The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-06-10
Kansas c. Inne . So.


Kansas City. June 9, 1905
WHEAT-The fine weather throughout
the wheat belt and flattering reports from
the south, where harvest is in progress,
we're bearish influences this week The
report of Crop Expert Snow early in the
week, predicting a percentage of so or
over for winter wheat and 95 for spring
wheat, was taken by the trade generally
to indicate that the government report
due the 10th would show q similar high
percentage of condition and acreage. and
decline of &c in the July delivery followed
the short selling by the bears and proht-
taking by longs. Market closed tonight
with a recovery of 14zc from the extreme
Dry weather in France and Germany,
with adverse weather conditions in other
wheat districts. caused tlrTn markets ana
some buying from abroad supplies abroad
are not large, and with our prices on an
export basis we may look for some de-
mand from that source.
Notwithstanding the universally favor
able weather for the crop here, there are
reports of Disappointing conditions IN
Kentucky and some other localities, and
it would look reasonable to suppose that
where wheat had not started right, good
weather could not undo the early damage,
but that is story that harvest alone VIII
tell The demand for consumption con
tinues good. and a difference of about 15c
still exists between the cash article ana
the July option. A large short interest is
said to exist, and with the possibility OF
a short crop in the northwest, we think
the chances for profit greater on the long
than on the short side. A wet harvest,
or other adverse conditions. could very
easily cause a quick advance IN prices.
The crop may figure out fine on the pres
ent estimates but you must remember
that it is not harvested yet and there is
plenty of time for an accidenb or damage
to it, and even with these estimates fully
realized, we believe wheat is low enough
and that it win not sell much, if any, be-
low present prices. Would be very eau
tious about selling short. We think the
bearish influence of the government re-
r@rr-. tod
that prices will be more apt to advance
than decline. For a long pull, buy wheat
past ten days has failed to depress corn
prices Shorts were encouraged by the
weather conditions to sell short but were
mnnission houses who were identified
with the May deal. In addition to the
strong bull interest which is evidently
J operating in the market. statistics are in
favor of the long side
Stocks are light, country acceptances
small in every direction, cash demand
continues fair, cash corn is in the hands
of a few people and it viii be some
months before the new crop will be avail
! The Commercial West is now asserting
4 that its claim last year of $50. goo 600
bushels less than the government estimate
was pretty nearly right, and the slow
movement from the country is leading
many traders to believe this true. Corn
! is selling at country stations in Nebraska
at 49c to feeders, which would not en-
! courage much Of a break in prices in
] chicago ana WOufd look IKE uOLulilS jill
higher prices would bring out any re-
| serves there may be in the country
Continued fair weather and bearlsn
] government report may encourage FUR
! Their selling, but whRe it looks high to
buy, we would be careful about selling
| except with stop loss protection penihu
the sale. Until the new crop Is assured
we do not look for more than moderate
reactions, nor until the farmers show
more disposition to market their corn II
/ they have any. Would buy July ana sep
! TENDER corn on breaks, as by DECEMBER
| there may be plenty OF corn, pu5 II not
| there will be plenty of time to Duy the
/ December when you have taken prcnls
| in the nearby options.
/ OATS-The market for oats keeps creep
| ing higher slowly but steadily, with the
| strength in corn the main sutaiulng in
| huence, although there is GOOD demand
/ at present principally from the east Tor
this grain. It is claimed tnat mere Il a
I lot Of oats back in the country Whlcn VIII
| come out as soon as the crop IS assured,
and with the present splendio crop con-
| ditfOus Y would seem oats were a sale on
! any bulge Quality is better TINS year ana
/ prices lower than at the same time a
year ago, which, OF course, La a lllsl. .S5
/ prices and If you wanted 70 puys "ou4d
/ advise buving the September.
! PROVISIONS-Pr appear TO pc
! still owned and controlled by the packers
1 who are annarentIy supporting the mar
ket All hog products nave ruled nrin
/ with a light trade and only fair snip
/ 41ine movement The idea is growing that
| 7T,iees are NOT too high. as compared with
| other commodities, and they may go nfgn-
er. but we would advise taxing prof1ts on
! the b4lfRes and using extreme caution
about getting into the market right now
% si1 c-THRIsTm GRAIN 8 STOCK CO.