The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-05-26
Morning Grain Letter by Wire.

Morning Grain Letter by Wire.
| FURNISHED by Logan and wolcott. Grain
Commission Merchants. Rooms 305 and
| 30S Commerce Building. Members Chi
cago and Kansas City Boards of Trade.l
Chicago. May 26.-WHEAT-Becaus
| there was natural reaction in the wheat
market yesterday following almost
continuous advance for a week the
bears picked up courage again and did
a little short selling. Many believers
in wheat sold out lines on the late re-
actions as a matter of safety. The
fact that the trade is going through the
closing days of May with a little I'M
certainty as to the outcome for the
current month, creates some nervous
ness. There is no let down in cash
wheat prices anywhere. Shipping sales
here were 10000 bushels yesterday and
Lake charter was made to take out
loo, 900 bushels. Chicago ST. Louis and
Kansas City are getting practically no
wheat. The mills own the stocks north
west and are after the spot wheat at
Az cents premium over July. The win
ter wheat crop will be short enough to
justify high prices in this country for
a year to come and as the worst de-
pletion Of old supplies is yet to come,
and the new spring crop is yet to be
made we believe there is safety and
profit in buying the discounted months
on all good dips.
CORN-It looks as if some of the
| largest houses in the corn trade had
not only covered but taken the bull side
of the market, forcing much covering
on the part of others. There will be no
relief from the present acute cash Sit
uation until the May contracts expire
at the end of this week. There is much
bull talk for the later months on the
theory that the country offerings have
already fallen off and that the big
movement will not continue. There is
! positive bear opinion expressed that a
continuation of large receipts which
will give Chicago adequate stocks, will
bring about heavy and general selling
| of all the months on this or any fur
Their advance.-Logan & Bryan.
Chicago. May 26-WHEAT-Opera-
tors who sold out on the bulge yester-
day were advising the replacing of
their lines on any further setback to-
day and some said that they had aiken
back part of their line on the decline at
the close They figure that a reaction
of cent is a good break and that the
market is to be a bullish affair until
Friday when profit taking will be the
proper thing on the bulges that come
up to that time. 1t is said that the
short interest in wheat was run in on
he bulge and that some of the pit pro-
fessionals had resold when they saw
prices turn downward. Traders among
the big professionals after the close
said that very rev OF lnem ndQ large
lines of stuff out because of the severe
punishment received of late.
CORN-A number of receivers say
| that their advices from Illinois are that
the corn movement from farmers is
practically over for the time being,
| that by the middle of next week there
will be a smaller lot of receipts again.
Several of the largest receiving houses
| say that corn on the Rock Island Bur-
| lington, Northwestern, ST. Paul and
Western will come to Chicago IN lib
| eral volume for the next ten days, as it
| can.-Inter-Ocean.
| Liverpool, May 26.-WHEAT-Marke
| Sad lower Later there was selling
| pressure on the late break in America
| yesterday which led traders here to
discredit the bullish reports from KAN
sas values further declined sd to I'D
Further rains reported in Russia and
Roumania where drought has prevailed
and light rains reported in Germany
| and France. Near cargoes were in poor
demand at 8 pence decline and general
| ly offerings. were more liberal
| CORN-Market quiet. lower on larger
La Plata offerings.-Broomhal
Chicago. May 26.-John Inglis writes
US from Murphysvoro. ILL.,, as follows;
| Some stretches on the river and also
| on the uplands show decided improve
ment. especially in ST. Clair and Mon
| roe counties. Jackson had also I'M
proved in spots but the general aver
4 age condition of these southern coun-
] ties runs poor to fair. The five coun-