The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-05-27

Kansas City, May 266-
The wheat market has more than full
hlled our projections thuns far and as We
said last week. the larger part of the
news is on the bull side. The weekly gov
eminent crop bulletin reported both win
ter and spring wheat in a satisfactory
condition, but reports from all directions
growth was slow and backward, plant
thin and spindling, of a yellowish color in
spots and not well heade, a condition
which seems unusual and not understood
by any one OF the experts. Reports OF
rust damage were more or less frequent
curing the week and the action OF the
market would inicate that, even If there
was no additional damage over the prev
ious week, the public are awakening to
realization Of the situation.
Crop Expert Jones issued a report after
a TRIP to the southwest to the eIect that
the crop has greatly retrograde in that
locality, while -Inglis reports regarding
Illinois and Indiana that the wheat is
poor and promises only from to Is bush
els per acre. Weather has been cool and
wet In the northwest, and the northern
markets are rejecting conditions there,
A41lnheapons showing gain OF Use over
| is but 47zc higher.
But leaving alone weather conditions
(Which no man can control or foretel)
and conSierfng only the question of sup
ply and eman, we find in the cash market
daily and convincing demonstration of
| the situation The high price for wheat
/ OF the last few months has practically
| exhausted the reserves in first hands and
/ the already small visible is rapidly an
| steadily ecreasing. The milling demand
| IS large ana It Is hard to get the wheat
| stocks OF wheat and flour in the United
/ States on Tuesday are said to have been
smaller than on any previous 23rd of May
Win a continued emand for consump-
/ ton, with the winter wheat looking like
| 1t would be but a moderate crop and the
/ spring wheat prospects not vet a certain
| ty, we see no reason to believe the mar
1 ket Will suffer any serious break in prices,
! and our repeated avice to buy July wheat
| on any weak spot seems as good now as
/ when first given to our friends The
short interest in the July delivery is said
| continues as at present. with even a mod
| crate export deman, these short sellers
may. and oubtless will change their minds
/ regarding the value Of wheat.
/ CORN-Corn has more than fulfilled our
/ most sanguine expectations up to this
| time The market should now get a tenn
porary setback from the extreme high
price, for the reason that this price will
send food Of corn to the market during
/ next week. The May manipulation will
| be out of it and a little break in the fur
| Their futures likely to occur. July will in
/ all probability show the same results that
May did, although there may be no manip-
| ulation in the month of July and not rea-
sonable to expect a CSC market. but it is
4 July will sell above SOC.
| You have read our corn circulars since
/ early in December and we are rather
4 proud of our guessing ability regarding
/ that a staple. When May corn was 44c
we advised you all to buy It for a ten cent
proht- We also advise q. Httle later buy
/ ing July, arguing that it. too. would sell
/ at soc, and we see no reason now to
| change our opinion.
| OATS-Oats are very embarrassing
market and likely to be for the next 60
days. unless some very serious damage
| should occur to the growing crop. With
| other things so active and attractive, this
! coarse grain is hardly worth the attention
/ of the outside speculator at present.
| PROVISIONS4The provision market
has been neglected an is practically with
out feature for the week. Prices Of all
| product average slightly lower and pack
/ ers appear to be sellers on every bulge.
Receipts of hogs are normal and prices
steady, with offerings of ribs and lard
| only moderate and in rather light deman.
| Our remarks of last week apply just as
well to the situation now, and we still be-
/ lieve the grain markets offer better OPP
pOrtunities to make money than do provis-
ions.
CHRISTIE GRAIN & STOCK co.