South Bend news-times., 1915-07-02
SPOT WHEAT IS
SCARCE ARTICLE
Means Shorts Will Have to
SCOur the Country For Grain
or Else Bid Up the Price in
the Pit.
Bx Joseph i. PritcI.nrd.

CHICAGO, July Spot wheat is a
scarce article at Chicago There are
in all positions only $4,000 bushels
and of this there are only 100000
bushels contract. This condition means
that short are in a dilemma That they-
must scout the country for cash wheat
and bring il here for delivery or July
contract or they must go into the pit
and bid up that future. there will be
more or less competition from those
who are now short Some OF the more
conservative cash handlers of wheat
advance the opinion that with pres
ent modern machinery used on the
farms Of the winter wheat belt ii viii
take only a short period To prepare
large amounts Of wheat for shipment
The question naturally arises.
VIII the new wheat be in condition
for delivery on July cOntracts2" Be
cause OF the long drawn out rains and
the natural consequence of tough
wheat there is a possibility Of the
longs in the July future giving the
shorts some trouble before the grain
IS accepted on contract even if ten
dered- The larger shorts profess TO
be in an easy position as they say
that there viii be enough merchanta-
bic wheat here for delivery on July
contracts to even up the positions Of
those who are now believed by many
10 be at the ,nercy of the longs.
The July wheat future at Chicago
sold between $1.O6 II and $1.OS 1-2.
closing at $1.07 IA compared with a
closing Of S1.06 5-S on Wednesday,
The early gains in the July was on a
rush of buying orders from shorts,
many of whom are located outside Of
Chicago. There was no changes in
the more deferred months. Minneap-
oils had a sensational advance in
wheat Thursday, the gain amounting
10 six cents. The upturn was in July
Sales of cash for export were finally
estimated at 100000 bushels wheat.
mostly new crop anc $4,000 bushels
Of oats.
b. w. Snow. the well known crop
expert, estimates the condition of win
ter wheat at S3-2, indicating crop OF
664.000,000 bushels. Conditions of
spring wheat 92.7 and indicating crop
OF 295.0OO, 600 bushels, or "A total Of
959. goo. 600 bushels compared with
S91. 100000 bushels harvested last
year.
The condition Of oats is 92.7. indi-
eating a crop of 1,3S9,000,0O0 bushels.
The acreage of corn is 16,263,0OO
showing an increase over last year Of
100000 acres. The condition Of
corn is S2.3.
Corn was is a. 5-Sc higher Thursday
and still the price changes were rather
narrow. There was some strength on
the advanced premium for spot corn
and rather cool weather over the west.
The b. w Snow report as given above
was considered bearish. Clearness
from the seabOard were 211,000 BUSH
els.
oats closed is a Use higher. The
cash sales here were 315, ,OO0 bushels
F,r.Tas ff.rs
export. Those who have sold this
grain 10 foreigners are. il is said, hav-
ing some trouble in filling contracts.
Premiums here were again advanced,
standards selling 4 lie over July in
store There was some hedging in.
the September future.
There were free deliveries of hog
products on July contracts. the pork
sent out amounting to 81. 500 barrels.
the lard 43, 500 tierces and the ribs
1850. 600 pounds Considerable of this
product found its way into the pit and
caused weakness ClOsings however,
were about steady. as compared with
those of Wednesday.