The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-03-11
Grain Letter.

l.
WHEAT-The wheat market this week
nas oeen a very nervous and unsettled
one ana while the market had its ups
and downs, today's close of the May op-
ton shows decline of 21zc for the week.
July and September were reIatiyelv much
weaker than the May. they Showing a de-
respectively 1t looks to us as though
we about hit the nail on the head when
we said some three weeks ago that it was
our opinion that the same people who
| We're manipulating the May option We're
seIllng July wheat, and looking for a
| favorable opportunity to get out of their
decline in the July which was bound to
come and which they evidently have
The government report on farm re-
| serves which comes out today has been
generally estimated at about one hundred
MlIllon bushels, and II the estimate IS
that much more it will undoubtedly be
considered a big bear factor and the
Today's market indicated that bulls or
long interests anticipated a bearish re-
| port and the market broke early a cent
a bushel during the last hour of the SEES
Slon- The only "bulP argument OF any
consequence circulated this week was a
report of the Hessian fly in some portions
of Kansas %heat belt. This stimulated
the market temporarily, but as there were
and statistics the fly was soon lost track
of and completely forgotten.
wheat from the country for shipment
Duluths wheat stock Is 100000 bushels
the week.
Wheat and flour on ocean passage
amounts to A. 632. 900 bushels as compared
with 39,624, 900 bushels a year ago or an
increase of 100000 bushels.
minneapolis wheat stocks Increased no.
900 bushels during the first three days OF
Total Stocks of wheat in tn United
March l, 1905, were 175752,O00 bushels-
March 1, 1904, 167, 1861, 900 bushels; 1903, 49,
this year to be 100000 bushels greater
than in 1904 and 100000 bushels greater
May wheat closed today at s1.1s1z per
busheI. May wheat closed one year ago
today at 94c per bushel or 1876 per bushel
Mag May ' wheat Closed Closed today at nc per
busheI above the high price at which May
We have favored the short side ofwheat
right along and do yet. =
er narrow but a very strong one this
week. and while today's closing prices
point Of the week the market is relatively
stronger than at any time curing the
big, broad one and it is our opinion that
the big advance is yet to come. May corn
closed today at 4Ac per bushel less %nan d
ST Nay eco corn sold at So cents per bushel in
1904 or Just 10 cents per bushel above to-
gay b e sloyer1nent report viii probably
show between 900 and $50 million bushels
or about 100 million bushels more tnan
last wear and 100 million bushels less than
~ Wien 7ivS Won stop to consider that July
corn declined sc per bushel this week as
against a 6 cent per bushel decline in July
wheat it will help you to reahze the
strength of the corn SITUATION
The largest single corn trade ever trans
acted on the Chicago board of trade YVES
b maze on Of M Nav corn Changed hands at
4sszc to 481kc per bushel- After the trans
proposition to cancel the trade. but the
purchaser declined the proposltlon, ne t ps.
iieving that the corn was ven worth --. tiiS
money he paid for it and that ne Wo,ula
he unable to accumulate a line or thaI
magnitude in smaller quantitles az any anzz
thing like s low a price The export teeo-
ing and general demand for corn Is some
thing enormous, and 1t IS our OPINION ln n,
Soc Der bushel will look cheap for the
YOU have some bought our ADVICE Is 70
sd6 10 voI,T line If you haven't any, our
advice is to buy some, and buy it now
while YOU can do so to advantage. ~
believe corn offers the best posslpialtiies
for profit with less risk than anything
that the market offers, at the present
1if1s STs-Tbere is little to be said about
I'll coats market as the general situation
remains practically unchanged Oats viii
IF course synpathize with corn TO a GER
tain extent but as stocks are heavy and
in all proba bility considerable quantttl,ss
of present stocks will pc carried lIleo r rif
next crop year we believe that the july
f1trre is a sale on all hard Spots, as
around SIC that option should pc Salse s,,
,,ot.s s+tSSclxx in farmers hands to be some
thing over 800 million bushels OF propaDiy
70 to 70 million bushels more than a year
FPfSROvIsIONsLThe provision market |
has been rather quiet one TINS week ,, atre |
the mraket as far as fluctuations WEI
concerned has been a narrow one. ans |
Volume of business done, however, was |
-,,ita large and some of the large packing
nj erests were reported as liberal buyers
on all soft spots. We still favor Ine , hons
o,7d OTlr
that thew will eventually make the pur-
chaser good money Of SO % The same |
f,It,1re closed a year ago today at $l5-ot. |
NAV ribs closed today at $6-71 ana year
a9g b tod foKIo w Ss- are the high prices at
which AMY ribs and May pork solo Aol
during the past four years; 100, EN- 40.
lsq q i " 81 as0 pork eS sold 1857 1903 $3.50;
lsg ~ $l fSica 60 stock of mess pork on the
LET IF March was 1880 barrels less Lnan =
wear ago Chicago rib stocks on Marcn
S--era ( 600 900 pounds less than year
go -, Cents per 100 pounds of the price at
rev Se4 ~ Pe so15 a wear go and as both
ribs and pork are selling at less. than the
packers can AFFORD to produce ana la qeilsSa
nurchases and will make you money, ana
bur ADVICE is to buy both ribs and pork
~ rr6TTSON-The cotton market has not
been very active this week, but the gen
oral tendency has Deen upWdIu
markets have shown considerable strength
and it is also reported that Japan mas
9een b,Iving large quantities of coarse
cotton goods at prices warranting the
mills paying from 1919 to IL cents for the
-avr material While the market has Ia
1o~ed the bulls for sometime it is our
opinion that prices are getting pretty close
% where the market should be sale ana
At around TO we favor the snort ratner
nan the long side of the market
New York Stocks.
LII Nrorr York March 11.-STOCkS