The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-05-20

what would this week merely
repetition Of our former letters.
Receipts have continued light all the
week. while the cash demand has grown
no less urgent Crop Expert Snow issued
on Wednesday a report on winter wheat
which was bullish in tone, claiming that
the season was later than last year, and
that ample time for rust damage yet re-
NAMED before the maturity OF the crop.
The news from the growing crop Indicates
that the condition is not being maintain
ed, and the most optimistic observer is be
ginning to have serious apprehensions
weather conditions are absolutely perfect
from now on, the yield must show at mar
vest materially below what is now estl-
No matter what this years crop
turns out to be 1T is doubtful II cash
wheat sells below Soc in Chicago durlnS
the next twelve months. Unless the whole
worlds crop is a full one our prices WIZ
not go to an extreme low level, even
though we should raise bumper crop OF
wheat.
We think purchase of September wheat
around present prices one Of the safest
Investments that a man can make, al
: though the market for the last two days
be at all surprising il it would sag back
a cent or two from its present level, but
the price itself is very attractive and
men often miss the opportunity of buying
great bargain by holding of and hoping
to buy it cheaper.
Every bear argument that could posi-
bly, have been used has already exerted
itself in the market, and from now on
al the news that can affect the situation
must be on the bull side.
| CORN-The corn market is very strong,
! both for legitimate and unlegitimate rea-
sons The current month being more or
/ less manipulated, and the shorts trying to
! get out has forced that price perhaps a
| little higher than it would have gone had
! the market been absolutely free. The
receipts have been as we predicted, very
normal, ana which must OF necessity al
vance prices, with light movement of
corn from the country.
A very peculiar condition that is always
/ in the corn market and which can be bet
/ on with almost absolute certainty, except
/ with extreme nigh prices (above 60c@, IS
/ that at any and all times as the receipts
/ in the market get light the price goes up,
/ Independent of all other conditions. This
/ is more true of corn than of anv other
! staple traded in. It is the most certain
barometer of the market, decreasing re-
| celpts and advancing markets.
Aside from this, the crop for this year
I has not at all rosy outlook. Between
/ Kansas City and Chicago, running through
q large part of the biggest corn belt,
| there is not enough corn of this years
growing crop out of the ground to ''wad
a gun. The weather Is cold and back
ward, the corn fields are soaked with wa
/ ter, and even with favorable conditions
from now out this years crop over the
l big producing corn area will have very
All Of this will have tendency to
strengthen and maintain prices and If in
| July (as is frequently the case) we run
/ into dry weather, we will get sky-rOcket
market for this grain. On the other hand,
! there is nothing in sight than can depress
prices very much and, as have said
/ ever since last January, corn bought IN
1 der SOC will be good property until the
| crop Of 1905 is assured and we know pref
ty well the size of it.
! OATS-Oats have moved sympa thetieal-
/ " with wheat and corn, but only moder-
ately. and we do not see much prospect for
| any advance other than in sympathy with
! the strength in the other cereals. If long
on oats, would be satisfied with moderate
1 profits.
PROVISIONS Provisions show but lit
! tie change and it is more a question of
what the packers will do than one of
| legitimate supply and demand There will
! probably be plenty of hogs to meet all re-
4 quirements through the summer and not
/ a legitimate reason for any very great
| advance in prices. On the other hand,
/ the price of hogs does not warrant any
material decline in product, and it looks
! safe enough to take the bull side, if you
I feel so inclined, although in our opinion
/ the provision market does not offer the
! opportunity to make money that the
wheat and corn situation presents.
CHRISTIE GRAIN & STOCK co.