The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-11-06
WHEAT MARKET IS
FAIRLY STEADY
Weakness Occurs Early Owing
To Argentine Reports
SHARP RALLY NEAR CLOSE
Corn Market Is Weak All Day, With
General Selling and Closes at a
Lower Prce-oats Weak.
Provisions Steady.
SHARP RALLY NEAR CLOSE

Chicago, November 5-Fresh news of
reassuring nature regarding the Argen-
tine crop caused weakness in the local
wheat market today, but active covering
by shorts late in the session resulted in a
firm close with prices almost unchanged
compared with the previous close. Corn
and oats were weak, but provisions were
steady.
The wheat market opened 1s@Ac to &c
lower following a decline of SOLID at
Liverpool, and during the greater part of
the day sentiment was bearish and fur
Their decline of about 1ac was recorded.
In the final hoAr, however, the market
rallied sharply, and all of the loss was
regained, closing prices being unchanged
to 1sc lower, with December at $3.50 and
May at $l.033s. The Argentine situation
was the chief influence in the local mar
ket, although slump of nearly Is in
corn prices had a marked effect. The
feature of today's news from Argentina
was an official statement which estimated
that the recent frosts in that country had
resulted in loss of about 24,000,OOO BUSH
els of wheat. In view of the fact that
this years acreage was considerably in
excess of previous years acreage, the
amount of damage was generally consid-
cred not alarming.
Today's advices also claimed that the
weather in Argentina was more favorable
for the new crop. The sharp bulge at the
finish was due to heavy purchases by a
leading elevator interest which caused a
lively scramble among shorts to cover
sales made earlier in the day. The de-
mand was inspired to some extent by a
report of large sales of wheat at Win
nipeg and Duluth the past two days was
in the neighborhood of 200 boatloads near
ly double the amount previously report
ed from those two points. Demand for
cash wheat here was slow and no export
inquiry was reported. New York report
ed fair demand for cash wheat, but no
available sales for export.
The clearances of wheat and flour were
equal to 1,O45O0O bushels.
Primary receipts were 96S,000 bushels.
compared with $4,000 bushels the corre-
spending day a year ago
Minneapolis, Duluth and Chicago re-
ported receipts of 727 cars, against S55
cars last week and 4S1 cars a year ago.
The corn market was weak all day, and
prices at the close were s4@3sc below yes
terdays final quotations. Selling was gen
eral throughout the entire session and
the principal demand came from shorts.
A report of local crop expert was re-
sponsible for the larger portion of the
selling. This report estimated the new
crop would yield 26.S bushels per acre, one
bushel per acre more than figures given
out by the same authority month ago.
A decline of 1si11ac in the price of the
cash grain was an additional bearish fac
tor The weather conditions were still
favorable for the movement of the new
crop and receipts are increasing. Local
receipts today were more than had been
estimated, being las cars with four of con-
tract grade.
Oats were weak the entire day, owing
mainly to the weakness of wheat and
corn. The cash market, however, was
firm because of continued light receipts.
The market closed weak, with prices A@
5sc lower, the December delivery showing
the greatest loss. Local receipts were 1879
cars.
Provisions were weak as result of an
easier tone in the live hog market, and
because of the slump in corn. Late in the
day firmer tone developed on buying by
shorts, and the market closed steady.
with prices a shade to 21kQ5c higher
Leading futures ranged as follows: