Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1914-09-15
GRAIN REVIEW OF
THE PAST WEEK

way Of longs who are taking pronts'
and especially from shorts.
Bears have apparently got their sec
ond wind and having recovered from
their fright, are more disposed TO sen
on all bulges, and to press the Market
when it turns weak. For the time pc
ing the markets are expected to De
more two sided. Sharp fluctuations are
likely as long as the war lasts, ana
quick recoveries after breaks are an
ticipated. Values have been advanced
with unusual rapidly Of late and the
natural reaction last week was due.
Wheat prices last week lost the gain
OF the previous week, under heavy re-
alizing, hedging and short sales. Pub.
lie buyinz was less enthusiastic and
selling more aggressive.
Farmers in the winter and spring
wheat country sold literally as many
received on an average OF $l or Detter'
and primary receipts were nearly the
largest on record, aggregating almost
100000 bu.
Since July primary marketing mas
been 124,000,000, an Increase or zGooo'-
900 bu, or 28.3 per cent over last year.
In ordinary years farmers would be
glad to sell at 81, but ) with the war
fever on, and the belief that the Euro
pean conflict is to last possibly year.
the outlook for foodstuffs is not re-
garded as favorable to lower prices:
Foreign authorities predict tnAs
America, Argentina, Australia any
India will not be able to raise enough
grain newt wear to offset the losses that
are liable to occur in Europe as q re-
suit Of the war There have Deen
heavy losses to the present crop from
armies in the field in France, germany,
Austria and Belgium. Europe Will nave
to be supplied from neutral countries
and their wants are expected TO eXceeo
the ability to furnish. go
Foreign governments have tne ieeu-
ing proposition in hand and are look
inc after. supplies. as they are buyers,
and naturally they will want TO geI
them as cheaply as possible. On tne
other hand the United States, WIN us
exportable surplus Of 3OO,OOO,Ooo pu
wheat. is in position to dictate prices
to a greater extent than for years. -,
Declines last week developed no
eral export business Cables Saturoay
said Italy, Greece. Holland and scan
dinayia were inquiring for wheat anu
flour. Millers report that they are get
ting numerous inquiries for wheat and
rye flour from abroad. Canadian ana
English millers are running az 1ull ca
pacity. The trade in general looks TOT
every good decline to bring IN buying
orders. Traders are watching the war
news more closely. many expecting
that Austria will sue for peace WITHIN
a few weeks. They oelleVe una ..s any
concerted peace movement Will result
in free selling Of grains. particularly
wheat, and sharp declines in prices.
The export situation is clearing up
old business is being well cared lot,
and bears say that new buying will
have to increase materially to Keep
values at the present level. Seapoaru
clearances last week were smaller' put
above the average Of recent years. II
10 said that the durun wheat in the
northwest is rapidly being sold for ex-
port.
Maritobas are being taken more free-
ly as they are becoming available. me
movement in the Canadian northwest IS
heavy from financial necessities. and
is expected so to continue 50 long as
the weather is favorable.
Corn Crop Surprises Bulls.
Developments In corn last week were
more favorable to traders on both
sides. The range Of prices was DC, the
TOP figures being below the high level
Of the previous week. The government
report. given out Tuesday, showed q
600 900 900 blu, or about 10O,0OO,OOO bu
more than the bulls anticipated, but
"a. OOO, 900 blu short of the August report
and 100000 bu over last years. IL
Is a short crop, however, and supplies
for the year promise to be smaller than
the previous years, as the carry over
IL very small, while last year 1t was
large from the big crop Of 1912.
Liquidation and short selling follow
ing the issuance Of the crop report,
combined with liberal rains over the
corn belt, which will help the late crop
and make lot Of forage and had
depressing effect.
Cash prices were depressed early py
heavy receipts, but later reduced oner-
inrs nut No. 8 mixed corn from a dis
count to slight premium over sep
TENDER. Indications are that the big
movement has passed and that small
receipts Of old corn are to be expected
for the balance Of the season.
The cash demand was fair and ship
ments for the week 100000 blu, against
receipts of 2,433,000 bu, the latter be-
ing the lightest at this time IN over
four years ana l'11S'ooo W less 'A'l'
last year.
Many traders look for lower prices
for December and May corn and sem
timent at the close was more bearish
than for many weeks. The short inter-
est is also said to have been increased,
but on the outcome Of the season is
bullish.
Foreigners Buy on Breaks.
"A
oats early in the week. which was
changed by liquidating sales and a
break Of 596c from the high point Of
the previous week.
There is a general belief in the trade
that oats around present values are
good property and professionals and
the country are disposed to buy. On
all dps foreigners were good buyers,
and they are expected to be, as the
United States and Canada are the
only countries having surplus that is
available for immediate export and
New York estimated that over 15,000.-
900 bu have been sold so far Many OF
the standard oats taken in on Septem-
Der contracts have been shipped east
and sold abroad.
Primary receipts since August ag-
gregate $4,000, 900 blu, or 100000 bu
more than last year. Chicago has re-
ceived 100000 blu, or 100000 bu
more than last year.
Liquidation most drastic was on in
provisions last wetk and the close was
at the bottom, with September pork
off 1920 and January $2.62tz per bbl
Lard lost $102h Oils and short ribs
65c@s1.05 per 100 lbs.
Pressure on lard was due largely to
A.. loohil;<,, fo rnaka sales IN Coryna ~