Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1909-04-08
CHICAGO GRAIN

Special service to The Herald by Dick Bros.
& Co. members Chicago Board of Trade, Brad
bury building, Los Angeles.
CHICAGO, April THE storm which has
been brewing for the wheat trade was felt in
great force today, both before and after Off
cal crop figures welA received. 1t did not re-
quire any large amount of wisdom to see the
remarkable strength In the wheat situation at
ter studying the events of yesterday while our
own market closed. The prices on the
other side are almost sensational. The strength
abroad and outside markets In this country
yesterday phenomenal, without leadership
In Chicago to encourage the bull campaign.
New York prices shot up quickly in response
to inquiries from abroad. Northwest markets
were higher on strong bids from London and
the continent. The trade was decidedly bull
| ish and greatly excited at opening when prices
were 21sc to 314c over the Monday close on first
| trades. From $1.25H May reacted because the
bull leader offered enough wheat to relieve the
lsituation. From Sill the July price reacted 20
around S1.10 because of the uncertainty about
| the crop figures due at II o'clock. When the
| Washington estimate of S2.2 was posted the
| July price jumped 1c instantly to 81. 11b. At
| ter little temporary reaction about midday
| the strongest market of the day developed the
| last hour, when prices were carried up to Sl23A
| for May and Slip for July. The market closed
| practically at the top. year ago the winter
| crop promise 4S4 900. 000 some estimates
making 1t as high 500, Goo 600. There was a
tumble to 43S. 900, 900 bushels at harvest. At
this writing the very best indication is about
42j 000 900 bushels not taking into account at
all the damage since April l. the aban-
doned acreage, which will not be made public
until the May report. 1t requires no stretch
of imagination to see a final crop this year
well under the 400, 900, 900 mark. Any yield of
this kind following present commercial and
cash situation will mean that the trade and the
country are yet far from the climax of this
advance in the wheat prices.
Corn started off strong with wheat. There
suddenly developed important liquidating sales
among some of the big commission people.
The buying power the market was exhausted
for the moment. AS the market weakened I'M
der liquidation stop loss orders in the local
trade forced prices off quickly. The last hour
brought good support and fair recovery in
net decline from Mondays figures. For to-
morrow the receipts are estimated at 15S cars.
Cash corn prices were 15c to &c lower. The
way the market ranged after the early dip in
dicates that there is little chance for important
decline while receipts are light and country
bullish.
There was no such weakness in oats as many
In the trade expected The market is without
leadership at present and follows corn closely.
There was a top price on hogs at the yards
today of S7.32ls. Receipts at all packing points
were 2,000 less than same day last year A
little early advance in the price of products
was met by resting orders the selling side
for outside account. Local traders took the
selling side at same time, forcing prices back
modera tely. Before close the provision trade
was largely in line with strength in wheat and
closed steady to 2lad5c higher than previous
trading days