The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1906-09-15

been a surprise TO the bears, as almost all
or them expected it to decline when the
spring wheat commenced to move, and
here It closed up about two cents the t1rst
week OF it. This is what 1 thought would
be the case, as the bears have had the
best or the argument right along and ey-
erything was nothing but sunshine.
Things couldn't have looked more bearish
than they aid last week, and anything
that could possibly happen must be IN
favor OF the bulls The government re-
port VIZ a little worse than was looked
Tor ana the receipts now in the north
west are not coming Up TO expectations
The Argentine shipments are smaller than
last year and the Russian situation IS very
bad to expect much wheat from that
quarter. These things all coming to the
front so quickly make me think that the
market Is not going very high just now
from near this point. There Is another
thing to look at that you may not think
about, the receipts of winter wheat are
not large ana nave not Deen aIter the
first three weeks of the harvest. They
say that they have a blockade at Calves
ton and tina the farmers are busy seeding,
which is a fact. They also claim that the
reason the spring wheat Is not moving IS
because they haven't cars and have you
big movement of Wheat-this might be
the case nd it might not. A little over
one year ago they had one OF the largest
corn crops and when the market was
toosing around the bottom, 42e per bushel,
they were going to have a big movement
of corn just soon as it was dry enough
then they were going to have after the
holidays-then in March sure-theu again
after corn planting was over. but It never
came and when they got the corn up to o4c
they had no corn They thought the gov
eminent was greatly in error IN It's re
port on the corn raised After they hao
run the bears up a tree and couldn't safe
" keep them there, the corn coufnence'l
to move. Now, this occurred on one OF
the largest corn crops ever raised coul1
they not serve all of you the same way on
wheat when they have you all believing
there is so much wheat to spare this year.
This great surplus that they are claiming
to have, 1 cannot understand and would
not be surprised in the end II II Wouio
OF be like the alcohol Dill. We exported
a very limited amount or wheat last year
and We had one of the largest crops ever
raised We used it up so that We had
only thirty millions bushels lefc IN tne Wis
ible when harvest came. This year our
crop is only at the best estir1atlon about
forty millions larger than last year, ana
where they get the two hundred millions
to spare cannot see. They have had the
situation looking SO very bearish thst
wheat much lower. Be very careful III
waiting lest you buy 1t above soc and
think it cheap. I believe you can buy this
wheat on the setbacks and make good
CORN-This nrket was weak the fore
part of the week but gained some friends
when it got below The low point OF last
year and a good many bought it on the
theory that it might do as it did last year
I think that tier the SeptenilpIeT Is our o.
the way the corn price will depend on
the kind of d fall we have for curing and
taking care of the new crop. If 1t should
be wet the shorts might have trouble in
December. On the other hand If 1t should
be dry and it cures out well it might sell
lower-yet it will give you fine scalps for
the present, and I favor buying on the
weak spots
OATS0This market got quite few
friends after the government report came
out showing that the crop would be d
little over one hundred million short OF
last year They have sold up several cents
and look as If they would sell little high
err but they are high enough for the May.
Think you can sell them on any further
bulge of a cent or so, they Will sell
down several times before the real thing
comes in oats.