Los Angeles herald., 1908-11-03
CHICAGO GRAIN

Especial service 10 The Herald by j. C. VIII
son. member Chicago Board of Trade. Hotel
Alexandria. Los Angeles).
CHICAGO Nov. 2.-This has been another
dull day in wheat with news both ways.
Cables were firm. based largely on smaller
worlds shipments than expected, made up
largely by smaller shipments from Russia
than anticipated. As far stocks are con-
oerned they seem to be heavily against the
price. Foreign demand for the cash article
is very small, but statistics are lost signt
OF and the principal theme of the days mar
ket has been the varying claims concerning
the Argentine prospects
II recent claims as to extent Of damage
there are founded on facts they should fur
nish a motive for a bull market, but the con-
sentative Is inclined to the opinion 1t is
entirely too early TO form an accurate es-
innate of the damage as result OF frosts.
Corn has been steady, a good deal or ac-
tivity on the part of short sellers, but the
market has held very we'll
Weather all that can be desired
Cash corn l to &c lower under very lignt
receipts and a. leading commission house mas
continued its operations on the short side.
Nevertheless there are found enohgh be-
levers in corn around present price TO tur-
nish tone or comparative strength ana .he 5
bullishly inclined want to see more actual
corn coming from the country before they
retreat from their position.
Oats have taken their trend more from the
been light, what little selling has been In
evidence has been rather important. Statis-
ticaly oats in weak position and we
see nothing to base buying on.
Provisions started a little easy and ranged
a little further down early, but turned sharply
and advanced later. The bulge caused q re-
covery OF all the lost ground and made a good
gain besides Grain traders who sold out last
week were buying again today. One Of the
western packers also bought Offerings light
and early shorts were forced to cover
CHICAGO, Nov 2.--rhe Inter Ocean this
morning says wheat prices covered mod
crate range during the past week, notwith-
standing the news factors were radical enough
to cause much wider fluctuations If the trade
had been more active. The local bull leaders
were practically alone on the bull side, how
ever, with no support from the outside and
with the local professional element generally
opposed to the advance.
This is the way one successful wheat trader
sizes up the situation: ANY material damage
to the Argentine crop land we all pretty
generally agreed now that such damage has
occurred) Will undoubtedly have the effect of
keeping the May wheat price above the dollar
mark. Over long period Of years this has
always proved true.
1.-The range OF May wheat will be between
81 and $11O and on any weak spots 1t is
purchase, while with any increase in outside
interest the long side is a cinch.
Corn values have been maintained on a
fairly even basis, the bear element which
was the most influential market party max
ing little progress in hammering prices.
Commission houses bought corn on the
breaks, but there was some covering of shorts
early in the week on the wet weather. but
climate conditions during the last few days
have changed for the better and are now
favorable
CHICAGO, Nov 2.-Hogs: Receipts, 40, 900;
left over, 25OO; prospects generally Be lower;
range s596.
M