Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1914-01-03
MARKET NOTES

Something Is radically wrong with
the cattle market and no logical dag
nosis Is available, except that consum-
ers are showing resentment at current
high cost Of beef by curtailing pur-
chases. There Is little beef anywhere
but at Chicago, and yet demand Is az
gravatingly slack Little foreign beef is
being imported, but even moderate re-
ceipts promptly set up an acute case OF
indigestion at the market. Cattle selling
at $7.25@S per cwt. have been as nearly
unstable as at any time in trade his
tory, and q more discouraged set OF
feeders could not be agined. year
ago feed was cheap and cattle high,
but those conditions are now reversed.
The cattle market Is on the sick list
and even strenuous applications Of the
rest cure fails to afford relief.
Hogs have crossed the Scent line at
Toronto, and yet the free trade en-
thusiasts talk about Canada sending US
cheap bacon.
Opening Of the new year finds the
wheat trade with ample supplies the
world over. Prices are on good,
healthy basis, There Is fair merchan-
dising situation. and a disposition to
buy from hand to mouth. There arc
lighter supplies in Argentina than for
years, the shortage being over 10000
to have enough to export this year to
cut any figure. Australia has 100000
blu more than last year. Prospects in
the United States are good: In fact, so
good that any change will be In the way
of decline In condition. The winter
wheat acreage, 36,506,000, is 8.6 per
cent more than seeded last year and s.
I,sx f<,AN = ~.A
so that there can be a serious loss and
still have the same area for harvest as
compared with last year. European
crop prospects are generally good, but
the European visible Is slightly less
than last year.
A cash handler, discussing the wheat
situation, says it has been easier to buy
spring wheat the past two weeks than
there Is a change for the better in the
speculative and cash trade, that prices
may sag off. A good decline, he believes,
will bring in foreigners as buyers Of
our wheat, as he anticipates that for
eigners will not be satisfied with the
Argentine quality. which Is expected to
be poor, and will want some good grain
from the United States.
The new year starts with May wheat
We higher and July 1asc lower. Corn
10000 higher. the latter on May. Oats,
6B @Sc higher; pork $2.921 @3 barrel
higher; lard $1.10@1.27h per hundred
higher; short ribs, s1.25@1.45 per hun
dred higher, and hogs are SEQ higher
than year ago.
1t would not be surprising to see
lighter receipts OF corn the next thirty
to sixty days, as country shippers have
lost money in shipping of late and may
want to buy corn on a much lower
basis. Farmers have the price making
power In their hands and can dictate
from now on. With a normal demand
present stocks Of corn can be used up
before spring. There is a short crop
this year, and a few sections will have
to take care Of larger part Of the
country for the balance Of the season.
So far the mild weather has reduced
consumption, but we are now In the
heaviest consuming months of the year,
when the supply OF rough feed becomes
exhausted and terminal stocks have to
be drawn on for supplies.