Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1914-09-08
GRAIN REVIEW OF
THE PAST WEEK
predominates the

THE PAST WEEK !
War sentiment predominates the
grain trade. Prices have advanced ON
speculative and export buying OF wheat
and oats, and on covering by shorts IN
corn to the highest level in more than
twenty years, A new set Of buyers take
the place Of those who drop out from
time to time by securing profits.
There has been an advance OF 44a q
47kc in wheat, 20A @25Ac on corn, and
TN @20%c on oats from the low price
of the season. Many OF the spectators
who have bought on the war theory
have placed stop orders on their hold
ings, which makes the technical pit
situation rather precarious. Should q
big selling movement start 1t might
easily reach the stop orders and create
stampede and a bad break, which 10
likely to come in any war market when
the situation is strained. Bulls believe
that whenever there is sharp break
it should be taken advantage OF to buy,
as they look for higher prices ulti-
mately.
Have Holding Fever.
Farmers have the holding fever, but
a certain number need money enough
to sell grain at these prices. which
makes the aggregate movement above
the average for this time Of the year.
The United States and Canada are ex-
pected to contribute a larger part of
the European requirements this sea-
son than usual Their combined ex-
portable surplus Is estimated at about
37500o,0oO bu. Last year the worlds
import requirements were 665,000,000
blu. of which 116, 900 900 bu were to Ger
many and Austria. This leaves net
of 549,OOO,000 bu. for the other coun-
tries. On this basis the American sup
ply Is about two-thirds Of the imports
Of other countries which can now be
supplied.
Buying by England, France and all
the other countries except Germany
and Austria was so large last week that
it created wave Of speculative pur-
chases which carried the market away
from the conservative element and ad-
vanced prices 21Ac to &c over the low
point Of the previous week, making
about one-half the seasons advance in
two weeks, with but small reaction
from the top figures.
Buyer for Every Seller.
It was case of one buyer taking the
Of buying by shorts, and by millers who
made large sales of flour and were TAX
ing futures as protection. Some Of the
export houses are said to have removed
their hedges, and are standing long
their cash wheat.
The advance induced more liberal
sales by the southwest, west and
northwest as farmers are we'll along
with their blowing and thrashing. and
those who need money are expecting
81 or better for wheat, price which
seemed impossible sixty days ago.
The change that has taken place in
that period has been one of the most
remarkable, and new history Is made
daily
Prospects are that there will be a
good movement OF spring wheat in the
particularly AS farmers there are hard
up and need the money, and are get
ting a good price for their wheat.
There has been readjustment be-
tween the spring and winter wheat
markets, the former having declined to
a discount under the latter for the
first time in many months.
Mills Have Large Trade.
The northwestern wheat crop IL no
larger than the milling and seed re-
qutrements, so that mills there are
buying winter wheat to make up the
deficit All the flour mills are busy
on domestic and export business and
are sold two to three months ahead.
Primary receipts since July aggre-
gate 1o9,ooo,0oO Blu. or 23,OOO,0o0 bu
more than last year. Export clearances
Gus records and are averaging about
100000 blu per week.
Prices on all feed and foodstuffs de-
pend largely upon the duration Of the
European war. The countries engaged
in the conflict have an annual produc-
ton Of 1,732,o00,000 blu wheat, 1885,
100000 bu rye. 2,soo,ooo,ooo bu oats
and 456,oo0,OoO bu corn.
Prices Changes for Week.
September wheat in Chicago closed
Saturday at $1.19k, December at
$1.2aA, and May at s1.29k. showing
gains of 10H @12hc for the week, with
September leading, and 30B $3.50 over
last year.
Southwestern markets are up 10M
@14Ac, with Kansas City September
leading. The northwest is 6A@7%c
higher. Winnipeg 5h @6%c and Toledo
10%c higher for the week
Foreign markets are higher, but
cables are generally a day behind. due
to censorship.
Weakness in September and strength
In the deferred futures was feature
Of the corn market last week. Heavy
buying by shorts advanced the de-
ferred futures S@8Ac over the low
point Of the previous week and they
.SAOocu we'll .OWdIO Tie lOp.
Practically all the selling for Decem-
Der and May Is short stuff and there
Is little corn pressing on the market
against such sales.
Receipts have been larger than gen.
orally expected and with poor do
mestic demand stocks have accumu-
lated and sales Of over 100000 blu were
made during the week to 60 to store.
Sentiment If mostly bullish, notwith-
standing the fact thai prices are ex-
tremely high.
Indications that the corn crop will
be but little larger than last year. prac-
tically making two successive short
crops
Where the corn crop has had plenty
Of rain of late it has improved the con-
dition and made a vast amount OF
forage, but a majority Of the corn
traders are not looking for low priced
corn this year, although they admit
that there may be numerous breaks
from time to time.
Receipts at Chicago last week were
3,324O00 blu, a large run for this sea-
son and $4,000 by over last year. Ship
ments were 2,05S,0oo bu. against $685.
900 bu last year.
nj