Los Angeles herald., 1909-08-07

Special service TO The Herald oy T. r hu1
ton & Co., members Chicago board OF trade
l!2 West Third street. Los Angeles.
CHICAGO, Aug. 6-Heavy receipts of winter
wheat and glowing prospects in the spring re
gon maintained a pressure on the market
the past week forcing an Scent decline IN
prices, with sentiment more bearish at the
end than al the end OF the previous week.
Black rust fear faded away as no new in
fection developed and recovery was noted
The heavy sown wheat is is harvest. and the
coming week VIII find the harvester working
over two-thrds Of the spring region, and a
crop will be gathered second to that Of 1905
The wheat has safely through every dan
ger but a wet harvest and the reduction In
yield by blight and premature rlpening VIII
not exceed per cent Of deterioration. Ihe
present market outlook is for crop averag-
ing 14i2 bushels over the spring region, equal
ing go, 900 600, and good crops are better
than expected the result may be ten millions
better The government report on Monday Will
probably show an average yield of 10 bushels
or 420 600, 900 bushels. The outlook is now for
a combined crop Of 700 900. 900, which, with
carry-over of %, 00J, 600 less than last year
places this country in the same position as
year ago September wheat is cents
higher. May wheat ? cents lower A year
age Europe a heavy purchaser. but now
It is drawing upon Russia's large winter crop.
While European demand Will probably be as
heavy as a year ago. its supplies will come
flom Russia and it VIII not be a large buyer
here until the extent of our crops is known.
The spring wheat region furnishes tle bulh
Of the export whsat-our winter wheat goes
out principally as 1our. Canada has promise
Of a crop 30,O0O,C)0 bushels larger than last
year. On the whole the European buyer finds
haste unnecessary. Under these conditions no
important rally Of prices need be expected
until receipts fall off. There is a disposition
to hold for higher prices on the part of the
farmers but there has been so much low
grade. principally No 8, wheat In Ohio and
Illinois Missouri and Kansas that II is being
pressed forward. Grain dealers and milers
contracted heavily for new wheat at higher
prices, and every decline is forcing some Of
this for sale either direct or on hedges. Until
the cash houses and consumers show a dispo-
stion to load up wheat Is a sale on all rallies.
Spring shipments will be heavy in the next
three weeks and repulse any bull demonstra-
tlon.
Corn has been freely sold The next ten
DAYS will put the bulk Of the crop out Of
fertilizaton so far as this stage has been
under fair conditions. The drouth in Texas
and Oklahoma has cut down these states very
largely, and a 3 per cent decline in condition
should be shown in the report Monday Decem-
Der and May still on weak ground. Sep
tember is an old delivery, but it will work
lower II conditions do not change. Hot dry
winds are not the only bullish influence to
develope this month, and they are neither GER
tain nor uncertain. hence the market should
be closely watched.
Oats harvest is two-thirds finished, and
half Of the grain was caught in bad weather,
which will reduce the load. Prices have pretty
well discounted a crop Of 975 600 900 bushels,
and the probability favors this yield.