Los Angeles herald., 1909-03-18
CHICAGO GRAIN

special service to The Herald by Dick Bros.
& Co, members Chicago Board of Trade, Brad
bury building, Los Angeles.
CHICAGO, March 17.-After all the dis
turbance of the day in the local grain trade,
wheat prices are steady to &c higher than
the close yesterday. The news was builish at
the opening and as the trade was in an over
sold nosition on the break of yesterday the
buying began early and kept up steadliy until
there was an upturn OF better tnah ~ LII
July. and nearly 1iac for May. Al tne auvan or
resting orders placed in anticipation OF an up
turn 1t was noted that the brokers Tor the
bull leader sold moderate amount Oh wneat
around top prices. This started many or the
locals to taking profits About this time some
thing OF a bear raid struck the corn trade,
and there sympathetic selling In wheat.
Perhaps stop loss orders had something 70
do with rafting prices down quickly until
the market at S1.15h May and Sl'oSs&
Julv Quick recovery of Nc followed in the
July price, and the close was shade better
than Lc The early advance was on legitimate
bull features, less decline at Ldverpool thah
expected continuation OF uneasiness over po-
Iitica1 outlook abroad remarkable drop in
northwest receipts TO 1872 cars, where there
were $40 cars year ago, and decrease or lVV.
600 bushels In stocks at Minneapolis for four
days Mills in the northwest are bidding 21ac
and 2Ac over May price for NO. northern
wheat to arrive in April Some very DOUBT
full crop reports are coming from ILLINOIS, mis- MIS-
souri, and Kansas points. Whatever crop
damage there Is whatever blowing up OF
acreage takes place, will hardly be known
for a couple of weeks yet. but It Will probably
be important enough to furnish basis Tor
fresh bull campaign in wheat
Considerable surprise was sprung on the
corn trade today. The market started strong
and higher in sympathy with wheat, but 1t
was soon evident that the buying force was
exhausted, that the local trade was overbought
and could not respond with further buying to
the bullsh feature seen in the much smaller
local receipts Some clever local leaders took
advantage of the pit situation and started
something of a raid on the market. The trade
became somewhat panicky in quick time ana
prices ratified down very FAST and nnally
a decline of 1c more for the day. Cash
corn prices ruled &c higher Shipping BUSH
ness was about 100 900 bushels. Many coun-
try points are reporting corn raisers are still
sticking for higher prices for reserves. Re-
CARELESS of this, II looks as II liquidation
had started, and II puts the market In shape
where sellers are likely to take advantage OF
all the hard spots.
For day or two there has been consider
able quiet selling pressure In July oats. The
selling has been by individual traders who
are not in the market every day. There was
no leadership to give the trade any encourage
ment on the buying side, and when the corn
market was raided stop loss orders forced oats
off quite sharply. Shipping sales were 10000
bushels.
and closed 10c lower than yesterday. The
market was advanced with hogs the first
hour At least good sized line of product
was liuuidated by a leader who is absent
from the market at present. Market shows
good staying qualities considering the amount
of product sold.