The San Francisco call., 1913-11-24
LEG|T innate BASIS
IN WHEAT PRICES
Supply and Demand Market
With Too Little SpecuIa-
ton to Boost

CHICAGO, Nov. 24.-Wheat prices
are on a good legitimate basis, where
exporters and millers are buying
fairly. 1t is supply and demand
market, and conservative traders say
there Is not enough speculation to
carry prices up very far. or sufficient
pressure from the bears to depress
them to any extent. Until the Argen-
tine harvest is over. it is not expected
that the trade here and in leading
European markets will feel disposed
to take unnecessary risks. =
In the United States prospects are
regarded as fine for the winter wheat
crop, but the Hessian fly has developed
In large numbers in Kansas and CEN
trail and southern Illinois. 1t is too
early, however, for the latter to be
much of an important factor. A
large cash business in hard winters
durums was closed last week, but
TINS had little effect on the specu1ar
tive market, as political and econoni-
cal conditions are rather against ac.
tive buying
In the four months ended October
81 the United States has exported
II. 600 900 bushels of wheat and flour,
or 100000 bushels more than in the
same time last year. A continual ton
OF tnis proportional aggregate for the
reInalnlng eight months of the crop
year would mean more than 100000
oo0 bushels, which would leave little
surplus 10 carry over next July. ~
S{n bulls regard the market as a
peheve values will advance materf-
any Iater Last year the lowest
prices for May were made November
4! 70, Wnen they touched AZ cents. Then
.ne ieading bears of today were BULL
ISM, and buying freely on the theory
lhaI prices We're too low and that ali
p9eaflshness of the big crop had been
discounted in the price. At present
they are short more corn than can
pc bought in within a weeks time
without making a sensational adj
vance, and say the bullishness of the
snort crop has been discounted in
the advance.
Firmness in cash oats and with. a
iatr iat srade and with no pressure from
hardly normal, had SUSTAINING ar
iecs i on values OF futures last week.
In race of light speculative trade. s
BRooMHALL's GRAIN CABLE
,LioNboN. Nov. 24.-Closing steadiness in
winnipeg Saturday and the advance in Buenos
aa. Aires, together with frmness ut Rosario
eansed shorts to cover at the opening here
m and prices were Ad to sd higher Following
,ne .s opening there was further support. and
prices showed additional gain Of ssd 10
1ed Private reports from Argentina are Of
hnIavorable conditions as regards weather
VIII Win much apprehension felt In the north
n
hoticeabie hrmness in Manitoba offers The
worlds shipments were large but the largest
percentage Is destined to the continent and
an European offers steadily held Shorts
an spectators supported and at 80 the
undertone was firm, with prices ed higher
than Saturday
Corn opened sd higher on the light worlds
shipments and scarcity of Plate offers Later
tnere was further advance of &c to 1c, with
shorts excited on the frmness in Plate spot
and the fact that Danubian offers were Sc to
&c In advance. with consumption liberal.
Later. as the demand became satisfied realfz
Ing developed and decline ensued as spot
demand did not follow the advance in fi-
lures At 1.30 p. IN. the undertone was
nervous and prices sd to SD higher than
Argentina-Rain is general in the west and
south. with the outlook for generally unset
tied conditions. Reports from all sources on
wheat are conflicting, but the outlook gener,
ally is favorable. If the weather keeps fine
during harvesting. Complains are free from
Entire Rios Of too much rain. and dry weather
is urgently needed
Words shipments: wheat--Last week
l5. 40 600 bushels; previous week Is O56 OO0:
last year. 14400, 600. Corn-Last week,
2 Us 600 bushels previous week, 3,197, COO;
last year, 1854, 900.