The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-08-18
THE GRAIN
wheat Declines weather. n Crop News
GOOd-COrn and Oats F1rmer -BuIlish
Crop Reports.

NnDOl- Mhu
crop Reports.
Wheat closed at q decline. owing mainly to
favorable weather and crop reports. financial
depression and liquidation. Early In the day
prices advanced a fraction. This was due
mainly to the fact that there was little dis
position to sell. Some local shorts covered,
owing to the absence OF offerings and also
because the worlds shipments were estimated
at only $500. 900 bush. But II the offerings
were small 30 was the bidding, and prices
soon weakened. The offerings increased.
stock market again slumped. the weather
news was favorable In the main and some
bearish crop reports we're received both from
the Northwest and the Southwest. while the
narrowness Of the speculation was In itself q
depressing influence.
The GENERALIZATION In the stock market.
however. Is by many regarded as the worst
feature Of the whole situation. Tn tele-
graph strike is also an important factor.
Both tend to cut down outside speculation.
especially for an advance. and also make pro-
fessional traders averse to taking any very
decisive sta 4 on either side of the account.
Yesterday the bears were favored by the
weather and Drop adv.ccs. The Northwest
ern crop news was more favorable than re-
Gently. There was less talk about black rust.
The Canadian Northwest. too. sent good re-
ports. Coburn, moreover. issued a crop re-
port placins the yield in Kansas at 10000. 900
bushels.
The downward movement of prices was
checked toward the close by covering OF
shorts. There was q certain amount OF new
buying but In view OF the fear OF further
unfa vorable financial developments few care
to take hold Of the long side except for quick
turns.
The cables showed unimportant cham yes
and had no effect. Liverpool was eed
to I'D. lower. Budapest declined equal to
&c. Berlin advanced hdS-lec. Paris was
closed.
Foreign needs are indicated to be larger
than in the season Just ended. and competitive
supplies will be less" said Oscar X. Lyle.
The fair deduction il our surplus wheat will
not go begging for sale. and the seller can be
firm in his price position. On the broken
down values there was Improvement in ex-
port business. A buying opportunity was
presented and may not 40 well appear again III
the feeling improves in financial channels.
The harvesting Of spring wheat is under way.
but two more weeks precede completion. IL
is not probable the result will exceed FOG. 200. 900
bushels. In a recent treatment Of the %statisti-
cal position a Liverpool paper referred to the
striking disparity In the reserves OF old wheat
in Europe and North America, calling them
liberal in the latter and almost exhausted in
the former. with exceptions in Hungary and
Rumania. where this year they will harvest
small crops. This situation favOrs us. Inc
ease in money Is passing away, and the light
ening of loanable funds is regarded a bearish
feature. Some of the prosperity OF the past
is being paid for. In the long run wheat
should bring more money. II Is not dear in
comparison with other cereals. and is a daily
necessity. In the two weeks to come, cIt-
matte conditions in the Northwest will have
much TO do in making prices
Corn was firmer in the main, though the
trading was dull and destitute Of interesting
, features. But some unfavorable crop re-
ports were received from the Southwest and
the Kansas State report put the condition
at "a. or 10 points lower than stated by the
recent Government report. This caused COW
the weather was favorable, and this tended
to restrict purchases. Liverpool was I'M
changed, Chicago received 1857 cars, includ-
inv 30 Of contract grade.
Oats advanced with the trading fairly active.
Excessive rains were reported In Illinois and
many unfavorable crop reports were received
from other sections. Bulls gave. support
and commission houses were good buyers.
Chicago reported only q cars Of contract
grade out of total arrivals there Of 403 cars.
THE sPor MARKETS.
Wheat on the spot was active. Sales,
500, 900 bush, mainly for export. No. 2 red,
lHc. under September. I. o. b. afioat for ex-
port: No. l northern Duluth, IKE. over.
Futures closed nc. lower. Sales. 100000
Corn va. quiet on the spot: Sales, $4,000
closed unchanged to &c. higher. No sales.
Oats were dull. on the spot. Sales. 5000
si6 SIC: mixed, 20 20 80 lbs, soc.
Futures were as follows: