The Topeka state journal., 1906-06-16

I'Views of the Grain Market by Thomas J.
Myers, broker, Topeka, kan-J

The action of the wheat market Tor
the past few days has the appearance
OF being unnaturally depressed by Ar
nour & Co. July wheat in the Chicago
market has declined about three cents
Since June 8. Leading bulls and DeileV-
ers in higher prices sold freely the past
few days around pyramid builders ana
belated bulls and bears both sotd, one
fearing a. decline and the other ex-
pecting further decline. In the mean
time it is said the money markets re-
instated large lines at about the bottom
prices, mainly because they believe the
Conservative news is more bullish now
than auy time this season. The Kan
ssas state report says crop ten million
less than 1905. Secretary Smiley says
Kansas will not get half crop; our re-
ports from Nebraska and Kansas say
the two states can not get over Z
as much as in 1906 A telegram from
Solomon Valley says: wheat gone
back past few days 20 to 40 per cent;
from Tennessee / learn, where Wheat
has been thrashed and 20 to 80 bushels
to the acre was expected, only to
bushels was secured, the reason belng
too much rust on the stalks and leaves.
From Nebraska complaint is made II
it does not rain in a few days they
will not get half wheat or oat crop
other places they say only so per cent
of a crop. Oklahoma reports crop is
being bought for future delivery pust as
fast as their grain men dare sell II
for prompt shipment. South or SOUTH
east do not think a bushel Of it win
go north.
Texas reports early threshings going
to Mexico and southeastern millers; no
rain has occurred west of the river IN
Kansas and Nebraska for several days
l advise buying wheat again for turn.
The decline was but natural. Virgin
wheat everywhere is from to Is cents
over any futures.
CORN-Think Of itl A Wilson cropi
The biggest ever grown, selling around
55 cents for cash, and above 90 for
July delivery, after everybody knew
cash corn would sell under 40 cents last
october. When but few predicted 1t
would sell above 30 cents. The growing
crop has ample time TO be an average
one The corn bears at AZ last fall
and winter when I was so very bullish
were the rampant bulls today when
prices were the highest on the crop, and
higher than a year ago last June. July
corn in Chicago advanced from around
so cents in early June. to 56 the last
week in June. In June, 1904, July corn
ranged between 471Ac and 51Ac, ruling
the highest the past week in the month.
In 1r1ne 1903, July corn advanced from
around 47c the first of the month to SIC
June 25th closing around 51c- July corn.
June 2 1903 sold at 60Szc and advanced
steady all the month, selling the last
dav at 72skc Government reports say
We grew ~ billions of corn the past
three years, and more than any three
previous seasons,-reverses are small.
indications all show the crops were each
overestimated.
OATS-The government report of
conditions on Oats was only poorer in
1901 and 1903 than now, since 1885, With
a ten wear average condition of 81 that
Welded an average OF but SOC, ,444, ,000
bushels, why will the present condi-
ton Of S6 produce even an average
crop2 The acreage is given as 32S,000
acres less: we fail to- see any reason
why oats viii not rule around or above
20 cents the coming season and advise
investigating or speculating on that
broad basis. Buy on the weak spots,
accepting satisfactory profits