The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-04-04

pendent telephone i9S.
WHEAT-The past week has witnessed
perfect weather for the growing wheat
crop and nothing has happened in any
crop in any part of the United States The
growing crop is ia splendid condition from
one end of the country TO the other. IL
has gone through February and March,
the hardest months in the year. in per
feet condition 1t has good root growth
and the subsun is thoroughly saturated
with moisture, Last fall there were some
the winter wheat by ny. but winter Wtatil-
er stopped their development. and this
spring there has been but little apprehen-
sion OF their RETURN except IN some parts
of Indiana and a few other limited areas
The demand for cash wheat the past week
was fairly good maintaining prices or
slightly advancing them at most winter
wheat markets. Foreign markets were
also slightly higher, which helped prices
Dornbushs London list of March % says:
with fine weather during the past week
field operations have been pushed forward
and farmers generally are Wen pleased IN
respect of the agricultural outlook Wheat.
rye. winter oats and beans have come We'll
through the mild winter, recent frosty
nights imparIing sufficient check to pre-
vent 100 exuberant growth.
Regarding conditions on the Raclnc COAST
the San Francisco Commercial News says.
THE crop outlook in California has been
materially improved by unusually heavy
rains all through the San joaquin valley
and the lower portions of the Sacramento.
Farmers are jubilant and expect neaVy
particularly beneficial and from present
prospects that section of the state viii har-
vest one Of the heaviest crops on record
The cash situation is practically 'ifeless-
Mtllers are picking up small lots out Tor
the most part are hlling their orders from
the north and west shippers are pracu-
cally out of the market. outside demand
having ceased. The market for futures is
dull and shows d heavy losss for the
week"
IN the speculative markets at Chicago
wheat has held remarkably well against
STR Of .51l1 a
parts of the winter wheat belt IiQuida-
ton by May holders forced the price to
the lowest point since last October. 7l12c
Tor May More long wheat came out than
the trade had knowledge of being held,
especially one line of 2ia million bushels.
held by security house How mueh
more high priced wheat remains to be
liquidated is something that can not be
determined until either the holders of the
wheat or the bears begin their final iiqui-
dation. 1t can now be said that prices
are in line with natural conditions and
VIII be governed by legitimate influences
from now on until after harvest. There
is a set of men in the trade who are al
ways looking for manipulation. When it
comes and they do not catch on they get
sore. and if the manipulation is too Sc
erratic. and on the whole is more detri-
mental than otherwise. Spectators who
were hullish and saw nothing to create
q break when wheat was in the sos can see
no good in the market now. with excellent
crop prospects ahead. Those who were
bearish and went short around ste nave
taken profits and do not care to play the
bear side now except for quick turn,
as they believe all bearish influences nave
to considerable extent been discounted
by the severe decline.
Ihre was sharp upturn Thursday on
uniaVorable crop reports from France. but
the heavy Argentine shipments, almost
million bushels for the week. and indiffer-
eut Liverpool markets checked lhe adj
vance Bradstrcets big decrease in the
worlds visible of almost 5,oO0e00 bushels
and the decrease IN orr own visible of
nearly million bushels We're strengthen
ing factors. Liberal shipments for export
and small primary receipts also helped the
markets. Milling wheat is in eNc-ilt ut
demand at an market centerS. but the fine
crop prospects have A bearish tendency on
the low GRADES.
to be shifting their positions. Armour and
Cudahy people have bought May and sold
July The English packers who recently
sold May and replaced it with July turned
Der They bought July at a discount of
2c to Sc under May and now it is about sc
premium over May. AS September was
discount of case, they are making an
other turn and taking the latter. making
the same kind of spreads as for months
last. Receipts have fallen off on account
of bad country roads and the decline iH
prices. One thing that the cash interest
mas in mind is the condition Of winter
shclled corn. There is no doubt that some
Of it needs constant handling to prevent
it heating. and until after the terminating
period is over reports of more or less
heated corn are TO be expected. This
makes the bear uneasy and generally re-
that the bear is keeping in sight is the
prediction 50 million bushels surplus in Ar
A 6. GOODWIN COMMISSION co.
Chicago Livestock Market