The Birmingham age-herald., 1908-11-19
WHEAT TOUCHES
 NEW TOP PRICES
Bull Support Is Aggressive and
 Buying Is Active
ARGENTINE CROP IS SHORT
Ideal Weather for Corn Causes Weak ness Early In the Session, But the Close Is Steady-oats Easy.
 Provisions Steady.

Chicago, November 1S.-New high record marks for all deliveries were established in the wheat pit today and December op- tions sold at $1.O4ls and May at S1.091s. The advance, however, was not main- tained, a severe slump occurring late in the day, and at the close prices were al- most at the bottom. Corn and provisions closed steady, but oats were easy.
 Men and not conditions were responsi- ble for the sharp upturn in wheat, the set ting Of new high marks being made pos sible by support from several leading bulls, which caused active buying by local shorts. Although some news of a bullish nature was received, the larger part of the gossip was favorable to the bears To- days market was a reversal of that of yesterday, the greatest activity and strength being manifested during the first half of the session and dullness and weakness late in the day. The market opened weak at declines of4@ssc to ssc and continued heavy during the first half hour. Support from the leading bulls then started urgent buying by shorts, which SOOh CdlilCO PilSNo up HlAii q pOhlids IC sharp advance brought out liberal real izing sales which caused drop to about the opening level. The early weakness was due chiefly to the indifference of for eign grain markets to the bulge here yes- terday, and the heaviness late in the ses- sion was based manly on a report which claimed that the long existing drouth in southern Argentina had been broken. A report which gave comfort to the bni was one made by an excellent authority, and which stated that previous figures from the same source on the exportable surplus of wheat in Argentina would have to be reduced by ahout 10000 GOO bushels as a result of the droutn. Export business was slack, three hoatloads being. the ex- tent of business reported for the day The market closed weak at declines ofAc to 5sc, with December at $1 03AQ1 .03as, and May at $1 1.OSA. Minneapolis, Duluth and Chicago reported receipts of 74S cars, against 667 last week and 373 last year.
 Ideal weather for the curing and mar keting of the new crop of corn caused weakness early in the day, initial quota tions being unchanged to 14c lower With the advance in wheat prices rallied about 1c from the low point, but the market lost most of the gain on realizing brought out by the late slump in wheat. The close was fairly steady, with prices up 1s @14c to A69sc. Final quotations on De- cember were 6Sls&63Ac and May 63e Loea receipts were 143 cars, with one of con tract grade.
 Trade in oats was quiet and sentiment in the pit was bearish nearly all day. Prices declined only slightly. however, an improved shipping demand tending to steady the market. At the close prices were unchanged to 14c lower, final quota tions on December being 49ls@49l4c. and May 511sc. Local receipts were 112 cars.
 Provisions were quiet and steady. Local packers were moderate sellers, but buying by grain speculators sustained values. A 10-cent advance in live hogs helped to strengthen the market At the close prices were unchanged to 71sc higher Es- timated receipts, for tomorrow: Wheat 6e cars, corn 1S9 cars, oats IT cars, hogs 2S GOO head.