Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1914-08-11
GRAIN REVIEW OF
THE PAST WEEK

THE PAST WEEK /
| Climatic conditions in this country
and Canada during the past week were
generally regarded as rather unfavor-
able. Advices from the Canadian
northwest told Of high temperature
and wheat crop prospects further low.
cred. In the spring wheat region this
side the International line high temp
eratures and dry weather greatly dam
aged the crop In more western dis
tricts and heat and rust caused furth-
er damage in Minnesota. Conditions
were somewhat unfavorable In North
Dakota. but the wheat crop is ripening
rapidly and harvest we'll under way. A
government estimate placed condition
at 1856 per cent against GAL July
crop placed at 236,000,000 bu. wheat.
100000 blu. less than one month ago.
In the winter wheat region the crop
over the more northern and elevated
ed under favorable conditions while
dry weather favored continuation
of threshing in other districts. August
l
placed at 675,00O.000 bu. In corn belt
favorable, although the crop is still
generally in good condition in the more
northern districts. 1t Is beginning to
deteriorate in central portions of the
belt to westward of the Mississippi
where the outlook has heretofore been
excellent and continued dry weather
IL ~ ot wi IN,
ed further deterioration. Over south
planted is nearly everywhere short, or
:, is very generally badly in need Of rain.
| The movement Of grain from the
farms and interior elevators during the
week just closed was very liberal In
the aggregate. Receipts at the lead
only fair, and still includes consider
ing In the west and southwest were OF
very fair proportions. In some sec
tons marketings were curtailed owing
to the money stringency. and ship
ments to gulf ports In consequence
checked due to lack Of shipping
facilities. War risks curtalled exports
via New Orleans and Galveston. Re-
ceipts Of coarse grain in the west and
southwest continue fair.
The speculative markets on change
were moderately active this week, and
trading while of moderate volume in
the aggregate, was little on the spas
modic order nervousness and inactiv-
/ ity being prominent features In all the
pits. Ordinary native news had little
effect on grain and provision values,
the all.important influence being the
news from the old world. The hnan.
cial stringency, more serious war de-
|yelopments, and issuing of clearing
house certificates for use between
banks at the large centers were among
the dominating factors at the outset.
Wheat worked lower for all deliveries,
but later the situation became hrmer.
and sharp rallies were scored. The
strength impaired was due to the &C
ton of the government in admitting
foreign-built ships to American regis
try. This admitted of resumption OF
export business in grain, meats and
provisions. The issue of $1,000,000 OF
emergency money also helped the mar
ket. At the higher levels recorded
there was realizing and proflt-taking
by longs but situation was quite
firm at the finish.
| An excellent trade was reported IN
cash grain during the week just clos
ed. Consignments were liberal, while
purchases to arrive were moro moder-
ate. Monetary conditions were easier
lowing to the fact that the Chicago
banks received $25,OO0,OOO In cur
rency from the United States treas
ury during the outset. but later on ex-
porters withdrew owing to the high
insurance rates and lack of shipping
facilities at the seaboard.
The winter wheat market has been
! unsettled the past week, and there has
been irregularity in prices, with spot
| wheat comparatively easier, and In
stead of commanding a premium, it
settled discount. This was due to the
fact that cash wheat has been accumu-
lating because expectation has been
/ stopped by the shortage Of freight
room, steamers being detained on this
side on account Of the war on the con-
! tinent, and also because OF the war
risks rates Of insurance. The shipping
business has been greatly interferred
with The lower prices which prevail
ed have checked the receipts somewhat,
interior holders evidently figuring on
| higher prices later on. But there were
vast quantities Of wheat bought some
time ago to arrive. and this is coming
forward and piling up at receiving
points. Prices ruled lower, declining
several cents below the closing point
| last week. The fresh arrivals met with
fair demand by local interests.
Not much business was transacted
in spring wheat the past week and
prices ruled little better than nominal.
Very small receipts prevented larger
trading A fair demand existed, and
| the few cars received met with a fair
demand Stock is well reduced-there
virtually Is no wheat in public ele-
vators, and this enables holders to gain
good premiums over the prices ruling
for winter wheat. A little new wheat Is
being received-only scattered cars.
Receipts for the week aggregated IL
cars, as compared with cars for the
proceeding week Withdrawals from
public elevators were 26,106 bu and
from private warehouses; no cars and no
bushels
In regular wheat prices for the week
closed 5@5Nc higher. The unexpected
happened from day to day in the war
situation abroad. and this made the
conditions and circumstances sur
rounding the wheat market quite UNI
| <La