The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-16
GRAIN GOSSIP.

The feature OF the wheat trade OF late has
been the strength OF the July option. Yesterday
this delivery went past 80 cents. It's discount
under the May was not narrowed. however. as
the early delivery is UP too. There are innu-
entail people who expect the July wheat to
sell as high as the May, and perhaps higher.
There are now a large number Of believers in
81 for this deferred future. The July is getting
no special speculative help. The demand is a
general one. 1t is now the popular trading
month. The May is considered to have some
special perils for the trader of moderate means.
II is at a premium OF Sc over July. and there
are those who fear that proht-taking in tho
May On any important scale might prove tenn
porarily trying for the ordinary holder of it.
There is not this contingency in the July. and
it has become the future the outsider is dis
sentiment in regard 20 the whole wheat market
has much changed Of late. For a long time
there was complete incredulity as 10 the price,
and the feeling that such strength as the mar,
ket showed "S su ON the ngossssior ePno s1sc1a an
as a class kept their eyes on the foreign stu
alton and would not permit init thsmseiyes 70 be,
more foreign help. There has been a CONVEX
sion for this deep-seated bearishness-
A report on the grain movement al the eight
central markets for the crop year TO Jan J..
1904. compiled by the Department OF Com
merce at Washington. is interesting. Receipts
of wheat were Isl. 55I. 2s5 bushels. compared with
ia, 7s, 255 bushels in 1902, and IsI. 1913. f7s bush
els In 1901. Most marked gains were made az
in in fhe last six months Of 1903. in contrast With
1854. 800 bushels in 1902, and Is. $685. 54 bushels
in 1901. indicating how rapidly Southwestern
the year Minneapolis mills drew heavily on
this areas output, giving a north-and-south
current to the domestic wheat trade and COM
peting with the gulf and lake ports for con-
troll Of traffic.
At Eve points on the North Atlantic sea-
board 259, $50, 233 bushels OF grain were received
during 1903. OF this amount Portland received
II. s7s. 4s1 bushels. of which 3.4T. s25 bushels
came from American and s.50l,5Ss bushels from
Canadian sources; Boston. S2sla;6s4 bushels:
79s.O7s bushels. and Baltimore, a.6Ss.4l9 bushels.
These ports received 20. rs. 1873 bushels In 1902.
cisco fr 1903 included 6.47Ls7s bushels OF wheat.
compared with l9.Ls.'S9 bushels IN is1- Port
4s5. ols barrels Of -four for Oriental shipmsnt
sac, 7S7 barrels in 1907.
2 = 2
Trunk lines to the seaboard carried S.
O29, 900 bushels OF grain from Chicago and Chi
cago points alone in 1903. averaging L.5fs.ooo
bushels per week. against 70. 900 bushels. ay-
eraging I,4sS.O00 bushels per week in 1902. and
JOG. So. 900 bushels. or 2.ols. 900 bushels per week
in 1901. Flour shipments showed a tendency to
diminishing volume. 4.s75.26S barrels. Ss.213 per
Week HdNAIk Y EFMA III AfNo AtttHAANl Will
ASS. 500 barrels. s242s weekly. In 1902 and =
l4O. go barrels. 134.721 weekly. I'm 1901 While
the grain movement IL most variable. and -four
shipments have decreased. provision tonnage
made gradual gains The average weekly ship,
ment OF provisions was El,lo6 tons In 1903. B.fl1
tons in 1902. and 1884 tons In 1901. or a total Of
1.43s. 631 tons. 1888. ISL tons. and l.16. sos tons
for the respective years
The -hwes situation is becoming tho
interesting one in wheat now. Kansas City
has had a great wheat movement this season.
81 900. 600 bushels received so far on the crop.
or 10000 900 bushels more than for the same
period last year. The trade there has been
bearish because IL has kept looking at the gulf
there. The Southwestern wheat. however. In
spite OF the slow foreign demand. has been
absorbed. The millers have taken 10. With
bigger receipts Kansas City now has only l.
COO bushels last year Minneapolis has taken
a great deal OF the wheat. 81. Louis a great
deal. The distribution has been equal 20 the
supply at the height Of the movement, and. now
of. the price is beginning 10 respond 90 the de-
mand. IL Is said some OF the users OF this
wheat. finding OF late the spot prices az a
premium over the May. have been buying the
May future. There has already been some adj
vance in this, but. with small receipts and
with the buying OF May that has been done by
the cash interests. a further advance In the
May at Kansas City Is likely.
Price Current.-The northern half OF the wheat
crop is favorable. The southern portion is vari-
able. although fair. but small growth. Slightly
increased tendency 20 hold wheat and corn.
large acreage OF spring crops expected In Eastern
feed generally plentiful Consumption now
heavy.