Los Angeles herald., 1908-12-31
CHICAGO GRAIN

Special service to The Herald by J. c
Wilson. member Chicago Board of Trade
Hotel Alexandria, Los Angeles.
CHICAGO, Dec sO.--while the whea
market was strong throughout the session
trade very light. News was largely OF
| a bullish cast. There have been good rains
IN the belt and In the area which has beer
ESQ greatly in need of moisture-east Of the
Mississippi river-during the past twenty
! four hours. The weather forecast is for a
cold wave to follow the moisture and there
was some inclination to buy the new CROP
months on the assumption that 1t Is not
the character Of weather desired for the
growth of the new crop. The real bullish
influence however was the very sharp fall
ing Off In primary receipts There were only
10000 bushels today.
Everything considered the gossip of the
day was such as to comfort the bull opera
tor 1t does not take much buying or sell
ing to influence this market and 1t Is diff
ieult to execute unlimited orders on either
side to the satisfaction of the principal,
Nevertheless, the situation seems to be
slowly rounding to in favor Of the bull,
and the day-to-day news aside from the
heavy stocks Is of an encouraging nature.
The big line that is he&d off the-snarket still
creates congestion whenever the crowd be-
comes too bearlsh and gets short a little
too much wheat.
The wheat strength helped the corn mar
ket, There was more belated short cover
ing. The receipts were not quite so heavy.
While the wet weather had an early bull
ish influence, the prediction of a cold wave
notable condition and that was the ten
dency of the deferred months to extend
their premium ov.r the nearby. 1t is our
belief that the market Is getting in a con
dltion to sell again and that one should
take advantage of the premium of Septem-
Der corn to sell some OF that month and
buy May against it. 1t may be too early to
take this position, but we believe the spread
will pay in the long run.
Trade was more active today in oats. The
market the first to give signs Of
strength, but the price change was mod
crate Cash grain houses were the best
buyers, indicating fresh sales for shipment.
Provisions started lower, but later recov-
cred. Early easiness caused by the
enormous run of hogs and lower hog prices.
Logically this market should have a fur
Their break. especially II anything like the
present volume of receipts Is to continue
The Inter-Ocean says:
The gossip on wheat last night was bull
ish. 1t was said, however, that the pit ele-
ment had greatly reduced their commit
ments on the short side Of the bulge of lie.
The most striking feature of the days news
as discussed by the traders after the close,
the late developments in regard to the
Argentine surplus, the estimates having
been cut down and to the change OF front
by Lancaster, the Argentine correspondent,
who Monday sent bearish news from there,
while yesterday his cables were the reverse
One feature that traders called attention
to was that prices had advanced 3 nc from
low point and are up within SIC Of top.
None of the local bulls has any wheat ex-
cept those who have been following Pat
ten, while a good many who were long when
May was $1.09 are now short and talk
lower prices
There Ia a more bullish sentiment among
a number of local traders on corn and they
have loaded up with May the past few
days on the belief that the movement will
be very light. One commission man who
has extensive country connections, how
ever sold $4,000 bushels on the first bulge
for May yesterday and said 1t represented
country orders.