Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-12-05
CHICAGO GRAIN

Especial service to The Herald by j., C. Will
son, member Chicago Board of Trade, Hotel
Alexandra, Los Angees).
CHICAGO, Dec 4.-English wheat cables
are strong, continental markets Indifferent.
Weather generally favorable for the new crop,
but not for movement. Argentine shipments
4SO 600 bushels, compared with 900, 900 bushels
last week, 44S, 900 bushels last year Northwest
stocks show a heavy decrease for the week,
brought about by heavy cearances from Du-
luth The minor longs in this market have
gradually sold out on the theory that COM
mercal conditions are discounted and that
there are few important lines of wheat held
aside from the concentrated holding which has
been the all absorbing topic for weeks. This
holding is sufficiently large as long as they
put none of it on the market. The pit runs
therefore, easy to run the price up, but there
is very little help to the bull party at this
level in the way of fresh investment buying
and each new high level is established merely
by the running in of smaller shorts.
The strong wheat market, wet weather and
not aggressive efforts to bull created a steady
corn market. The local professional element
is trying hard to bull corn and in some re-
spects they have a good argument. With
wheat at Sill and oats at 53c for May II does
not seem logical that we can have much OF a
break in corn
The oats market was active and strong. The
same people who have bought the wheat and
sold corn were good buyers of oats today Re-
ceipts are moderate and a fair demand exists
and there Is a big increased activity In the
market.
The market for provisions steady. The
western run of hogs was again liberal but at
the yards there was active demand which
put hog prices up sc on the average. Although
hog receipts are heavy the weight is light and
they do not yield the usual amount of lard.
All markets are strong all over the world and
we are great believers in the purchase of May
lard all dips.
The Inter Ocean this morning says
From the way the local professionals
bought up on wheat last night it created the
impression among traders that none of them
had any wheat. as the upward indemnities adj
vanced &c Traders called attention to the
fact that prices have had a four days bulge
in wheat and they believed any further adj
vance today would be a good time to take
profits as a five days bulge, and 1t being
Friday as enough for ordinary markets and
fairly large they were not advising buying ex-
cept on breaks and looked for small setback
on general principles
Some of the traders thought the market had
become little stale on the bull side, but
others were as strong in the bull faith as ever.
1t looked to the average corn trader last
night as though the liquidation in December
in May had overplayed. It was said that
Armour was bidding for cash corn in Nebraska
with a view Of heading off other houses that
might contemplate entering that field, and
that he is working to fill up his houses with
the cash corn rather than take 1t on December
delivery, as q good deal of the latter would
be from houses operated by other firms
There were bids of 2lsc under May for No.
yellow for shipment this year. or equal to