The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-06-04
Morning Grain Letter by wire.

FURNISHED by Logan and Wolcott. Grain
Commission Merchants. Rooms So5 and
cago and Kansas City Boards of Trade.1
Chicago, June 4.-WHEAT-It was
the gossip of wheat traders last night
that there has been a big line of July
wheat sold out by the leading bull
house. which has been replaced by pur-
chases of December. For two days they
have sold July and traders figured that
they had sold over one million BUSH
els. 1t was to take profits long
wheat for two customers, one who is in
the west on a crop investigating tour
bought and sold July through different
houses yesterday and also bought De-
cember on the break. Those who are
very bullish favor the buying of De-
ed within ~ cents Of September
against 21kc discount the previous day.
Some of the commission houses said
that there was a heavy interest on the
long side of July wheat which they ex-
pect to HQuidate. The bears said this
was the season for putting out short
lines and they are predicting a break
because there has been considerable
unloading and this is Friday they
expect further selling of this class
CORN-Traders said that the buying
of July, which made the advance and
close at 73 cents was 100000 for Mich
ael Cudahy and of which one million
bushels was bought from ~ cents up in
loss of fully 5 cents per bushe1 the
same time had sold about as much
December as he bought for July. Few
people in the trade had any idea Cud-
ahy was short so much corn. Those
who are bearish on corn advised TAX
ing profits on all sharp breaks as it
is too early to look for a decided de-
cline.-Inter-Ocean.
Chicago. June 4.-WHEAT-It is
much of the selling Of July wheat by
the leading house for couple of days
has been for big outside customers.
The house in question demonstrated its
friendliness to wheat by buying the
latter months at the time. Practically
all the selling being done for the late
months is in the way of short lines
It is based on the theory of bumper
spring wheat crop and the crop has yet
to be made. in fact has only recently
been put into the ground. Cash bust
ness yesterday reached $4,000. The
property taken on May contracts will
be merchandized and out OF the way
before new wheat moves Interior
millers and southwest markets will
take the early offerings from the new
crop. We still feel that there is
strong position for this July wheat
which is virtually an old crop month
and at good discount under cash
prices On any further depression we
believe all months will look good to
buyers.
CORN-Cash corn prices yesterday
were 76Hc to 761zc with yellow No 2
selling as high as 1910. Some of the
oldest and strongest traders in corn
covered July from 72c up to 73c yester-
day. Wet cool weather is not the most
favorable for the growing crop. This
is likely to be reflected in light offer
ings of reserves by corn raisers. all of
which continues to create a very strong
situation, especially in the cash article
Even those who believe in lower prices
for corn later on think it is unwise to
attempt to force a decline at this time.
Logan & Bryan.
Chicago, cars wheat today. 5, grade Q.
Corn, PAT, grade 16s-
Oats. IA, grade IS.
Minneapolis-Cars Of wheat year ago,
10; Duluth, 81
Argentine shipments: Wheat 100000;
corn, 3,470,000.
Australian shipments, $4,000 VS.. 49,
900 a year ago.
Russian news: Good rains are re-
ported in the neighborhood around
Nicho1ieff but failed to materialize IN
most parts of the interior. Arrivals OF