The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-05-23
Chicago, May %.
Low Close Yes


FURNISHED by A G. Goodwin, Commits
aud receivers and shippers of grain.
Room No 3. Columbian building hide
pendent telephone 1881
notwithstanding to reliable reports
from al over the winter wheat belt the
condition of the winter wheat crop has
peen fully maintained during the past
week w Gather conditions have been favor
able everywhere, except sections of Cali
dornia Wnere deterioration caused by
Drought along the coast has been reported
Iaklng the situation whole the pro-
spects for a bountiful yield were never
better at this time of the year although
slightly below the high calculations early
IN the season. In the Northwest cOndf-
tons have been favorable for spring
wheat, which is reported in excellent con-
dition, and good stand
In this state there are some reports of
damage from Hessian fly in scatterd sec
lions of the southern and southeastern
counties, but the infested districts indi-
cate three-fourths of a crop and condi-
tons elsewhere are generally fine, and
for the state as a whole the prospects are
far above an average yield. There is very
lttle mining wheat left IN the state and
it is in good demand. The mills are run
ming light however, and waiting for the
big crop which will be of good quality In
the speculative markets wheat traders
nave been experiencing the first crop
scare of the season by the crop killing
element, who have attempted to make a
turn in the market by reporting crop dam
age The wheat market has been heavily
oversold. The country trader. who in past
years has invariably played the bull side.
has become educated up to selling wheat
short. and of late has sold against the
brilliant crop prospects. and has put out
more on every little bulge until the past
few days, when reports Of crop deteriora-
ton started short covering 1t was this
buying, combined with little new buying
from the outside and from professionals.
that became a factor in the market dur
ing the week and the closing DAYS of last
week Armour has fed out May wheat
literally the bulges and supported It
large short interest still out in May. al
though Armour IS willing to let them buy
al prevailing prices and if shorts do not
cover soon there may be some fancy prices
recorded during the closing days of the
take wheat on the breaks, but are not
doing much speculative buying in the fu-
lures Some far seeing Liverpool traders
have been buying the new futures when
they come in and holding to the end of
the option, thereby getting the full adj
vance. It seems that this would be
good uav to trade for the present
CORN-The corn belt is in the midst of
planting operations, being sos'aeT' hat late
Owing to continued wet weather the
ground is harder to work than lsss.=i.
thereby making planting more difficult:
but there is intimation Of a large acreage
intended. In the southern sections where
corn is coming up 1t s reported to have
a good stand In the local cash markets
some violent fluctuations II prices nave
been recorded A sharp advance occurred
during the closing of last week and early
part of this. something rarely heard Of at
this time of the year but on the advance
country offerings have been 50 heavy that
fancy prices could not be maintained and
a busted cash market was the result
Buyers have pulled out and = Is impossi-
BILE to draw a good bid on stuff to arrive.
Nillcrs and line houses, have pulled out
of the market and say they viii stay out
until prices drop back to safe CONNER
cial basis There has been evening UP
going on in the speculative markets. The
English packers are said tn have liqui-
dated their long lines of Chicago July
corr. Patten has reduced his short in
terest and Armour has increased his
holdings. The irnportant factor has been
the increased selling of the cash stuff by
the country holders in Iowa Illinois and
Nebraska their offerings being larger
than at any time on the crop. Shippers
have been short on corn to the east. and
have bought the arrivals at Chicago in