Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-12-03
CHICAGO GRAIN

Especial service to The Herald by ]. C.
Wilson. member Chicago Board of Trade.
Hotel Alexandria, Los Angeles).
CHICAGO Dec. 2.-The feature OF today's
wheat market was the Issuance OF the De-
cember report by Expert Snow. His figures
ar extremely bullish and would indicate,
without going into detail, a crop of winter
wheat of 372,00O,O 900 bushels, which would
compare with a final yield of 426. Ooo, 900
this year. He puts the condition Of winter
wheat at 1879 and seeded area OF 27,6OO.
600 acres which is s,4Oo0 900 acres less than
last years, and taking the past years with
similar conditions at this season, he feels
there would be a further shrinkage by the
time the wheat is ready to cut
A cablegram by way of New York gave
Argentine official estimate and makes the
crop 10 per cent less than last year, which
would indicate a crop of about 1870, 900, 600
bushels, leaving an exportable- surplus
somewhat in excess of 130,000,O00 bushels.
Cables were Indifferent to advance OF
yesterday. Weather clear and cold all over
the belt. Northwest receipts again made
an unfavorable showing compared with both
last week and last year. There was little
of interest In the market, the bull interest
supported 1t wherever necessary and there
was little opposition to their efforts except
from those who had profits in sight and
willing to take them. There a good
deal of talk of export business There was
also evidence Of good demand for the
Manitoba varieties, but very little for the
winter wheat.
Corn was firm for the May and weak for
December The cash article has been from
a C to &c lower. What little strength there
was was impaired by short covering and In
sympathy with the strength in wheat
oats were relatively firmer than corn, but
continue very dull.
Provisions were a trifie easier, but have
moved within narrow limits,
A general discussion of the wheat situa-
ton was entered into by a number of the
largest traders, who fastened to get to-
gether on the curb after the close last night
Most of them were bullish and naturally the
gossip ran that way. One trader who has
not expressed himself fully among his
friends of late, put the situation this way:
Consumption the world over is going right
along every day and the wheat situation is
becoming clearer so that the ordinary trader
can read it, and 1t looks as though they
were beginning to appreciate 1t. Going
back to the beginning of the season the
worlds average crop is 1890, 000, 900 bushels
and this years is not more than 5000, 0OO,-
900 bushels. What is more, the world
markets entered the crop year with no re-
serves. The miller, the Jobber and every
body was out of supplies.
Europe has held of buying wheat here
expecting to get the Argentine crop cheaper
People In Argentina are not panic-stricken
to sell their crops as they were last year
because of the panic here. Their crop this
year has been badly damaged by frost
which will develop when threshers get to
work and now they are having rains at
harvest time. Conditions everywhere are
entirely different now from what they were
a year ago"
It was the gossip of the corn trade that
Armour had sold over 100000 bushels of
long December corn, the pit element argu-
ing that he was the largest holder and was
therefore the only one in a position to sell
so much corn. All the cash houses remain
bearsh on corn, although 1t was the pit
gossip that Patten had taken PROFITS on his
corn.