The Greeley tribune., 1904-12-01
HOT TRADING
THE PRICES ON WHEAT ARE
FLYING SKY HIGH
A Break Not Unlikely at Any
Moment-Review of Mar
ket Condition as It
Now Exists

Weekly review of grain trade and
exceptional market conditions fur
nished exclusively to The Tribune
by the house of Fyfe, Manson & COM
pany, Board of Trade, Chicago.
For the present wheat buyers on
future contracts are in the dumps
They have not turned out to date
as expected. There is more wheat
coming forward than any one looked
for. AT present writing there is little
prospect of a let-up. 1t looks less
hopeful for higher price advocates
and easier sailing for the bears than
at any time since wheat got over 81
last summer. Wheat traders are do
ing some hard thinking. Will the
5, 900, 600 to 1000, 900 bushels week
from Russia fill up Europe until
supplies can be had from Argentina?
Will fine weather give the greatest
Argentine harvests on record in the
next thirty days and show an export
able surplus of 100, 900, 900 bushels or
more for Europe? Will this country
be left to eat her own wheat? The
trading situation turns on the large
or small marketing from this on.
The very high cash prices. the fine
weather, the anxiety of spring wheat
raisers to market their low grade
wheat have combined to continue
the great run to market. The ele-
vatorS are full, the mills are over
supplied: the shipping order on flour
slack, every wheat owner looking
straight down his nose and wheat
prices on the toboggan. Will there
be Il bump soon? 1t is easy to over
sell this year. If breakup in the
weather and the drop in prices shut
off the offerings from first hands will
not the speculative market shoot up
very fast from its present depression?
Manitoba wheat was sold to Chi
cago grain house this week-25c duty
paid. Manitoba wheat went to mill
ing points in New York the same
way. Such wheat imports raise an
argument. The bears regard it as
evidence that prices are altogether
too high. The bulls declare that
bringing in wheat at such cost in
dicates remarkable shortage of high
grade grain for milling and mixing.
Conditions are good for rattling
big trading market. The last real
weak turn carried the May price
back to about s1.OS. 1t has been to
sl.l5 since then and back to sl.O9.
The southwest is dry-very dry-and
Hessian fly complaints are numerous.
One Duluth authority says large re-
ceipts will run all winter. Other
northwest leaders say that the
country is nearly drained OF its
wheat. The speculative trade is
in doubt. High grade wheat is in
good demand at fancy prices. Any
thing may happen soon.
Corn traders who have been fight
inp shadows for weeks had to meet
the real substance this week. The
country not only reported husklng a
great Weld, but sent the corn for
ward i'm way that changed the whole
| outlook. Some new No. 3 corn came
| from west of the river-an unusual
thing at this date. Illinois roads
broupht a flood of new corn. cash
nrices for the new No. and on
Grade damp corn dropped &c to &c III
one day for the week lost &c to SC.
As the chances for making contract
corn for December increased that
month began to break under CLOSING
! ont sale. The run of 800 to 100
oars , day to Chicago soon ended the
talk of shortage in supply. The May
nrices hesitate little over 4oc. III
NAV oct some rebound on period OF
h,d weather. If so, all the believers
in an overabundance from the l9of
cron will be sellers for a lower figure
than yet made.
Leaders in oats trade think prices
low enough. Yet they say stocks are
50 large that it is useless 10 WORN
for an advance at present.
Rert kittle was sent to Canon Guy
- -, ,,,,rrn6 with bringing