The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-06
GRAIN GOSSIP.

Valentine the pit representative of the Ar
mour Grain Company says May wheat will sell
upsto 81 before the close to-day. His predic-
tons made in November, that wheat would be
ized, and the Armour house is in control Of
the wheat market there is considerable dis
position among traders to look for the May
to be up to 81 to-day.
A. w. ('Sandy') Thomson.-The action of the
Chicago market Friday worked per my
forecast. Wheat opened a range Of 95G9sc
for May. sold down to s311c. recovering. and
closed at CSC. which is 2s91zc lower than Thurs
days close while the July option closed &c
higher than Thursday. The recovery wholly
due to rumors. which caused the pit traders
to cover their short sales If the news is passive
to-day look for further setback. Should the
tied without strife sQ1Oc a bushel break in May
wheat would not be surprising.
May, but recovered for the did
wheat. The principal buying was in July, and
the greatest advance was in July. This option
gained I7sc from the low point Corn will un-
doubtedly sell much higher but reactions will
occur on the way up. On sharp breaks. such as
we had Friday one should take advantage and
Provisions closed under Thursday for the whole
list Later l look to them sell much
higher but for the present feel they should de-
cline some more. Cotton, coffee and corn have
in turn been doomed. 1t will be provisions
turn next.
= 7 T
just what can be expected. always. in
ket like this one. Wednesday and Thursday,
and all week practically. there enormous
buying interest in wheat by the public. The
May got past csc and the July past S5c Thurs
day ard yesterday morning the May opened
from CSC up to SEC. The public had big profit
and IL began to sell Yesterday. And there was
also some influential selling through commits
sion houses too, yesterday, which probably was
for Armour account. In wild market like the
the past three days, prices nearly always
have little set back. The break yesterday
does not mean that armour is through with
putting prices up, for before the close yester-
day there a partial recovery and the close
range on the May was from sec. the high, down
to 9S12c the low. and the close was at csc fiat
sure in the july delivery as in the early De
livery for the July did d., not lose as much rela-
last price. while the May left off at a loss Of
Of a larger character than that in the July. and
when the break came it was natural that the
more active option on the upturn would suffer
more loss the decline.
r
In the break in wheat yesterday, while cot
ton was in the slump, is seen rather close
relation between cotton and wheat speculation
just at this time. The chief outside interest
in wheat this week is said to be from the South
where the public has made lots Of money in
cotton. These people have taken their profits
I'm cotton and now that that market is show
ing signs Of seeking lower level, have begun
TO look for speculative investments. And
hundreds of accounts from these people in
the present upward movement in wheat and
corn. These spectators sold cotton when 1t
broke and no doubt many OF them sold their
wheat yesterday Speculative markets have a
than tho ordinary layman woLld think
The local cash wheat market came to a
halt yesterday on its march toward the dollar
mark and went back 1c. The bid No. red
Local millers are confident that No. red Will
sell in the Indianapolis market at 81 a bushel
If the option market continues upward.
Corn affected alphabetically by the
break in wheat yesterday and the May sold
down to 54%c at one time during the morning
session. The close was at 56hc, the high price
for the day and the highest price for this crop.
Finley Barren-I believe May corn is high
enough and advise selling Immediately. July
wheat ought to be fairly safe sale on any
further advance.
The Modern Miller says; THE wheat crop
appears TO be in fair condition in all parts of
the winter wheat bslt excepting in eastern Kan
insufficient moisture since the crop was
seeded. and there is complain of poor germ.
In other sections of the winter country the
top growth Is backward
=
The Cincinnati Price Current says: 1.-THE
wheat crop condition is not essentially changed.
Average is maintained compared with a month
ago Interior wheat offerings are irregular and
Psene Of the west for the Weeks $50 o5o hee
compared with $4,000 for the week previous,
and $500 for the sn S6T w ss oo in h 1893
compared with 6,s45.0o for the corresponding
time last year, an increase of $4,000 hogs"
.rba Northwestern Miller saws: .sT-here has
been little in -four trade conditions during the
last week to warrant either joyousness or con-
/ tentment on the part of millers. The perturbed
wheat market has kept the buyer guessing
where he is at and the entire trade. in fact
/ in a state OF uncertainty. The scarcity Of wheat
/ has worked not little 10 the disadvantage
| of naillers in many localities. and the high price
| of wheat has placed flour values where few
| was only fair during the week. with a percepti-
/ bic Improvement on rise in wheat and a cor.
Tsponqnns rsnei ,mproVed trade TSere Val Val.
! a decrease in the Minneapolis -four output las
wSgs o. Out %as ssSs barrels against s5so
\ 1905 and PSI. 1s0 in 1872. This week the produc
\ Ali be idle until Thursday morning The cur
tailment of output is due to dull -four trade"
! Speculative opinion as TO the effect on III,
grain market II should be declared be
tween japan and Russia is divided. Every on,
looks fer an advance TO start with, possibly
sharp one. The bulls naturally express conf
dence in much higher prices Wheat traders
| who have been convinced for several days tina
/ Armour was selling May wheat on the hare
/ spots. OF which there have been many. be
lieve he will liquidate his entire line an,
| broadening OF trade which would permit H. Blu
| the professional traders have not been overluckl
| I'm calling the moves OF the Armour speculation
| ana IL Is possible there Is too much unanimit,
| Of the opinion that the big bull wants ge
out. There might be so much effort 10 hell
| Armour liquidat- that he would have TO supper
| the market and carry IL stu higher. as he "a,
| on the break last week 70 Size and he di,