The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1909-09-29
THE WORLDS MARKETS
Furnished by James Bennett Co., Members Chicago Board
OF Trade and ST. Louis Merchants Exchange
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Daily Grain Letter

Daily Grain Letter
CHICAGO, His, Sept. 29.-Wheat-
Gossip has 1t that Waterman, a big
Eastern speculation is long 1000, 000,or
3,000,000,bus., September wheat,
and with his usual stubborness has de.
cided to take 1T in and pay for it. II
he persists in this attitude, there will
probably be some defaults in Septem-
Der contracts as there is not enough
to go around. The September action
has been the dominant influence that
has advanced December and May.
Ordinary news considerations are TAX
en- little account of. The French
crop is big one. S65,O00,o0o against
S1O,000,000, bu.,a year ago. The Cana
dian crop is big one and there Is
no demand for it from abroad, and 1t
cannot be brought to this country. Our
exports so far this season are less
than half what they were year ago
and our crop is larger. Without foreign
help the spring wheat crop will event
ually become burdensome. Chicago Is
now on winter wheat basis, which is
admittedly bullish as far as the i'm
mediate supplies are concerned.
Farmers who got taste of high prices
early in the season, have not adjusted
themselves to the lower level. What.
ever the outcome at the finish of the
September deal is the others will do
in a less degree. After the first OF
October ordinary news and market
considerations will have more influ-
ence.
Liverpool closed Ad lower to I'D
higher. Receipts here today % cars,
year ago, a. Fine weather in all d.
rections and an increased movement
expected. The pit situation with the
oversold condition of the September
option was the dominating feature to-
day and for the moment is controlling
the price of the deferred features and
there were some reports of private
settlements in September. We would
favor sales Of both December and May
wheat around present levels and on
any further swells.
Corn-There appears no important
holding of September corn. A few
fair sized lines may be held but the
end of the month will probably see
close to 100000, bus, Of contract
corn in public houses which will prac-
tically supply all the short interest.
| Private estimates indicate a corn
crop of 100000, bu., or more, as a
result Of the September improvement.
Old corn is coming into light In great.
er quantities than was expected. The
fine fall pastures are saving large
| quantities of new corn for the early
market, while the live stock available
| to absorb the new crop Of corn is
much less than last year. Whatever
may happen late in the season we
ought to get big run of corn the next
sixty days.
Liverpool closed sd to I'D lower.
Receipts here today 1872 cars, year
ago 106 Fine weather everywhere
maturing the crop and no frosts shown
on the map this morning. Cash mar
ket &c lower.
The magnificent September weather
should cause bearish showing in
the next government report No SEN
sational features today. The market
reacted some from the opening. Some
reports of husking coming in in In
diana. Sales of December and May
around these levels or on any sharp
bulges will result in good profits.
Oats-Receipts here today SO cars,
year ago 14S. Fine weather continues
to favor threshing and the movement.
AS in wheat the holding tendency
seems to be strong with the farmers.
Stocks at terminal markets are large
and the demand is not sharp. The
| September seems to have been more
| heavily oversold than generally sup
posed. A considerable short interest
is still to be covered. Cash oats were
| higher for standard, lower grades u
to Zee lower. Prices are so high that
shippers can't touch them. Armour
was about the only buyer of cash oats
and they were not anxious. We be-
lieve the level of December and May
oats is too high to be maintained and
would favor sales.