The San Francisco call., 1913-08-10
CORN BULGE GETS
STIFF SETBACK
Profit Taking on Immense
Scale Reacts on Earlier
Advance

CHICAGO. Aug. s-Proht taking on
an immense scale by owners OF corn
brought about backset In prices today
after an opening bulge due largely to
the government report on crops. The
market closed nervous at an average
hc lower to x c up compared with last
night. Wheat finished nc to Y @ &c
down. oats on M@Ac to &c. and pro-
visions showed a decline Of SC to soc.
Sellers of corn were Influenced in a
great degree by an official forecast that
the drought in the southwest would be
at least partly broken before Monday.
On the other hand. the continued ex-
cessive dry heat of the last "a hours
was Joined with the government report
In not only producing an excited ad-
vance at the ontset, but In furnishing
support to the huge quantities or corn
sold
Belief that all the damage actually
discounted by previous advance in the
market formed decided factor today
IN shaping the course OF prices Ihls
opinion made itself especially manifest
rushed to 7Sc, a new high point for the
season. There was talk. however. that
the. September delivery was congested
comfortable squeeze.
Bearish estimates from Washington
and beneficial rains in the spring crop
region weakened the wheat market.
Another element against the bulls was
the news that the stock on hand at
Kansas City had reached the largest
total ever known.
buying on the part of commission
houses with resting orders that seemed
to be without limit as to amount Pri-
mary receipts of wheat today were
1,675.0o0 bushels; a year ago, 100000
bushels. Seaboard clearances OF wheat
and f1our equaled s66. 900 bushels.
oats sagged under the weight or un-
loading resulting from the bearishness
of the government report. Particular
stress was put on the circumstances
that farm reserves are the biggest on
Provisions gave way because of the
break in coarse grain. Free selling by
the chief longs more than Offset the
effect OF higher prices for hogs.
Wilson's Views on Grain
CHICAGO, Aug. 9--The wheat market
was held firm all day by the corn situa-
tion. 1t speaks well for wheat values that
anything could hold them in the face
of about as bearish situation on the
surface as ever existed, but prudence
seems to be debating to short sellers
must be given consideration.
The primary movement continues,
with the spring wheat coming on. too,
and another big increase In the visible
is certain for Monday. These bearish
factors could temporarily make for
lower prices, especially with any
change for the better in the corn mar
ket. but we still believe there Is very
little profit on the short side of wheat
at an IS cent level
Corn-Realizing sales we're on an
unusually large scale today, causing a
setback At certain limits, however,
the market found support that alb
sorbed the corn sold out.
Longs were Influenced by the Of
fetal forecast. Indicating that the
drought in the southwest would be at
least partially broken over Sunday.
The very bullish government crop
report and the official weather map
posted this morning caused strong
opening which was taken advantage OF
for profit taking sales.
Oats--Suffered like corn from heavy
realizing sales which started more or
less liquidation.
The provision market was consider
ably demoralized. There was scattered
liquidation by commission houses and a
lower market all around.