The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-10
Uifh the Grain Brokers;
Present Market Conditions

Wheat closed the week. in the option market
at a loss OF 115c in the May option from last
weeks closing price, and at loss Of &c in the
July option. May closed yesterday at SEC and
July at d7sc.
For the day May declined ha1c, opening at
s61kaS7c. 1t was the general opinion when the
market closed Friday afternoon that there would
likely be great deal of short covering yester-
day. as short holders would be afraid to carry
their lines over Sunday unprotected. But there
little short covering or at least IL there was
there was little for the bulls 10 work with in the
way OF war news. The market was weak from
Armour was a seller Of good deal or his May
line.
The week has seen wheat carried to a new
record high price for this crop in the option
market May touching ss1kc the middle of the
week July also made record high price
for this crop the same day the May delivery
climbed 10 SS1se
War news has been the dominating factor in
wheat the past week. and almost all other news
has been discounted by this factor. This is es-
necialIy true of the market the first three days.
After May reached ss1Ac the market seemed
less sensitive to the prospects Of war. The action
of the market yesterday, as on Friday, SHOWS
pretty plainly that the war scsre has been
worked for ali II is worth to put wheat up and
that unless there is something more definite from
now on than just reports that war seems inn
minent'' wheat will go considerably lower the
coming week.
The big short interest which has been accumu-
lating on this buge-that is, the bulge the past
two weeks on the scare-was in much evil
dence Thursday and Friday, when there was
much selling from this source. III IS not lmprOD-
able mat the market will open little lower to-
morrow if things look better in the Russian
japanese situation.
The domestic wheat situation seems to be a
little more bullish than 1t was week ago. The
past seven days have considerably in
creasing flour demand for the hard winter wheat
product. and the Minneapolis millers have been
discounts the increasing receipts in the North
/ west The st. Louis receipts continue smaller
| than month ago, and IL IL were not lot the
scare this would be regarded by the the, bulls ais
yslonments are merely mentioned in the brokers'
| gossip" but are not taken into much account
Armour operations the past week have been
| pretty we'll covered up. but 1t is the somewhat
| general opinion that he has unlOaded good deal
Of May on the bulges. That he sold around SSe
no one doubts. II seems that the war scare came
/ along just the right time for Armour 20 sell
a good DEAL and not hurt the market much.
| Tho corn situation has been considerably i'm
proved. according to general opinion, by falling
/ of in the Argentine crop. This will make a
/ considerable difference in the demand TO this
/ country from Europe. and will. It is thought.
/ have bullish tendency in the option market in
i Ing piece OF news from Argentina the latter part
/ of the week in the cables that the Argentine
/ weather was bad and retardng the har-
vesting OF the wheat crop, and that labor trOu-
/ bles there were also handicap 10 the harvest
/ ing.
| The output of -four by the local mills the week
lust closed was SSl5 brls. against 1.520 brls las,
/ week and s.002 brls the corresponding week a
! wear ago The flour business. from :he viewpoint
/ ala a week ago. and Il Is likely that the opera
/ tons OF the mills the coming week will be con-
| siderably increased. They ran about half time
| the past week
| The local cash wheat market closes the week
| 2itc lower for No. red than last Mondays price
| The market Monday made IA new record high
| price for No. red In this market-93c The price
| Yesterday was &c above the closing price la
| week. The demand for -four from the local mill,
/ much wheat at these prices.
| The local stocks OF wheat In store showed an.
| other decrease yesterday. against an increase OF
| 4. $40 bu last week. The stocks yesterday. a.
| given by the Board OF Trade in its weekly
statement amounted 10 Pa. 500 bu against 257, s2
| bu last Saturday. The stocks decreased the PAS
week In the face Of larger receipts-d750 bu