The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-09
GRAIN GOSSIP.

Yesterdays wheat market about a repe
ttion of Saturdays session. The natural thing
to have been expected of the market yesterday.
with the more warlike aspect of the Russo-Jap
anese situation and the weakness of the stock
market. was a considerable advance. The May
opened at csc, sold down to 9324c and left off at
94c This Saturdays lowest price, and the
close was exactly at the same figure the May
strong as il was Saturday. The high point for
the May yesterday was 95c. which is Ac below
terday at S5Ac. sold down to SS14c aud left off
NJ S4ssc. The opening was high. The close sat
ago. wien the indications of war in the East
were not nearly so definite as they are now,
the wheat market advanced more than SC The
advance at that time was too rapid and the
put the price up much farther seems to be sub
Wheat is too high now for its merits, and the
analysis of the market This is one explana-
ton that can be given for the failure of wheat
10 ADVANCE yesterday Is ,, hi mat b, ie
simply took profits yesterday. If this was the
in not going lower than it did.
+ +
A. W. C'Sandy'D Thomson.-The markets
Monday. far grain is concerned. were very
irregular. Wheat closed with but little change
from Saturday. The opening sharply high
thrown the market which brought about
sharp reaction. Armour is said to have turned
buyer at the low point and supported the market
up to the close. The wheat market for some
days to come will be governed a great deal by
talk. and look for sharp fuctua-
tons.
Corn dropped sharply from the opening SELL
ing low SIC for May. which is 41zc
break from the top on Saturday. On any
further break believe corn will do to buy. AS
l have heretofore said. this past years crop is
not OF quality to make contract corn, and If
the market should accumulate a large short in
terest the advance will be sharp when they at
tempt TO cover.
The hog products held we'll during the drive
in grain. Most of the Chicago commission
houses are inclined to the opinion that longs
with profit should take them. This might be
all right but 1 would not advise taking the
short side. rather prefer to buy provisions
any and all breaks.
Corn seemed to lack support yesterday. The
May sold down 10 SIC. against 54s4c, the low
point Saturday. and rallied only &c from the
bottom, closing at 527kc. Saturday the May
left off at SAC The July. likewise. was weak
yesterday, closing at net loss of 11sc from last
weeks final Price. This delivery at one t time
ing, far could be seen, and the pit was
probably taking profits in corn too. good
many tips were sent out Saturday that corn was
high enough and that it ought to be a good
sale The public interest evidently was satisfied
with its profits and sold out.
The domestic wheat situation has in some
ways realized the bull expectations. In spite
of the high prices, the receipts of good wheat
do not increase anywhere. The movement gen.
orally is now moderate. The supplies in this
quarter. at Chicago. Minneapolis, Duluth and
in the Northwest country elevators. are TO- 1000 900
bushels under last year q. 0Oo,Oo bushels under
This disparity would be significant If prices were
low but such a lack CT stocks with high prices
indicates absence of wheat. The millers are
having a large business and making good profits
a the high prices for wheat. They are paying
over the Chicago price at Minneapolis. Flour
exports from both coasts last week 81, 900
barrels equal TO the product of almost 200, coo
bushels of wheat. While the domestic situation
is bullish and prices on this side have been
advancing. foreign markets at a standstill.
Liverpool last week advanced SD. The supplies
are now starting to market; and the first move
ment from Argentine and Australia indicates
large supplies. "A contribution of almost 5,0OO,-
900 bushels of wheat from Argentine and Aus
tralia as early this in the season suggests
for American wheat for some time to come.
With 10 contract corn going into Chicago al
present there is no chance of the stock being
increased except by the operation of drying
houses. and with the of the principal
drying houses there actively participating in the
bull campaign. the May short might be excused
for feeling uncertainty and alarm over the pos
has been little evidence far of any DISPOSE
ton to make No. out of the low grades. There
is A wide difference, however, between the cash
and the May prices, even the No. corn selline
10000 under May. and if there should be any
change IN the alignment the bull side Il
might turn out to be possible TO manufactur,
contract grade. The corn arriving Chicago
ceptionally dry spring would be needed to per
] NIT any amount of last years crop to grade con
there is every probability of trouble in handlinl
the corn when spring comes. and with unfavor
/ ing for the corn handler as well for tn,
/ shorts.
The war scare and the wild upturn in corr
proved joint benefits to the oats longs. for whi
/ that market was less excited than the others i
/ advanced Sc, May selling up to 46Ac. Their
| were evidences OF liberal realizing by the hi,
holders on the advance last week and by tn
| end of the week &C had been knocked off tn
/ top price Receipts of oats at Chicago hav
| were, and although averaging not more thai
| have found it possible and profitable to turi
| out liberal quantities OF contract oats. Thei
amounted to about $4,000 bushels fact whici
| undoubtedly had more or less influence in start
| ing the realizing movement.
The new oats future market on the Mnneapo
lis exchange is proving an unqualified success
| saws the Northwestern Miller. There is a goo
volume of trading and the benefit to the spo
market is marked. OF course with some 1900.
| 600 bushels of oats stored in Minneapolis con
! siderable capacty is required TO permit thei
being hedged without depressing future prices
| but the selling orders being absorbed with
| out much trouble Local traders would like
| see Chicago buyers enter the Minneapolis mar
| ket as they figure at 46t5c under the Ma
I option in Chicago No white coul
/ To-, taken by Chicago mixers and made to appl
| TO advantage on sales in that market. Their
| is a strong tendency on the part OF Northwester
| farmers 10 grow oats in place OF wheat, an
/ rrembefS Of the Minneapolis Chamber OF Com
| merce hope to this grain Offset any loss TO b
sustained from any decadence In the whea
| crop
Mill Wrecked with Dynamite.