Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1914-08-18
GRAIN REVIEW OF
THE PAST WEEK

| SHlCdgO, aug. IT, w meat piNS
fluctuated more than 10c last week.
The highest prices Of the season were
| made. showing gains Of 22@21c from
the low point June 80. A drop OF 1OA
| q 10Mc followed the bulge. The trade
Is recovering from its bullish attack
as the result of the war scare. but IS
long ways from normal.
Conditions surrounding the grain
trade are most unusual and 1t Is nee
essary to keep the exchanges open to
prevent business Generalization
! throughout the country.
When the exchanges closed there
would be no regular market Tor gram
and not only the grain trade. but mer-
camille and. manufacturing interests
would suffer as they are allied IN way
that the disturbance of one alfects the
others. There Is decided difference
between closing a stock exchange ana
q grain market. Grains must be cared
for and the exchanges are the only
place where business can be handled on
an economic basis.
The country was in excellent shape
for an immense export business IN
wheat prior to the breaking out OF the
war. A count among the export trade
last week showed that sales had ag-
gregated more than 100.oooooo bu. TO
the United Kingdom and continent.
A statement made by banker last
week said 100000 blu. wheat orig
inally sent to the continent, had been
diverted to the United Kingdom rms
given the latter an excess supply, ana
accounts for the sharp decline IN prices
there on both cash and futures. OF
ferings there are large, and Tor the
present exceed requirements.
Efforts are being made to reopen the
export trade, three cargoes being paid
for in Chicago last week. Should the
United States government follow Great
Britain France and Belgium IN assum-
ing war risks, 1t will help the situa-
ton.
The main trouble at present is the
financing, exporters demanding pay
nent when wheat Is loaded at United
States ports 1t is said that the ocean
transportation is less risky ou. eav
porters are not disposed to take any
chances, leaving it for foreigners to
assume the main responsibility.
Germany Is In worse position IN
regard to supplies than any european
country How long they can stand out
is uncertain.
It is the belief Of the trade that a re-
opening OF foreign ports to United
States food products should make
higher prices. as foreign countries nave
suffered severe losses to their crops
because of laborers being called to
ioin the army Should war continue
the prospects for winter wheat ana
rye crops next year will be curtalled, as
blowing and seeding a large acreage
is regarded as impossible. The future
price Of wheat in the United States
is expected to be governed waterway
by conditions abroad.
Wheat Situation {Bearish.
~ limited
states having rood markets forJall its
surplus products later on. In the mean
time the situation from purely do
mestic .tandpoint is regarded as bear
ish. AS the time for loading cargoes
natures. there is more or less cancel
lation. So far these have reached wen
into the millions Of bushels.
A factor that the trade IS Watching
and which is expected to have de-
pressing influence Is the hedging sales
against the northwestern spring wheat
crop, which Is beginning to move. AT
the same time come reports that farm
ers in the northwest are not disposed
to sell freely They have been advised
by the department Of agriculture not
to sacrifice their holdings. At the
same time the department Of Justice is
complaining about the high prices
which is decidedly inconsistent. Wheat
prices are not high as compared with
recent years.
Flour has advanced $1.2O from the
low point, which is not excessive, and
many buyers have been filled up.
With the government watching tor
all indications Of manipulation In the
markets, with the public stirred up
over the talk of high prices and with
the latent feeling that war should be-
get high prices, the trade is up against
a situation such as never has been pre-
sented before. No large operator or
cash handler cares to assume the bull
side to any extent.
Receipts last week were 4,922,00O bu.
decrease of l.42300o bu from the pre-
yious week and 1,299,000 bu over last
year. The season to date shows pri-
mary receipts of 80,oO0,000 bu In round
numbers, or 100000 bu more than
last year. Local shipments last week
were 3,243,000 blu, largely to Canadian
ports. Last year they were 1,412000
bushels
September wheat in Chicago closed
Saturday at SSAc. off &C for the. week.
December 94hc, off SIC. May $1.01M.
off SIC. AS compared with last year
spread between September and May is
12Ac, against Shc last year.
Southwestern prices are 5h @6hc
lower. Kansas City leading. North
western markets 5A@5Tc lower, and
Winnipeg off 5A@6Nc. and Toledo SC
lower.
Liverpool was the only foreign mar
ket open. Spot wheat there closed
4A@7hc, and futures TIC lower for
the week
Fancy prices were paid for corn last
week, SIC for contract grades. while
September touched SOAc, the highest
at this season in years. A break of S
@6c followed the bulge. Prices are at
a famine level. but low priced corn is
not to be expected this year.
The high price, and scattered rains
over a large part Of the corn belt states
Induced farmers to sell about $500 900
bu to Chicago dealers last week and
an increased movement is expected
This is said to be the last good run OF
corn this season. The eastern demand
is running on light stocks owing to
high prices.
Argentine corn is not to be factor
in the United States the balance Of
this season. It's surplus is estimated at
140, 0C0 900 blu, but difficulty in handling
exchange and obtaining boats is
against heavy shipments. and it is said
that light stocks are afloat for the
United States Cargoes Of Danubian
corn consigned to the continent are he