The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1909-11-14
Daily Grain i etter.

CHICAGO. Nov. Wheat The
oversold condition Of December wheat
to which we have been repeatedly call
ing attention still manifests itself
during any attempt of shorts to
y cover, The st. ength at outside mar
Sets and the continued falling off of
1 farmers deliveries makes the situa-
ton as far as the pit and domestic
conditions are concerned decidedly
euilish. There is big open interest
IN December wheat. The longs are
Etrong people who apparently want,
delivery and are willing to wait for it,
several attempts have been made to
shake them out without success.
With cash wheat at various markets
ranging from &c TO 15c over Decem-
Der at Chicago, the outlook for the
short seller is not very hopeful and it
makes Chicago December very at
tractive purchase to the investor.
Unless there is radical change in
cash wheat conditions December
wheat should sell we'll above s1.lo,
and probably as high as the Septem-
Der, which went out at s1.20. AL
though the general situation as a.
worlds proposition is bearish 1t will
probably take 5 or months to work
IT out. Meantime the bullish attitude
OF the farmer with his strong financial
condition will make it easy to main
tain prices. Probably May wheat is
q sale on sharp bulges, but not at
any other time.
Corn-The weather is still against
the corn short. 1t not only rains. but
IL pours in a good many places.
Corn arriving is full of moisture and
is not coming in in very large vol
ume. Those who sold corn for No.
vember shipment are beginning to
worry about their sales and the local
hedgers are taking In December
December corn is heavily oversold
with practically no contract corn in
elevators. There are many million
bushels Of December short. Pos
siply the greatest outstanding short
interest that we have seen in many
years. If they cannot fill their con.
tracts with cash corn, and it looks
as though good many of them would
md great difficulty in SO doing. the
contracts must be bought back in the
PIT and this will surely result in
much higher level. Already good
many hedgers are buying in their De-
cember and putting out Nav. It
looks as though even with good con.
d1tions December corn would remain
strong and any slightly unsatisfactory
considerations will undoubtedly result
in sharp bulge.
Oats-The light receipts Of oats arc
making 1t necessary for shippers to
take stuff from store and the east has
been holding off for opportunity to
buy cheap oats and has apparently
overstayed the market. Local stocks
are large, but I'm 'ess the movement
increases very sharply they will be
reduced rapidly. December oats are
IN strong hands and December oats
are 100 cheap compared with Deem
Der corn. We believe there are sew.
eral cents a busheI in buying De.
cember oats.
Proyisions-The provision situation
IS still strong, but the extremely high
prices discount much that at lower
level would be decidedly bull'sh. HOG
receipts are still phenomenally
small and there is no prospect of any
material increase for months to come
Packers who until recently had no
stun for sale in the pit are beginning
o sell some January lard and some |
Way ribs. apparently finding the pit
selling more profitable than mer-