Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1914-02-17
GRAIN REVIEW OF
THE PAST WEEK

Weather conditions in this country and
Canada during the past week were
generally more severe and WintrS
Temperatures at the outset in the west
and middle west ranged from to 20
below zero and in some sections caused
growers some little concern, especially
in districts where there was a lack of
snow protection. Reports from Texas
claimed some damage to oats as q re-
suit Of the severe weather, but adVlces
from the winter wheat belt as whole
were quite favorable and while some
damage may result later from alternate
freezing and thawing, conditions at the
present time are quite satisfactory.
The movement of grain from the
farms and interior elevators during the
week just past was very fair in the ag-
gregate. Marketings In the northwest
We're only moderate. and arrivals at
leading distributing centers continue
! comparatively small. Interior reserves
in that section are steadily increasing.
In the southwest wheat deliveries hold
up remarkably WE'LL and corn came for
ward quite freely, with further impor-
tations via Atlantic ports. In the middle
west and west the movement Of grain
was moderately liberal Locally the re-
ceipts were only fair, considerable
wheat still being offered by the, west
Shipments of grain were moderate ana
arrivals at the seabqard fair. Exports OF
tbreadstuffs We're somewhat larger tnan
, the week before, but light OF corn. New
bookings continue moderate. According
to the official visible supply, as compil-
ed by the secretary of the Chicago
board Of trade, there was decrease IN
wheat, oats and rye and an increase In
corn and barley.
Rather a good speculative business
was transacted in the leading grain
! markets on change, while trading IN
hog products was of more moderate
volume than that Of the week previous.
Mid week holiday tended in measure
to curtail operations to some extent
! Wheat was somewhat unsettled but the
tone at the last was fairly firm. Values
were higher at the outset due in part to
buying by warehouse interests. presum-
ably due to taking off Of hedges on the
wheat destroyed in the Minnesota ele-
vator annex Saturday night. The de-
mand melted some buying by local pro-
fessionals but values broke back 70
| former levels again as soon as IT was
satisfied. There was further selling Of
wheat to arrive here from Kansas City
and Omaha terminals, which with the
prospect Of warmer weather through
the winter wheat belt induced scattered
| liquidation by holders Domestic statls-
! ties were publish" while those from
| abroad were moderately "bearish' A
better class Of buying developed on the
| decline due in part to somewhat I'M
, proved rchandizing conditions, part
| ly for export account. There were addi-
| tional cables claiming reduction IN
the exportable surplus OF Argentine,
which shippers now place at 4S,OOO,0o0
blu, but there are others who place the
surplus as low as 36000,000. Shorts
aided in making the advance but at the
! higher levels recorded there was profit
taking by holders and most of the gain
was lost.
| Corn weakened at the outset because
of increased arrivals from the interior
and some little further pressure by cash
houses and scattered longs" Offerings
at the hands OF longs were also larg-
er, while the support needed was not IN
evidence Prices worked lower for all
deliveries when the demand improved
and situation bcame firmer. Shorts
covered on the upturn. the change In
sentiment being due in part to the bulge
| in wheat. Oats started higher like
| wheat due to buying in the way taking
Of hedges against the losses in the ele-
vator fire. Offerings were fairly liberal
on the advance and recessions followed,
when the demand again showed i'm
provement and the tone became strong
! err. Realizing by longs" followed the
swell and part Of the gain was lost.
! Provisions were moderately active, with
values lower at the finish. The entire
list ruled weak. Offerings were liberal
while support was poor
The trade In cash grain the past week
was only fair. Consignments were fair
, for the season and purchases to arrive
moderate. Demand for wheat little
. improved Offerings fair. Prices steady
| early and firmer later in the week.
Corn in moderate demand and offerings
fair Oats also easier. Demand only fair
and supplies moderate.
! WHEAT-While the volume OF BUSH
ness in this market was only moderate
| the feeling was one of nervousness, and
closed unchanged to &c higher There
| were several important sustaining fac
tors available. The more important was
probably the losses reported in the Ar
gentine republic, and the consequent
reduction In the expOrtable surplus of
that country. These new and lowered
| estimates ranged between 36,000,000 bu
and 4800O0OO blu. In addition to the
smaller yield is the poor quality Of the
grain A Liverpool special cable in re-
ferring to the short crop Of Argentina
says in part: 1.-THE shortage in Argen-
tina Is not Delng 1elC 10 Il marked Qe-
gree, as their good wheat is being held
! above an export parity and most Of the
| offers are poor grade, and Russia and
European offers are larger and increase
on each advance" A great deal of the
winter wheat country was exposed to
the abnormally low temperatures early
in the period under review. and the
/ claim has already been made that win
ter killing on a large scale will develop
! later on. 1t will be some time before
iany conclusion may be arrived at as to
possible losses. Growing weather of a
week or fortnight will show the con-
dition Of the growing plant and it will
then be seen whether there is to be a
big Dull" market with higher prices, or
"bear' market with declines. Late in
/ week there was snow all over winter
wheat belt sentiment was 'bearish" in
consequence. Holders Of wheat in Ne
braska, Kansas and Missouri, and who
have, been selling freely for some little
! time past have refused to part with
| any more wheat around present prices
owing to the fear Of a possible crop
scare with growing weather and an adj
vance in prices. There was a smaller
trade in cash wheat on milling and ex-
| nor+ .ccouyt a. Committing countries