The Topeka state journal., 1906-06-30

June ZSy 1SU0.
The wheat market was very nervous
the fore part of the week. giving you
some very sharp fluctuations. For a
time the bulls supported the market
every time it got below SO cents, and
used rust in the northwest and most
everything that would make bear
timid, and they kept close to the woods
till today, when they ventured a little
farther and the result was that the
bulls took to their heels, and lower
prices was the result, as the tone of
the gossip on the bull side was so
ffimsys and most every writer telling
you to buy wheat on what might hap
pen. that higher prices must come I
never like these sure things as it most
always turns out one way and that is
against the trade. AS I have been say
ing. the market Is high enough for all
normal conditions And it is high
enough still in my estimation, and 1
think to sustain present prices you will
have to have some rust in the north
west and it does not want to be on
the leaves onIy-it will take the real
thing. We have time enough yet in
the next two weeks that damage could
come from the northwe est to turn the
market, and believe that / would
wait till it showed UP before buying
this wheat. We have had big prices
for the last four or five years for
grains and this might be one of the
bear years. In my opinion it has the
marks of one.
Corn@This market was very strong
all through the week and while wheat
was weak it was strong. There is only
enc thing to account for this and that
is that we are approaching the critical
time of the year on the growing crop
and most of the people do not want
too short corn in the month of July
and early August. There is no scarcity
of this grain, as the receipts for the
past three or four weeks have de-
veloped. There is a question as to
where the corn is going, as it does not
increase as fast as it mould, according
to the receipts and the light ship
ments. I think you will find quite &
lot of this in private elevators and 1t
won't show up in the visible till they
get ready for It. For example, they
have been getting four or five million
bushels of corn a week for the last
month, and the exports have been run
ming about half million per week
and home shipments about one and a
half million per week. This alone
shows that there has been about two
million bushels per week that has not
showed up. I believe that II we get
plenty of rain that 1t will show up and
that at til right time, and it, like the
wheat, will have to have crop scare
to maintain present prices
Oats-This market has been strong
| all the week and closed tonight at
or near the high point of the week and
! the idea of next May oats selling at
| 39 cents this time of the year does not
look right on the present outlook.
which I will admit does not look good
/ in our part Of the country But # all
renorts are true the government re-
/ nort on June 10 said they were So.
since that time We have had good
rains in most every part Of the coun-
/ try where they raise oats, so that II
has not gone back any. and certainly
! thew must have improved some There
fs M reason for this price for this
cereal. and it will end up disastrous
for the ones that are expecting higher
prices for these oats. Think them
sale for. at least or Z cents, they are
that much too high