The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-05
GRAIN GOSSIP.


march yesterday. prices both grains going
To high prices. This is the biggest and
widest wheat market since the Letter DEAL six
years ago. and the biggest and widest
ket since the Phillips deal few years ago.
There was a good deal of profit taking yester-
day through large commission houses but the
market is so strong that the selling had not
the slightest effect and prices of both wheat
and corn went up in jumps. There is an inn
mense outside interest in speculative grains now
especially wheat-and this helps the market
wheat went to s5Slc YESTERDAY and july to- sSisc'
These are the highest speculative prices for
wheat in either the May or July since the culmi-
nation Of the Letter deal in June 1855 May
wheat Is now almost zoe higher than it three
months ago when Armour began TO be a factor
in this delivery. The more waTlike news con-
corning the Russo-Japanese situation helped the
to 56$c, the highest price since Phillips cor
ner; July corn sold UP to SIC. which was
high price for the May only a few days ago.
+ +
A. w. C'Sandy'D Thomson.-It is pretty hard
matter nowadays to form opinion the
ket based on present conditions Wheat is
strained. and yet you will find believers in 81 %
wheat. II is certainly unusual thing to find
wheat selling in Chicago at sc per bu over the
price in Liverpool for the same option. We har-
vest winter wheat in most localities the latter
part of June and begin marketing early in July.
IL looks like a good chance TO sell the crop when
sec per bn for it, spring Wheat is Ra%Vesfed in in
August. and one could sell this crope before 1t
is planted at close to soc for delivery in Septem-
Der. These advancing markets cannot continue,
and the trader who is lucky enough to sell close
profits if he is patient. In the absence of dec
laration of war look for a lower market to-day.
The advance in corn has been unusually rapid.
and ! know OF some very heavy realizing yester-
know what they are doing. Corn, in my opinion,
Is due for break Of several cents per Blu. II
have said before our last years corn crop is not
Of the quality 10 make contract corn i'm Chicago.
ns ogene66 dur up strong a in company With
II showed weakness and closed near the bottom
much higher prices for provisions later on. /
rather look for some setback first.
+
A. r. Thompson & Co (from Finley Darrell
& Co.)-The outside speculative trade in grain is
greatly increased, but so far the larger volume
comes principally from south OF the Mason and
Dixon line. where the traders have made big
money on cotton. They are all bulls down there
nnat and To bI st % 'heK nave nay mace
interest continues, and reason why il
even from this level for everythng on the cbi
cago Board Of Trade.
The corn market is acting much as though
the great bulk of the trade had come TO the
conclusion that there would be no chance of
having contract corn at Chicago in May and
that there is nothing. therefore, to prevent May
corn from selling at any fancy price, a line
of argument which would prompt the enthus-
iastic bull TO add to his holding and the pes
simisto bear TO get out of danger. There are
two reasons for this theory concerning the con-
tract grade at Chicago. One of them is the
poor quality of the corn. its excessive dampnees
which prevents IL from drying out readily and
because Of which only does practically none
a small portion OF il grades No 8 The Other
reason is the improbability under present condi-
tions of any large amount Of contract grade
being manufactured by owners OF drying houses
In times past many promising bull deals in corn
but with the two interests which have the
greatest facilities for drying corn, Armour and
Bartlett Frazier. bulls on the market. the short
who relies on their making enough contract corn
10 help him out in May is certainly showing
conhding disposition
Chicago Tribune-A Minneapolis message to
Valentine reminded him of his predictions made
while in the market Nov that contract wheat
! in Chicago would sell at a dollar on this crop
and congratulated him the realization of his
| prediction. The managing head Of the great
| Armour grain house declined to make any new
predictions to the ultimate possibilities of
| mated a belief wheat had not had a proportion
ate advance with other grains and would sell
much higher
| or the local -four and grain situation the past
week the Northwestern Miller says from its
correspondent here. Charles Nichols: THE In
dianapolis mills report Improvement in bus
/ mess over tndt OF a week ago. Domestic buy
ers are slowly coming into line and realize that
there is no chance OF falling off in prices dur
| ing the immediate future. Export Inquiries
were. AS they have been for some time plenti-
/ full, but too low TO accept, except in one case
| where 500 bags were sold. This is the amount
/ OF Hour for foreign shipment by the mills of
/ this city last week. The buyer in this case
/ offered Is Cd below value. which. of course, was
/ refused. but he raised his offer TO the proper
amount, which accounts for this small and
i only sale. The Indianapolis mills will operate
/ about three half days this week Reports
this week. They all speak of good domestic
/ demand from all sections OF the country except
H New England Export business. however is
/ practically a standstiN. s has been for tba
! last two months. Foreign bids are anywhere
between one and two shillings out OF line.
/ 'Millers In every section OF the Ohio valley
secure very little at that Last week the high
/ est prices this crop were paid. Several lots
/ OF No red sold at 96c in INDIANAPOLIS
on Saturday the same grade was held at &c
Northwestern Miller, on crop conditions in this
| territory: 1.-The recent heavy snowfall came al
very opportune time when the growing crop
was left exposed and thoroughly water-soaked
| by previous thaws. and a sudden change TO a
low temperature which for several DAYS was
| well below the zero mark. With the change
10 two feet This Is the heaviest fall OF snow
/ IN many years and Il will probably benefit the
| crop materially. IL i much too early in the
/ season predict the outcome. but keepine
posted existing climatic conditions gives one
| an idea OF its progress. Good reports continue
northern Indiana and Ohio. From the south
| ern portion OF those States. the whole OF Ken
| lucky and Tennessee, reports aFe not prom
ising.