Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1904-02-22
WHEAT HISTORY
The Record of the Market for the Past
Forty Years Shows That Dollar
Wheat Has Been Reached or Exceed
ed But Four Times in January and
February.

volume of speculation steadily in
creased until Saturday, when II
everything before them last week. The
reached an enormous volume. Wheat
prices were carried up cents to IL
cents over the close of the previous
week and finished with gains of SIS
cents to 9ss cents. May sold up to
Sl.O7. and the dollar mark was crossed
in every market in the country except
at Kansas City, where May advanced
to 90ls cents. Cash prices everywhere,
with the exception of hard winter IN
Kansas City. advanced materially
above 81. so that the margin over that
figure is almost sufficient In n good
part of the soft winter wheat states to
permit OF interior millers paying farm
They have been holding all season with
the belief that they would set dollar.
Now shat 1t is being realized 1t re-
mains to be seen how freely they will
market their wheat. With a war on In
the far east and the continued antici-
patton OF complications turnout Europe
the farmer may be disposed to hold his
wheat.
The record of the wheat market fon
the past forty years shows that dollar
wheat in Chicago has been reached or
exceeded in January or February but
four times. In January, 1865. cash
wheat sold at s155, In February, 1871.
at s132. in January. 1880. at $1.32. and
in February, 1889. at $1.0S%. In the
latter year May sold at $1.12A. May
has not beer as high as 81 at this time
of the year since February, 1891. when
II sold at s1.01A. AS war markets are
full of uncertainties. with the wheat
markets in the world full of action and
with strong bullish sentiment 1t is
possible that the recent excitement in
cotton may be repeated in wheat. AS
wheat Is a trader In the world over It
is large market to get under way.
and when thoroughly aroused there is
no. telling how far the advance will
carry prices. The market needs no
leader. and it is smooth sailing for the
Armour interest," which, after hard
struggle to get prices above 80 cents.
advanced the last II cents to s1.07
easier and more rapidly than the first
cents to 50 cents.
One OF the most important develop
ments of the week was the shutting Off
of Russian exports. there being no
clearances for several days, and indi-
cations point to reduction of Rus
sian exports of wheat and corn for
some time TO come. Our export clear
anccs were small. and receipts at the
primary points enlarged to 3.771, 900
bushels. an increase OF nearly 100000
bushels over THE previous week. and
compared with 2a6s,000 bushels last
year. That wheat Is being moved free
ly Is shown by the shipments. 2.3s5,000
bushels, of which 24s.00o bushels were
at Chicago $4,000 bushels at Mime
apolis, 100000 bushels at ST. Louis. and
$4,000 bushels at Kansas City. There
has been a material decrease in the
short interest On all months, particu-
la1ay In the May, which is now ex-
tremeiy hard to trade in, and the mar
kat is rapidly assuming an overbought
condition.
CORN
Corn made a new record last week.
and May advanced to 57M cents, the
weeks range being SIX G57& cents,
and the close 56AG57 cents. July sold
UP to 55s@55& cents. or 3k above
the low pdlnt. and finished at SO cents.
The gain for the week was No Is
cents. Part OF the time the market
did not act right FOR the bulls. but with
wheat adyandng and with continuous
heavy buying by Armour. who is now
long a good many million bushels of
May, with July sold against Ut. and an
Increase in spec,ila tion. the price NOV
ed up rapidly at the last conges-
tion on eastern roads prevented large
shipping business and resulted In the
east being caught bare of stocks as
corn in TRANSIT was unable 10 get thru.
and fancy prices were paid there for
spot lots.