The sun., 1906-01-07
THE GRAIN MARKETS.
Wheat Lower Under Further Liquidat ton
and Bearish Pressure-NOrthwester
Selins-COrn and Oats Dull and steady


and Bearish Pressure-NOrthweste
Sellins-COrn and Oats Dull and Steady.
further decline took place In wheat OWN 9
to continued liquidation. hanmering by
room traders and lack Of support. Bears
showed m ore disposition to attack the mar
ket encouraged by the belief that Arm our
was liQui1ating. Cudahy brokers were
prominent In the selling at Chicago and we'll
known pit traders there were selling 1t
was noticed, too. that while the Northwest
sent reports OF a better demand for -four
1t also sent selling orders. Sentiment there
Is believed to be bearlsh on account OF the
liberal receipts and the rapidity with which
stocks are au grn enting.
Another bearish influence was the indi-
cation Of goo1 sized increase in the visible
on Monday. The belief is quite general that
1t will amount to at least 1000. 900 bush,
perhaps more. There was some selling on
spot orders through com mission houses
for account Of recent outside buyers.
The foreign news. 1t is true. was rather
bullish than otherwise. especially the ad =
vance OF "a. at Liverpool In the face OF thu
decline here on Fri lay This was traceable,
nccordnc to some ca bles. to reports of further
frosts in the Puniaub OF India. the with
drawal of I.a Plata offers. smaller In an
shioments and an estimate that the world >
fer the wsnk wold x,b not .Hs d
las Week Paris was unt hare ID to oentilnes
higher. while Berlin and Antwerp were un-
chanre1.
bear side and bullish features OF the news
We're Of little avail In checking the decline
the lowest prices of the. day took place
toward the close on covering by those who
did not care to remain short over Sunday.
mains to be seen. Some think that a further
recession is inevitable with stocks increasing
at lo epa sow paSe s .s crop M
and the likelihood Of increased ArsentIle
e9pments in the near future; The .,i aittHde ,!ti
bly, have much TO do in deciding this aues-
Meantime bulls poin, 70 the fact that. prices
have YIELDED very erQdginsy, In the face Of
heavy liquidation Of late and they contend
that the tact that 50 much wheat sy5s wai ao De-
OF underlying strength that suggests con-
ditons inimlcal to much change In prices
As 10 tho prospective competition from
inenced 10 move, 1t Is pointed out by one close
observer that the planted area N wheat In
Argentina of 49, s7p 200 acres is nearly the same
as the harvested area In 1908 IN lndia!a, llli-
nois Missouri. Kansas and Nebraska. where,
from il072 400 acres, the crop averaged II. .
per acre an was 2is, ,32e. 900 bushels, or pea ~
equal to the 1909 ,2il acres harvested IN
per acre and is2 100 900 bushels, 1t viii ap-
pear in these comparisons that the Argen tine
crop estimates 50 far cahled are very conser-
vative., The Argentine Republic Is Of vast Fx- X
Dent Its total area Of LIZ, 100 square miles
compares with 3,o2o.eqn in thu u1itss1 States,
sfsys s@s st 94fsti q hs Far a nf
il is stated that 100 1000 square miles Of ArGen-
tina Is suitable for raising wheat. IL We ac-
cept but half this, We have o2i 900 600 acres.
or seventeen times what is now in wheat,
i is in this quarter the VOLTS relianes OF
tina Is raised between 80 and rs degrees south
latitude. whereas in the United States the
0hG 70 Teea Gesaeo IS nor ands sna prs
wheat 40 TO IS degrees. In Arsentina the
wheat area is nearer the equator than in the
is IN equal latitude with Mobile, and Buenos
Avres Win Nj mphis.
some private estimates make the amonn.
10000, 900 bush. with o,ooo, 900 bush rem ain.
ing on the farms. With The ArgHntine crop
fess to feel confident Of much lower prices for
The AUSTRALIAN shipments {, Tor IL the last week
ylous week and $4,000 last year. The four
exnGr srS%aaX rso haze
sa3nsa saans ateS in tso TesK Tfsvos ]sek
The weather NJ the West was clear and some,
what colder. The Weather Bureau predicted
Broomhall, in the Corn Trade Nens. makes
ANALYSIS of the net imports of wheat and -four
into all eoaTos Enropsan and 5Sowt, nSo2Ero
rrowth in im1orts from 379, ,e5a. 900 bush. in
1903 up to $50 500 600 bush. last year. and
states that there is probaN iiity that this sea-
son total import requirements VIII be $780,
900 600 hush.
Corn continued 10 show 1rm tone though
In the end PRICES were slightly lower owing
to the depression in wheat. hearish pressure.
liqyi 'ation and the drlness Of n" cash trade.
The weather was favorable for the move
ment and larger receipts are expected. Chi
ago received a?s cars. including 10 OF con-
tract grade.
corn received on contracts. Cash houses
took it at S',c. under Nav:
The future of the market is believed TO
hinge on the attitude Of Europe. II the eN-
ports continue at their present rate the opinion
Of many IS that no lower and per haps higher
prices will be seen. The seaboard clearanoes
were again large. amounting to i.i23.ooO
bush. ,
The trading pres nted no features worthy OF
note. Chicago received 1903 cars. including
81 of contract graz
Wheat on the spo, was fairly active. Sales.
200 900 BUSH, mainly tor export. No. red,
Sc. over New York May No. ! northern Du-
luth &C. over: No. northern Manitoba 0o.c.
The Northwestern receipts were ABA cars.
AGAINST eol last week and 32l last year: Chi
year, Futures closed HoHc lower. Pr.ces
- Open. Htgh. Lou Clos Prer.
}Hsaiyy:::::E's e. Il &; s.. e. 'isss Il
oats were duh on the spot. Sales, 5000
bush, No. p mixed, SIC. No. ?. white, s7tc.;
the the spot, sales, 1900 bush. 70 ;, SIC: !;
changed cha 10 &c lower, Prices as follows;
Open Hgh' LoY. Cns' S,ee'
MsN SITnaTy, '',..,.,. .., .... &C.. " 5s s..