The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-11-05
WHEAT MARKET
IS VERY ACTIVE
Prices Make Sharp Advance
But Close Unchanged
FROST DAMAGE NOT HEAVY
Corn Opens Strong and Prices Ad-
vance In Sympathy With Wheat,
But Do Not Hold-Oats and
Provisions Steady.

Chicago, November 4.-Reports of I'M
favorable weather for the new crop in
Argentina caused a sharp bulge in wheat
prices on the local exchange today but
all of the advance was lost on profit
taking, prices at the close being UNI
changed to a shade lower, compared with
Mondays final quotations. Corn closed
weak; provisions were steady and oats
strong.
The advance in wheat occurred on in
itial transactions, the prices established
in the first few minutes of trade being
the highest of the session. Prices at the
start were up nc to 11sc compared with
the close of the previous session, and
after holding near the high mark for
time they gradually declined and at
the close were at the low point of the
day. December closed at $3.50 and May
at $1.03ss. The bulge at the start fol-
lowed an advance of nearly I'd at Liver
pool, which was due mainly to reports
from Argentina which stated that the
weather there was cold and wet Sew
eral large bulls were active buyers, and
, this started urgent covering by shorts.
After the f1rst half hour the market lost
its buoyancy owing to the later dis
patches from Argentina. which minimized
to some extent the unfavorable conditions
in that country. One report claimed that
a statement given out by government Off
Gals estimated the wheat acreage dam
age at II per cent of the total acreage,
. and that If weather continued favorable
the total crop would be about the same
as last year. Export news was favor
able to the bulls, an excellent demand
being reported at Duluth and Winnipeg
where As boat loads were taken for ship
| ment abroad.
Clearances of wheat and flour were
equal to 551, 900 bushels. The worlds Wis
ible supply, as shown by Bradstreet's,
was 2049,000 bushels compared with 1885,
600 bushels the corresponding day year
ago. Minneapolis, Duluth and Chicago
reported receipts of 1910 cars, against $50
last week, and 535 a year ago.
The advance in wheat caused a firm
opening in corn, but the market soon
weakened ON realizing sales based on the
favorable weather for the movement of
the new crop. A decline of l to cents
in the price of cash grain also inspired
some selling. Shipping demand for cash
corn was slack. The market closed weak
for the December delivery, but steady for
the more distant options, with prices 1sc
higher to sc lower.
December and May closed at the same
point namely, 629sc. Local receipts were
III cars, with Is of contract grade.
Oats were strong all day owing to
the good demand by cash houses and ce-
real manufacturers. Cash oats were Rc
to &c higher as a result of fair de-
mand by shippers. At the close prices
were a shade to 1sc higher, with Decem-
Der at 1880 and May at 50Ac. Local re-
ceipts were 100 cars.
Provisions were strong the greater part
OF the day owing TO a 10c to 15c adj
vance in live hogs but much of the
strength was lost late in the session as
result of liberal realizing by local
longs. At the close prices were &c lower
toJ sc higher.
Estimated receipts for tomorrow: Wheat
81 cars, corn 126 cars, oats 10S cars, hogs
36, 600 head.