Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1914-04-14
The Courier's Complete Marketsof World

fact, any time that prices in this coun-
try are on an importing basis and Ar
gentina or any other corn surplus pro-
ducing country has big crop.
To see corn shipped 5000 miles and
competing with corn that has to be
moved only 900 to LOO miles is de-
cidedly new feature in the grain trade
here. Looking at the market from a
supply and demand standpoint, it does
not appear as il the bulls can maintain
his position for more than the next
fifty days. if that long. or until the
end OF May, as the bear sees it. As
many i'm the trade view it. should the
shortage in May be as large as claimed
by the bulls. their position may TECH
nically be right. They have lot Of
May bought. and one of the largest
holders of May is credited with having
yellow corn sold throughout the east
for deferred shipment, He will get No.
mixed on ii next month, and the
question remains to be seen as to
what he will do with it,
A local cash handler, In discussing
the situation, SAYS: "The eastern dis
tributors have lot Of corn bought for
shipment up to next September at high
prices. Most of them have loss in II.
Do you suppose that they want to see
Argentina corn coming into their Sec
ton and selling at lower prices? No;
it is not believed that they do. But 1t Is
coming there, and selling at lower
prices than they can sell our corn for.
This is why they are sending in re-
ports about eastern consumers not lik-
ing the Argentine corn 1t has less
moisture, and for chops is regarded
as better than our productions"
make large amount Of money In a
few months spectators and cash
handlers must be absolutely right, as
no one Is strong enough to control the
market. Should the position Of the
May bulls be right they may secure
good profits: If not. they may have lib
eral losses. as prices rs 1aA 612c over
last year, tho latter on May.
May Shows Nervousness.
A feature In the market to which at
tention was called by many operators
was the decrease In the volume OF
transactions in May and its extreme
nervousness. within a range Of 1ssc
The disposition on the part of the bears
was to oversell on the weak spots and
then cover when the market showed
strength. Some of the largest shorts
covered May and resold for July and
September. MAY went to a premium
over the deferred futures. and cash
worked nearer the May, which was
factor in favor of the bulls Outside
cash markets showed strength and ad
vanced early In the week, and broke
sharply at the close.
Chicago received $4,000 BIZ last week
or $4,000 bu less than the previous
week. and s11 900 bu under last year
Shipments were 1,1o7,o0O blu. against
a23 900 bu last year. AS local stocks de-
creased more than they should have
done the previous week owing to the
transfer OF grain from special bins to
regular" the decrease in today's re-
port may not he as large as the differ
encc between receipts and shipments
indicate. Indications are that the run OF
corn here the balance Of this month
will be light.
May closed Saturday at 6Sb m6SA G,
UP u @ n C for the week; July at 67Rc,
off sc. and Sept. 6T6sc. off ssc.
Wheat New Bearish.
Most Of the news in wheat last week
was bearish, but the aggressiveness Of
the bears in overseling on declines
prevented n Lad break. The govern
ment report, given out Tuesday. was
more bearish than expected. showing a
condition of ai.6, the highest on record
for April. with the exception Of 1903
650, 900 blu, and as the department fig
ured it. allowing for the average de-
terioration to harvest, suggests final
crop of 551 100000 bu. or $4,000 900 blu
more than the record harvest Of win
ter wheat last year. Seeding In the
spring wheat country northwest has
been delayed by cold, wet weather. and
nothing has been done in the Canadian
northwest. In Europe the crop outlook
is fairly good.
Export Trade Slow.
July and September wheat are SELL
ing at near the lowest April price in
the past six years Export trade is slow
and disappointing. Flour business Is
light and our export clearances indi-
cate around 500 100000 bu for tlK
On this basis it will mean total clear
anccs from the United States for the
ten months about 100000 bu, against
122.O0O.OOO bu last year. Decreases in
the visible supply are in order at this
season. Holders of cash wheat here are
shipping it out and No. 2 hard is being
offered at Nc over May free on board
ears. There has been lot OF May
liquidation and more is looked for
At the momenet there Is enough
bearishness in the crop outlook to keep
the bulls in check, and at the same
time the trade is so light that bears
oversell the market on declines, and it
reacts quickly. Under these conditions
the impression OF traders is that there
is to be narrow market until some
thing happens to create more business
or influence prices materially.
Receipts at Chicago last week were
255, 900 bu. or $4,000 blu under last year
Worlds shipments are running mater
tally nndcr last year, and Europe is al
lowing its supplies to run down to
rather a dangerously low point
May wheat in Chicago closed Satur-
day at 81 "a 0p911 nc, up hmAc for the
week; July, sG% Gs7c, and September
$3.50. showing losses of B0p4c. AS
compared with last year. May is up
1sc and deferred futures 2ss M2Mc low
err.
ST Louis closed MmAc lower. Kan
sas City %c lower, the northwest "a %
hc lower, Winnipeg hM%c lower and
Toledo "a @ sac lower.
Spot wheat in Liverpool closed UNI
changed to 7sc lower and futures un-
changed to nc higher the latter on
July. Paris was hGD%c higher, Ant
werp Sac lower. Berlin ! re lower and
Buda -Pesth ssc higher
Liquidation on in Oats.
Moderate liquidation was on in oats
last week, and with the help Of hedg-
H.. i a n No