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. 30.-while the whea
market was strong throughout the session
trade was very light. News was largely OF
a bullish cast. There have been good rains
| In the belt and In the area which has beer
$50 greatly in need Of moisture-east OF this
Mississippi river-during the past twenty
four hours. The weather forecast Is for
cold wave to follow the moisture and there
was some inclination to buy the new cro1
months on the assumption that 1t Is no
the character Of weather desired for th'
! growth Of the new crop. The real bullisf
influence, however, was the very sharp fall
! ing off In primary receipts. There were onl,
10000 bushels today.
Everything considered the gossip OF Tho
day was such as to comfort the bull opera
tor. It does not take much buying or sell
ing to influence this market. and IL Is diff
iouIt 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 held of the market still
creates congestion whenever the crowd be-
comes too bearish and gets short 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
to follow offset 1t. There was one very
notable condition and that was the ten
dency OF the deferred months to extend
their premium ovsr the nearby. 1t Is oul
belief that the market is getting In a con
dition to sell again and that one SHOULD
take advantage Of the premium Of Septem'
Der corn to sell some OF that month anc
buy May against It, 1t may be too early t.
take this position, but we believe the spread
will pay in the long run
Trade was more active today in oats. Thu
market was the first to give signs o.
strength. but the price change was mod
crate. Cash grain houses were the bes
buyers, Indicating fresh sales for shipment
Provisions started lower, but later recov
| cred Early easiness was caused by thu
enormous run Of hogs and lower hog prices
| Logically this market should have FUR
Their break especially If anything like thu
| 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
was the late developments in regard to thu
Argentine surplus the estimates havinl
| been cut down and to the change of from
| 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 SIC from
| low point and are up within INC 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 wher
May was $1.O0 are now short and talk
lower prices.
There is a more bullsh 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 the first bulge
for May yesterday and said 1t represented
country orders.