New-York tribune., 1908-09-02
CHICAGO GRAIN AND PROVISIONS.

Chicago. Sept IAN advance of nearly 2 cents in
the price of wheat for September delivery oue
to urgent demand by shorts. caused senerai
strength in the wheat market to-day, prices at
the close being up sc TO &c to 11se Corn and oats
also strong but provisions closed easy
Interest in the wheat market centred In the
sharp advance In the price of that option grow
ing out of its congested condition The market
strong ell day. and closed at almost the .op
point At the opening. prices were a snade lower
to sc higher, first quotations on September oeins
at $3.50 to e5Fsc, and December at a5Ac to so1ac
moderate advance at Liverpool was partly respon-
sble for the initial frmness. Shorts and cash in
terests were active bidders for the September de-
livery early in the day, and continued to bid freely
throughout the entire session. The general news
of the day also helped to strengthen the market.
One of the principal factors of bullish nature
was an estimate the worlds crop OF wheat,
made by the Hungarian Minister of Agriculture.
which placed the entire yield this year at 550oo 900
bushels less than last years crop. This estimated
falling off together with the generally recognized
depletion In the worlds reserves, II was claimed,
made the position of shorts very perilous one.
At the time the cash wheat situation in the
Northwest also bullish. the markets there
ruling strong. despite liberal receipts. Red winter
wheat In the cash market here was firm, but the
hard winter varieties, which not deliverable
contract were inclined to drag. The highest point
reached by the September delivery during the day
was 971k. December in the meantime sold up TO
sshc TO 96asc. The market closed strong September
at 96%c and December at 961sc Deliveries on Sep
tember contracts to-day $50 600 bushels. Clear
ances of wheat and flour equal to $4,000
bushels The worlds visible supply. as shown by
Bradstreet's increased 2,775 600 bushels. Primary
receipts S71.000 bushels compared with 1885,,
900 bushels the corresponding day year ago. Min
neapolis Duluth and Chicago reported receipts of
75S cars against 4A cars last week and 754 cars
year ago.
The failure of the predicted frost to materiaze
last night in Nebraska caused considerable selling
of at the start, which resulted In slight weak
ness. The market. however. became strong.
owing TO active buying by local bulls, the Septem-
Der delivery showing especial strength. One of
the chief bulEsh factors the report of a local
crop expert, which claimed that the new crop
of in the United States is the poorest con-
dition of any since 1901 and which indicated a
total crop of $3.50 1900 bushels Prices at the
| sample tables 11c to 1c higher, and sales
estimated at 10000. The top price for Sep
tember reached at 7915c and a high record
mark for the season The market closed strong,
with prices up &c to &c, September and December
closing at the top, at 1890 and 67Sc respectively
Local receipts 407 cars. with 104 of contract
grade Sentiment in the oats pit was rather bear
were nearly 100 than had been gener-
| ally expected. The market. however, soon fol-
| lowed other grain in their upward movement and
continued firm the balance of the day. leadirg
cash house was of the chief buyers. Cash
| prices were up 1ac, and sales estimated at
27500 bushels. The market closed firm with prices
up ac to &c 20 9sc Local receipts were 427 cars
Liberal receipts of live hogs at Western pack
! ing centres caused weakness in provisions senti-
Inent being bearish all day. Deliveries of pork
| ON September contracts more than was ex-
pected, and that tended to weaken values The
market closed easy, with prices unchanged to 171ac
| lower.
| Estimated receipts fer tomorrow: Wheat SIS cars
corn, 1872 cars; oats. 21o cars and hogs, 1900 head