Los Angeles herald., 1908-12-19
CHICAGO GRAIN

Special service to The Herald by ]. G. VIII
son, member Chicago Board of Trade, Hotel
Alexandria, Los Angeles.
CEICAGo, Dec 1S-Some little buying by
soldout bulls on The break and an indisposltion
on the part of the big holders to release any of
their lines had the effect of rallying the wheat
market from the low point Of the day, closing
about the same figures as yesterday S. There
is very little outside interest in the market. 1t
is so susceptible to operations, because of acute
congestion that the trade is made up largely of
professionals and room traders.
Corn weak throughout the session. Prices
have again made a new low level for the crop
and made but a small rally from the extreme
low point. The leading cash and big specula-
tive houses are aGgressively on the bear side
and there has been much liquidation on stop
orders on bottom prices. We are great belieY-
er1 in the purchase of May corn against CORE
spoEding sales IN September. We believe at
the present difference that the loss one would
sustain on a spread of this kind would be 11ac
per bushel, while there Is possibility of
making 10c profit
Oats followed the corn trend and very bearish
sentiment prevailed in this market because Of
the reported offering Of Argentine oats to this
country. 1t seems that the United States is a
target for oats grown in Canada and Argentina
because of the higher relative prices and 1t
would seem that this market is destined for
lower levels along with corn.
In provisions the western hog run today was
about the same last year, prices at the yards
having rally, but the market for provis-
ions was very dull one.
The Inter Ocean says: Sentiment among the
wheat traders last nigh was mixed. The bear
contingent said they nothing to induce
buying and those who had covered their shcrts
said they were waiting for prices TO advance a
little more before they regarded short sales as
really safe. Traders who were bulllsh and are
close to the leaders, said that the market was
acting all right and that they did not expect 1t
to advance every day Traders in explaining
the late weakness said it was due to selling by
tho Armour Grain company and local profess
sionals They said there was no use trying to
bull wheat with the present weather, and until
1t turned colder. while corn was breaking
and until the receipts drop Off
Corn closed the lowest since last July Trad
ers were talking that May is likely to sell at
soc this week. one of the stories that explained
tie selling by Armour and Bartlett-Patten was
that they had made very heavy purchases of
cash corn in the west and were hedging them
here with sales Of May.
The mild weather and moisture has further
Improved winter wheat conditions. developing
the plant growth where none had shown before,
and the appearance of the crop is generally
satisfactory Evidence of fly is reported In
early sown wheat in some sections.
Argentine shipments wheat estimated at
1888 900 bushels for this week against 90i 900 for
the previous week and 152. 900 bushels last year.
The climatic conditions unfavorable. Har-
vesting of wheat and oats has already begun.
Liverpool-Wheat closed Zee to &c lower corn
&c to &c lower.
Antwerp--Wheat closed unchanged to sc up.
Paris-Wheat elosed unchanged TO Ac higher.
Berlin-Wheat closed &c lower.