Los Angeles herald., 1908-12-01
CHICAGO GRAIN

Especial service to The Herald by ]. C. VII
son. member Chicago Board of Trade, Hotel
Alexandria, Los Angeles).
CHICAGO, Nov. 3O.-Congestion Is still the
order of the day here, with those who are
staunch bulls banking on a sharp falling off
in northwestern receipts. The tendency was in
that direction as far as comparison with re-
cent weeks are concerned. Cables were strong,
especially the nearby options, based on bet
ter demand for cargoes on the other side.
The visible supply again showed a very sharp
increase and although under the new rule they
have eliminated the stocks at Canadian points
own visible supply now amounts to nearly
80. 600. 600 bushels. If Canadian points had
been included would have nearly 10, 900, 900
bushels more wheat than had year ago.
This very bearish document had the effect of
starting small spectators to unloading their
stuff and some short selling, but on the de-
cline the absence of real pressure Of long
wheat was noticed and the market had good
rally from the bottom. The house that is so
confidently bulling wheat is very strong hnan-
cialy composed of very resourceful men, and
have apparently the utmost confidence in the
correctness Of their position They have the
ability to wait until the tide of developments
sets in in their favor When this time comes
there may be less skeptcism to the ad
visibility of bulling wheat at the present
level, but for the time being wheat at this
level would seem to have fully discounted all
commercial conditions
Corn was strong, largely because Of the
covering operations by the house which re-
Gently had been so bearsh. In fact it has
been a leading factor that side Of the
market. This change in position had good
deal OF effect and smaller shorts have also
come in. Wet weather over the belt was a
sustaining factor, pointing, as 1t does, to
breaking up OF the country roads and lessen
ing of receipts as a consequence.
Oats followed closely the trend Of corn and
there was little Independent action. In fact
there is very little action of any kind, specu-
lative interest being at a very low ebb.
Provisions slightly lower on liquidation
by leading local Spectator and on the liberal
run of hogs. Buying was scattered, bat on the
whole the price range was well maintained
The Inter Ocean this morning says: A weak
statistical and commercial situation in wheat
Is believed to exist by large majority of
the trade here, but there Is strong holding
that controls the surplus and the market for
the time being is congested, as the surplus
is held by strong bull interest. For two
weeks the range Of prices has been nearly the
same.
on ell breaks the trading bull interests are
credited with supporting the market and their
holdings have been increased. They have
more wheat bought than any interest that has
been in the market for years, and they have
the money and courage to buy more il 1t be-
comes necessary.
The wheat market is a worlds proposition
and 1t can be handled by operators with nerve
and money for an Indefinite period, but how
high values can be forced is something to be
determined by the supply and demand eondi-
tons throughout the world. The worlds posi-
tior of all wheat markets warrants good
prices. but 1t will take time to educate the
trade to buy wheat freely above 81 unless
there is sentlmental scare on IN the nature
of an actual scarcity a prospective one, and
an exceedingly poor outlook Speculative
short selling of wheat is restricted by the large
holdings by the bull interests and the market
is in a position where it would not take much
wheat from these leaders at the moment and
the impression prevails among the trade that
any attempt to sell the large lines would re-
suit in q break of several cents, and that 1t
would also encourage bears to sell short again.
Enough corn is being sold by farmers
throughout Illinois, Iowa and Nebraska to
make a movement far above the average of
recent years, receipts at Chicago alone last
week were the largest at this season since
1904, and indications that stocks will show
an Increase for the week.
Visible supply Isl Wheat increase 2,94S, 000
corn increase $4,000; oats, decrease $1,000 BUSH
els.
worlds shipments: Wheat this week, 1852,
00U bushels: last week, $685., 900; last year. g.,
344, 900. Corn, this week, $4,000; last week,
2, 1893 900; last year, 2,43s 900 bushels
MaHl<a% RannAc