The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1909-12-21
SENTIMENT
FOR lHE WEEK
IN WHEAT MARKET INCLINED
TO THE BULLISH SIDE.
Liberal Buying for Foreign Account
During Week-Corn Prices Fiuc-
tuate Three Cents.
SHOW ADVANCE

Chicago, Dec. 21.-The grain trade
last week was not only characterized
lby marked expansion in the volume
of business but by decided increase
in bulIlsh sentiment. Various bullish
phases crept into the market. The
advance In wheat prices early in the
week was apparently in response 30
underlying factors of strength than
to anything special in the way of new
Developments. At no time during the
week was there any pressure on the
market. About all that came was in
the way of realizing sales. or from
Interests that we're buying December
and selling May. After the early dis
play of bulllshness the market APP
parently settled into a state of pre-
holiday dragginess, but was quickly
snatched out of this dun condition
when Europe showed a marked indi-
cation of increasing interest In wheat.
Buying for Foreign Account.
The foreign developments for the
first time IN several weeks outweighed
local conditions in the wheat market,
and there was said TO have been lib
eral buying for foreign account. As
result there was another reversal in
the trend of sentiment and the ma
jority of the traders at the close of
the week were bullish. Prior to the
receipt OF the European news the
temper o. the local crowd was some
what bearish, and a lack OF outside
buying had become noticeable, which
made 1t easy TO depress prices. but
shorts found it increasingly hard TO
cover later. The market showed the
same resistance to pressure on all
setbacks that 1t has for some time.
There is practically no hedging press
of the best-posred people in the trade
believe there are ample supplies back
in the country, and that mills are all
loaded up with wheat, with the ex-
lception of some of the smaller con-
Germs. the bear side is without aggres-
with foreign prices at such low
level compared to our markets a
small change I'm Liverpool or Buenos
Ayres values H. not particularly sig
lnificant, but at the same time the pos
sibility that English markets may
wake up and work to a higher level
acts as tonic every time on the
speculative situation.
Bulls Sure of Position.
There is small prospect OF export
business for some time, and with
present light stocks and moderate re-
lceipts there does not seem to be any
need of any With accumulating
stocks the situation would be much
different, and an export demand
necessary in order to maintain values.
There is a feeling in the trade just at
present time that prices are not to
decline to any extent, that there Is
no surplus wheat and that ultimately
lprices are to advance to $1.25 for
May or possibly higher. The bulls
are more sure of their position than
are the bears and for the present
holders of wheat have the advantage.
Many of the cash people are bullish
and say that Chicago has had its big
run of wheat, all the Duluth ship
ments having arrived. 1t is not ex-
pected that Chicago will get any re-
Iceipts of consequence in the future
unless prices advance to a point that
will put this market on a shipping
! basis with the others,
Argentine News Buliish.
Argentine developments we're bull
ish and the news from that country
was more encouraging to bulls than
for some time Following the esti-
mate of Danvers of an exportable sur
plus of only 9O,000,O00 bushels We'd
lnesday came confirmatory reports
from other sources, some placing the
surplus ut 100000 bushels. A
bullish message was received from a
Pacific coast exporter, saying that his
Iadvices indicated much greater dam
age in the South American country
than had been supposed existed
Broomhall's cable reported harvest
ling progressing rapidly and lie Count
said that threshing had started and
that new wheat was arriving at the
lseaboard. In the extreme south rain
is badly needed. lie Count cabled
that the wheat was turning out less
than expected, and that the quality
was inferior. Slaughter's cable said
drouth continued in the corn belt,
and that wheat in the south was suf-