Saturday news. (Watertown, S.D.) 19??-19??, 1913-10-09
Various Notes on
the Chicago Market

Chicago, October 8. Unless an
export demand develops for the big
surplus OF wheat held in the United
States the bears are likely to continue
in control. The only hope of the bulls
at the moment is for foreign buying
in addition to possible crop scares in
Argentina. r.
For about a fortnight the demand
for wheat has come largely for the
Canadian grown grain, and as Russia
has been pressing its wheat on the
Importing countries the United States
wheat has ruled slow-in fact, almost
at a standstill while the Canadian
and Russian grains We're absorbed IN
geodly amounts. There are heavy
stocks of wheat in the United States,
and supplies are growing without an
outlet at present. Holders of wheat
at Duluth are at sea as to the proper
course to pursue to get rid OF some
of their stocks, as well as to place at
least a part of the grain that is TO
come from the new crop.
Little wheat is being taken to 60 out
via the gulf gateway, and holders in
the Southwest are waiting a coming
of a demand from that section. In
western Canada the stocks of wheat
are liberal, and grain men in that
section say that the supplies will in.
crease until such time as the weather
cuts off outdoor work.
Heavy liquidation has been seen by
the longs at Chicago and elsewhere,
and unless something now invisible
should turn up in order to prevent |
further selling the trend of prices |
will likely be to a further downward /
course.
Corn developed pronounced weak
ness last week on the heavy liquid |
alton by longs-especially in the Sep h
TENDER future, caused largely by free h
deliveries of corn on September con. +
tracts which were unlocked for. The I
receipts here were 3,04l,0O0 bushels /
and the shipments 2.049,0 900 bushels. 4
The Armour Grain company, after 4
looking over the corn belt carefully, Z
estimates the yield this year at 2,40O,- E
100000 bushels, only 269, 900, 900 bush /
els short of a ten-year average, includ- i
ing the bumper crop of 1912. The Il
manager of that grain concern be. I
Heves that when the present price of i
corn is taken into consideration it is 3
out of line; that feedstutfs of other i
descriptions are comparatively low /
when the price of corn is considered, \
and that corn is likely to sell down (
ward. 4
The importation of Canadian oats i
mas cast a gloom over the camp of {
the holders of that grain raised in the 4
United States, 1t has driven many OF 1
h larger holders OF the cash and /
futures III OF their position, and
there are others inclined to put out i
shor lines for nearby futures. \
The bears have been quite aggres- /
isiEe, and the situation at no time has I
been inviting to investors. There are
some in the trade who are advising !
the purchase of oats on any sharp
price break, believing this grain will
be fed in larger amounts than usual
owing to the scarcity of corn.
The provision market will probably
continue stagnant until such time as
there is a vast improvement in the
demand for cash meats and lard
These products have been slow for
some time, and this may be laid at
the door Of a poor cash trade. 1t has
been expected that foreigners would
come into the market on a large scale
for meats and lard and that the south
would take goodly quantities, but this
trade has been disappointing.