The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1906-07-21
Topeka, Kan, July q,

WHEAT-This market was certainly
on debatable ground this week as it was
both strong and weak at times, going
UP many times one cent in few min
utes but the bears would dig up some
thing to finally sell it down again. We
have now had two weeks of this sort
of market after seven cent decline
and it was no more than could be eX-
pected that an evening up market
would be in order. I think that the
bulls had some good arguments to Of
fer. one being that of the affairs in
Russia and their falling off in ship
ments which confirms their position the
other being the rust in the Northwest,
but this was denied by as good author
ity as 1t was confirmed by. They have
too much smoke up there to be no fire,
and I believe these fellows that have
sold wheat when it was 81 cents are
simply furnishing the denial, and the
receipts being exceptionally large this
week has helped them out of some of
their trouble. The chances are that the
big movement of winter wheat is now
under way and that it Will not last long
as the price now offered in the country
does not give the farmer a big price
for his wheat and it will catch only the
ones who have to sell-the rest will
either go into stack or granary and be
held until the outcome of the spring
wheat is assured. Wheat at its present
price is not so much out of line and the
bears finding all at once so much wheat
for export in the next year, when the
spring wheat is not out of danger.
doesn't show up we'll and the argument
looks as bad as the bulls did when they
were giving us dry weather in Argen-
tine when they did not have their
wheat soWed yet. For the last two
wears we raised the largest crops on
record and we used up without any or
very little export business from the
other side the crops raised in those two
years SO bringing our total visible down
to very low figures, all this goes to
e1e
much help from the other side to get
away with this crop, if the spring crop
turns out well very little larger than
last year It looks to me that when a
party can find out that in the next
exportable year there is over 200 mil
hons TO export and that we would then
have nearly 100 millions left. that he is
either short wheat or he forgets the
might sell lower on forced speculation
but 1 think the safest side is the up
side for the time being
CORN-The corn market has turned
weak after weeks of the most persist
ent strength, the good rains being the
cause of ii. The market was forced
ten cents out of line on what most peo-
pie thought might happen. it has not
happened yet and is getting late for it
to happen with rains almost every day,
so they are getting tired and the con-
sequence is that the market is just
coming back to where It belongs. as is
that there was nothing in the argument
the bulls had on corn and felt sure
that with timely rains it would do as
all things do in this business, come
hack to the supply and demand price
The bulls had little the best of at at
first as most people are afraid to sell
corn In the latter part of June and
July and they use il in good shape
Corn is still too higa and will sell lower
OATS=Oats have been as weak as
possible and they are still three cents
too high after breaking five cents per
bushel Oats always fool the bulls
when they get them over one cent per
pound. that is big price and past his
tory viii show you that they always
come back to about this point and
oftener sell below it than above. I Of
ten think we all are too much subject
to the condition that surround US, that
we do not realize that this is a big
world and that the little local condi-
tons amount to nothing. this is where
we often form ideas that do not prove
out I spoke of It al the time that May
oats were selling at 40 cents and said
that the government had still a fair
crop Of oats left and that we raised very
few oats at the best in the southwest,
and that we would have to look out for
the countries where they raised them
before getting wild over them. This
has proven correct and we now find
that the general outlook for oats IS not
SO bad and that it is really better in
our immediate country than we could
have thought it could be. believe that
oats viii sell lower yet.