The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-06-11
BULLS ASCENOENT
ON GRAIN MARKET HI | I.
Wide Price Fluctuations, Owing
TO Reports Of Damage TO
Wheat Crop.
TRADERS ARE MUCH SPU zzLEDt

4snas,al q rhe .rlrnea.nisnatch, I,

-.------------ f- s
fspeeial to The Times Dispatch.)
CHICAGO, June 10..-1t was snappy
week IN the wheat markets, With nervous
speculators and rejuvenated crop killers
70 touch OFF the fireworks. There were
quick. wlde.price fluctuations and q
strong bullish sentiment on the haunting
fear that there Is more 10 the damage
reports than the trade generally was In
clined to believe week ago.
ofcial reports from hero and there
corroborated private complaints OF crop
deterioration. The Missouri State report
makes out that there has been slump of
ten points in condition in that State IN
the last month. The Ohio report SHOWS
falling off OF eight points, and that
4 from Kentucky OF twenty-one points.
3 Kentucky does not raise great deal OF
wheat and tho reported impairment VIII
not mean much in Itself to the crop total,
! but It Is important as showing the gem
sral trend OF conditions.
Bullish Report Expected.
Taking the cue from the State reports
inc trade Is looking for somewhat
bnllish report from tho government
tomorrow. althoughi II Is not believed the
showing will be as dark az that made
by the state departments and BY cer-
tail class OF private calcnlntors.
The average condition OF winter wheat
May 1st. was 81. The mean OF the May
averages for ten years Is s. points.
hence for this year there Is a moderately
high basis from which to figure the drop
p for the month. s$s n AZ
II the adviccs coming from Oklahoma
ana Indian Territory for weeks are TO
s; be credited the excess OF yield over that
& OF a year ago In those two divisions Will
more than mako Up for the advertised
= deficiency In Missouri. Kentucky and
Ohio. When this fact Is taken into cor-
sideraiion the anticipated slump In SOME
other states does not take. on such a
serious nien. Z:
Battling Mystery.
There Is something In the grim mar
kets OF the season which banles the
analysts cf the oldest follower 81 the
game. The mystery. attaches 20 corn
IN well as to wheat. Possibly the ex-
PLANTATION must be sought In the great
prosperity that has attended the farm
Il er the last two years, this prosperity
big prices, The combination has taught
the farmer independence that he never
exemplificd In previous years. He has
been holding the whip hand in both
the wheat and corn marts. Again the
q trade has pcrsistently miscalcnlated. on
the consmmptiye capacity OF the Ameri-5
I can people. which seems suddenly to
have Jumped TO much broader dimen-
/ sions s5 Ak; -stsTE
The situation has become such that
1 IN the last few months the trade has
N not given tho former prominence to news
from Europe. The home situation has
beer the pa ramount considerations. and
s 1t seems destined to be during the rest
OF the summer. unless there shall be
crop calamity abroad.
Last week foreign markets gave weak
response Ito the Violent price changes
s here, and the American speculator and
investor returned the compliment byY
treating European advices as purely In
cidcntal and perfnnctory.
There is old wheat to be carried into
the time domain OF the new crop, but
that fact 10 not stamped!ng producer.
Spectator or5Edistrihutor. AS for crop
estima tes, there are all kinds from which
Y 10 make a choice. Il S.4,5 f. j55 .g s
Stocks OF wheat east Of the Rockies,
according to Brndstreet, are now about
1880. 900 moro than last year Argen-
tine shipments are running along even
Corn.
with improved field conditions, due %
rains In Illinois, Missouri and other sur
plus States. holders OF corn are showing
more Willingness to part with their
4 property. Receipts ore expanding but are
& in no sense burdensone, the cash de-
mand keeping we'll up with the move
nent and the offerings being lost in thc
h centers OF need. Against manipulation OF
strong elements in the trade, prices adj
vanced sharply during the week This
happened simultaneously with n move-
y ment from Argentine that was 100000
bushels larger than year ago and foe
Z the previous week The Missouri State
report made the condition OF corn 10
against 50 year ago. A few more re-
& po:.s OF that kind would send prices
skyward Pessimsts have been trying
@f for weeks to kick holes In the bag that
gives corn It's huoyancy, but the at
tempts h,rye been failures. Seemingly the
farmer Is master Of the situation.
Oats.
Belief Is pretty we'll settled that the
oat crop Of 1906 will be considerably be-
low that OF the last two years. Conditions
in Ohio, Indiana, illinois,. Kansas. Ken
Il lucky and Missouri are painted darkly.
The outlook Is more promising In Iowa
and the Northwest, but Nebraska Is ID
late conner into the ranks OF the COM
plainants. Country ncceptances are more
liberal and the cash demand is moderete-
~ active. This grain seems to be on q
solid foundation at the prevailing level,
Packing.
There is uncertainty In the provisions
trade son account Of the agitation over
meat Inspection, Prices are high, but tho
packers may be forced by The exposures
OF the season into action which did mt
appear probable before Tic Presidents
message went to Congress- Total packing
nearly half million oyer last year.
Z Shipments OF product continue on q,