The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1909-10-26
Look for Market Decline.

expected there Wnen the figures are
made up.
Look for Market Decline.
There is no immediate prospect of
a falling off in the marketings
northwest, although about this time
last year there was a very material
letting down IN the movement. VIM
ter wheat marketings have been run
ming somewhat ahead of last years
but not sufficiently so as to cause
any weakening in prices in Chicago.
There are many in the trade, how
ever, who believe that the heavy
shipments by boat from Duluth will
result in an accumulation at lake
distributing points later on. and that
enough of the Pacific Northwest
wheat will be brought in to at least
check further advances in premiums
and possibly somewhat change the
views of the hard winter producers
of Kansas and Nebraska, who are
now holding their property pretty
generally. In the meantime, how
ever, the absence of any selling pres
sure from hedges of cash wheat,
usually many millions of bushels in
this market at this time of the year,
has put the bull spectators in tenn
porary control of the situation. IT.
is not unlikely that these will overdo
the situation, and in this event a
market decline might be expected.
Cash wheat premiums, as a rule, are
regarded as flimsy support and give
way rapidly when once the buying
demand is supplied. Some of the
cash grain men believe that this
turning point is not far away.
Market Automatic Affair.
But until there is an adequate
stock of wheat in Chicago and pre-
miums of case wheat are wiped out
the market promises to be an auto
matically working affair. Most sales
are out-and-out short sales, with
nothing behind them except the OPP
portunity of the seller to buy cash
wheat at a premium to fiji the con-
tract. This was very forcibly demon
strated on Friday. when a few of
the bears tried to cover short wheat.
The usual vast quantity of hedging
sales placed in this market is, of
course, lacking. In fact, about all
the hedges in the pit are of the buy
ing sort. mlllers taking hold of fu-
lures to supply milling wants in the
future rather than TO pay current
spot wheat premiums The latter
pronounced at Minneapolis than
here. One of the big mills there
which has made enormous sales of
flour ahead has bought the wheat
against it for December delivery.
Some people in the trade see the
end of the cash premiums in the
Last of large quantities
of Oregon wheat The buying of this
wheat has been assuming large pro-
portions and il is expected that the
total will reach 100000 bushels
before 1t ceases, 100000 bushels
having already been sold for eastern
The bulk of this wheat is
being shipped TO 81. Louis, where it
is being distributed to millers of the
Adyices late in the week
were to the effect that the shipment
of this wheat is already being felt
in the cash markets.
Flour Situation.
Advices as TO the flour situation
in the northwest and southwest diff
fer greatly in tone. In the north
west the mills are being spurred on
to greater activity to fill their ord
ers. while from the southwest come
reports of mills closing down for
lack of business. Northwestern mill
ers have orders to rush flour already
bought and in some cases that
bought for November delivery isl
asked for during October. One re-
port had il that one miller in the
interior of Minnesota had six cables
one day last week bidding for flour,
but he had to decline them, having
more orders on hand than he could
fill. The winter wheat millers have
thus far been unable to compete
with those in the spring wheat
states.
Corn Influenced by Wheat.
Corn was mainly influenced by the
ups and downs of the wheat market,
but good buying of an influential
character developed late in the week
and that cereal closed the week