The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-06-09

Chicago, June 9.-WHEAT-Perhap
the bears in the wheat trade will be
somewhat encouraged by the construc-
ton put on the Washington crop fig
ures, indicating a larger total yield
than last year winter and spring COM
bined. The official report took IL mil
lion bushels off winter wheat because
of lower condition during May. Now,
if they will take another II million or
double that amount off for acreage
plowed up and abandoned during May,
they will get the harvest promised
down to about where it ought to be, 800
million bushels or less, as for the
spring wheat figures, they are treach-
erous. things to sell wheat short on
because there was loss of 81 million
bushels from the June report to the
close of harvest last year and if half
that much decrease Is established this
season the country will raise about 625
million of wheat and may not have to
exceed so million bushels for export.
Stocks are low, the millers hungry in
all quarters for the new wheat, the
European needs likely to be larger than
for many years and the public used to
high prices and ready to believe in
them for a year to come. For these
reasons we believe in the buying side
of wheat if the bears force break
CORN-Having tried to break corn
prices a number of times and taken
punishment each time the short sellers
are timid now even when they see hp-
eral receipts. The action of the mar
ket must depend on the heavy or light
offerings by the owners Of reserves. A
specialist in corn who is at the head
of big cash elevator concern think.
there will be no large movement until
the new crop has been cultivated
couple Of times, which will bring the
trade up close to July 1. In the mean
time there are many who beileVo IN
the buying side of the corn futures be-
cause of the discount under cash-Lo-
gan q Bryan.
Chicago. June s.-WHEAT-Trader
We're disposed to take the government
report on wheat as bullish although 1t
indicated IS million more in the aggre-
gate of spring and winter than iast
years final returns. The winter wheat
crop was 81 million bushels less tn2n
indicated a year ago and 81 million
bushels under the final harvest last
year. The loss Of condition OF nearly
8 points last month and the loss o. Il
per cent in Kansas offset all 1mprofe-
ment elsewhere. The crop was figured
on the acreage standing May Is. and
there has been considerable plowed up
in the last thirty days One crop ex-
pert figured that not over q million
acres of winter wheat are standing. IN
the minds of the bull leaders the winter
crop is not over $50 million bushels On
the basis of the present condition
Traders said that there was ample time
for a loss of the 20 million bushels IN
excess spring wheat over the final fls,
ures of last year and the fact that to al
crop of all wheat is only 70 mlllloh
bushels more than last year, with pres
emf light stocks does not indicate any
surplus. Bull leaders last night were
advising buying on reactions.
CORN-Corn specialists are inclined
to be bearish and NUMBER or tne
country houses said they had orders
to take profits from interior holders,
basing their belief on the improved
crop prospects. Some of the PROBES
SIGNALS put out fresh lines which were
short and the Armour people were get
ting in on their July.-fnter-ocean-