish all along. But the trouble has
had practically no influence in the market. In
spite this factor against them the bull traders
have advanced wheat from 'S cents during the
past three weeks. past 81 cents all on the
domestic situation. Now that there Is begin,
ming to be appreciably increased demand
from the other side for our wheat, bear argu-
ments may have to take seat still further
back. But top of all this the fact that there
is a big manipulation in the market must not be
overlooked, together with the fact that any
day that interest is liable to discount the natural
trend of the market.
A. w. Thomson has the following on the
fro,,, men firm OF
Logan & Bryan. the well-known Chicago and
New York house while speculation In wheat,
so far as the public is concerned, is quiet. l
cannot but see that likely to run into
a bull market. In all my experience have never
seen so much short selling as compared with
contract stocks. as at present Everyoody APP
pears to think the strength is altogether the
result of the Armour operations which in my
opinion. is wrong. In all probability the price
ter was not in the market Some OF the best
posted and oldest grain men in the Northwest
west is the strongest in years, not excepting
the Letter year Milling demand for wheat is
ss0d os and for e e am at
our contract stocks are light and not likely to
increase TO any extent Hedging in this market
to a large extent is practically eliminated. That
the Armour line reaches large proportions. the
best people In the trade do not dispute, and II
IL therefore quite evident the wheat on which he
is long has been sold by spectators at large;
mand, sales yesterday end to-day amounting Ia
over eighty loads our New York advices at
the close tonight indicate further improve
m.nt in this direction. with bids quite little
higher than earlier in the day The market
ma be a little slow for the time being. but II
seems TO me money be made by buying
wheat on all breaks and later on. IL conditions
do not change materially. we are likely TO O
sharp and substantial advance
On top of the increased foreign demand yes
terday favoring the advance in wheat. the re-
ceipts at ST. Louis and Kansas City were
smaller than those Of the same day last week
The receipts OF these two markets have beer
on the increase for some time and the south
western situation has been OF the things
reckoned with TO large extent by the whea
traders The fact that the receipts at these
roin,s were smaller yesterday was. no doubt
figured as a bull factor. and helped the bulb
put up the prices The st. Louis receipts wers
fs 900 bushels smaller than the same day las
week and 5000 bushels larger than those o
the corresponding day last year. The Kansas
the same day last week. and about 81. 900 bush