The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1909-10-11
Daily Grain Letter.

CICAGO, H., Oct. Wheat
Liverpool closed SD higher. Receipts
here today 19 cars, year ago 40 Sta
tistically, the wheat situation Is unus-
ually bearish. We have big crop.
almost record breaker There seems
to be very little foreign demand for
1t. Europe availing itself of the heavy
Russian supplies, which will undoubt-
eddy bridge over the gap until the
movement from the new Argentine
crop begins. This crop Is reported to
be short but that will not prevent
big movement at the present high lev
ell early next year. There is every pro-
spect of the United States carrying
over big surplus, unless an export
business appears at once For the
present farmers are holding their
wheat. and keeping up prices, espec,
tally the winter wheat prices The
northwest bought little December
wheat this morning and there seemed
to be considerable on tap around
$1.02B and over Minneapolis stocks
increased 225,000 bushels for the two
days, against an increase of 100000 a
year ago. Pit conditions make it pos
sible to tie up the December option;
therefore the risk of short sell
ing this delivery is too great.
The same situation would not
affect the May for long time to
come, and with good prospect for
next years wheat crop seeded on a
large area under favorable conditions,
sales of May wheat on bulges should
be profitable
Bartlett Patten G. Co., and other
December wheat shorts covered their
lines late today. The pit crowded al
SO bid it up. Shorts in December may
force the price of that month over
May, nothing but a movement of
spring wheat to this market can pre-
vent it.
Corn-Liverpool closed I'D to SD
lower. Receipts here today 221 cars,
year ago lit. Cash market was Nc
to 1ac lower. The government report
is still uppermost in the minds of
traders, but the disposition seems to
be to discourage the report to GER
tain extent and to feel that the pres
ent prices at some SC to 8 higher than
early seasons figures discount what
might otherwise be considered bullish
Disappointed holders of the old sur
plus are letting go of it in a very re-
luctant manner, but will probably sell
freely as the new crop starts to move,
| +, oh, &c, ~ L.,
and the movement as a result of early
season sales is likely to be heavy and
burdensome,
Corn acts toppy, and we look fol
heavy liquidation in December corr
! between now and the first of Deem
Der, and believe it will take prices to
materially lower level Sale OF De-
cember and May corn should be made
at the present levels or on any bulge
Oats-Receipts here today 1853 cars
year ago 209. The general oat situa.
ton is bearish one. We have big
stocks, fine pastures and a poor de-
mand for oats. The holding tendency
along with the strongly held local
stocks and the big December holdings
may result in some higher prices for
December oats which are overso,d
and none on the market. shorts begin
ming to appreciate that they are tied
up. This may temporarily influence
! the May option if do not get a
/ good break between now and Deem
Der, we are likely to see some very
low prizes in the spring as a result of
the heavy supplies carried over We
think therefore that sales of May oats
on the hard spots will result profit
ably.
There will be no session of the Chi.
cago Board of Trade Tuesday, Octo,
/ Der -, Columbus Day.