Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1914-01-06

WEEKLY REVIEW
OF GRAIN MARKET
| Wheat prices are on a good mer-
chandising basis and are about the
same as last year for May and INC
lower for July in Chicago. There Is an
interesting situation for the profession
al spectators, most Of whom are bull
ish, but they are not trading heavily.
, To the outsider the situation Is not
sufficiently pronounced either way to
| induce them to take hold to any extent.
1t was noticeable last week that the
market was we'll supplied with wheat
on the bulge, and buyers readily filled
up, while on the breaks the wheat was
absorbed. One big interest sells enough
privileges each night to give 1t control
OF the market and the speculative trade
is not broad enough to overcome Ito
effect locally. In the northwest there Is
stronger bullish sentiment. based on
prospects of lighter receipts. while
abroad supplies Of native wheat are an
important factor. and, although the
European visible is less than last year.
the difference Is not enough to be big
bull Influence at the moment.
Foreigners are not buying American
wheat to any extent although exporters
believe that good decline would
clearances continue large and include
good percentage Of Canadian wheat.
There are 100000 bu Of Canadian
wheat in bond in this country which 10
not included in the regular visible sup
, ply.
Look for Free Wheat.
| Indications point to Canada taking
re- Inf1 -xyIf will n wi O.
into the United States free. There Is
enough uncertainty in regard to the eff
feet of such a measure on our wheat
markets to keep the trade timid about
| buying too heavily at the present, not
| withstanding the belief that Canada
! has comparatively little wheat to sell.
! Looking at 1t in broad measure, 1t
will have a material effect on markets
Of e future, depending upon the size
10 e crop on both sides Of the inter-
national line. While the general belief OF
the trade Is that the wheat Is worth
the money. there apparently are too
| many operators who are willing to let 1t
go at that, as they assume that at the
moment there is little in the general
run Of news to make wide fluctuations,
and a range of &c or SC is all that most
Of the trade is looking for. There are
| few long range players, however, VINO
think that May wheat should sell at
81 this month.
Reduce Argentina Estimates.
| Argentina crop prospects continue
less favorable and estimates are being
reduced. The official report last week
estimated the crop at 100000 bu and
the surplus at 100000 blu. Another
authority makes the crop at 12S.5O0,OO
blu, the smallest so far. India Is not ex-
pected to have any wheat to ship, but
! Australia has 20,000,000 bu more than
| Hv y,
creased offerings, but they are not re-
! garded as very heavy although they are
running ahead Of last year
Local receipts the past week were
smaller than year ago and the ship
ments Of 4Os,0o0 bu were 100000 blu less
than the previous year.
! Six Months Movement.
Primary receipts for the six months
Of the crop year aggregate 225, 10000
blu or 100000 bu less than the pre-
vious year Chicago and Omaha are
the only markets Of Importance that
have handled materially more than last
year. Despite tho fact that the winter
wheat crop was the largest on record,
, the receipts at st. Louis and Kansas
City have been materially less than a
! year ago. The excess Of 100000 bu at
Chicago is due largely to spring wheat
being brought down from Duluth by
lake.
Price Changes for Week.
Nav wheat in Chicago closed Satur-
day at 91%c, up 17ac for the week, and
July s7Ac, up INC. AS compared with
| last year wheat is Nc higher and July
| 1hc lower.
st. Louis gained INC on May and
lost sc on July. Kansas City was 4 @
! 1Ac higher with May leading. The
| northwest gained 1% @2hc. Winnipeg
| M@1Ac and Toledo 1Rc. being $1.05.
| Spot wheat in Liverpool gained u q
J INC, the latter on No. 1 Duluth north
ern. Futures were unchanged to Nc
higher. Antwerp nc, Berlin nc and
/ Buda-P esth &c lower, as compared
with the previous week.
Read justment in Corn.
| A readjustment in both cash and fu-
ture corn values was on last week. The
! impression prevails that cash Is too
low as compared with futures. There
has been liquidation and a big decline
| in cash values to a point where they
seem reasonable. while futures are re-
garded as out Of line as compared with
cash, and the trade In general are as
bearish now as they were bullish when
prices were around the top Of the sea-
son. The trouble is there Is too much
poor, low grade corn, with too large a
| content Of moisture, for the trade to
take hold Of freely.
The belief has been that corn could
not decline to any extent because Of the
short crop. Conditions, however, have
been different from what the trade has
ever experienced. Mild weather has
been a big factor in saving consump-
ton. It has made an unusual quantity
Of wet corn and the trade is beginning
to realize that there is more poor corn
than expected. Foster, the weather man
predicts mild temperatures for this
month.
It is hard for country holders, espec-
tally those in the short crop districts, to
realize the actual conditions, and they
are mostly long cash corn and futures,
with q loss in the latter.
y Argentina Corn q Factor.
Those who have studied the corn
market closely. and were bullish at
higher prices, are now free to admit
that they are bearish, that the demand
has beat the bulls so far, and that Ar
gentina corn in the east and south has
cut more of a figure in the trade than
U.o penera1Iv S,lnposed ear1v in tho