The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-28
THREE CENT WHEAT
DROP; Big EXPORTS
Argentine Estimate Given Out
at Liverpool Puzzles the
Trade Here.
SETBACK TO SPECULATION

| The cent break In wheat yesterday
was accompanied by much excitement in
the local market. Some OF the speculative
holders seemed to be on the verge OF panic.
An Argentine estimate. supposedly ON
clal, undermined the list and large eS-
port business merely served to aggravate
the situation
| Holders were puzzled because OF their
inability to solve the mystery of the price
list in association with the unprecedented
foreign taklngs. The export business on
Wednesday and yesterday exceeded $500,
| 900 bushels. Italy was big buyer.
Well known exporters and some on
. lockers were disturbed. but less confused.
The market has been badly overbought.
IL was said. Pyranided accounts were
( toppled during the session and the pre-
diction was made in more than one
quarter that substantial marginal deposits
over night alone would preclude additional
elimination of many of the outside bulls.
The trade was uonplussed by the ~,
cent decline at Liverpool. which was 4
response to the 2d0.00O,00 bushel promise
credited to Argentina. II, as intimste1,
! the Argentine Government really issued
these figures fresh step was taken. No
forecast OF this kind was ever given at
/ this corresponding period in other years,
especially with the appended estimate OF
14+ .000. 600 bushels for the eXportable sur
plus.
Nearly all authorities asserted that =
respective OF the source OF the Argentine
Information the figures were exaggerated.
The previous record production for that
country was 1875. O0o.o o0 bushels n few
seasons ago. when the acreage was Zoo.
O0O greater than at present. the planted
seed better and crop complaints fewer.
A report was circulated that a lead ns
staggering Argentine estimate at Liver
pool II was said further that this con
Germ bought heavily in the Chicago mar
ket yesterday after having been conspic-
uous seller whenever the public and other.
felt disposed to bu". The impression was
that no inordinate offerings were required
TO accomplish the drastic decline at Liver
pool
When the session ended the remark was
made that farmers would not sell at the
reduced basis Nevertheless there were
some reports that the country sold wheat
rather freely over the holiday. partly due
to the prospect OF rain for the droushty
Western winter wheat area.
Receipts were liberal and a slight in
crease In the CleaianCes was noted. Brad
! streets exports OF wheat AMI -four were
1898 600 bushels. against 7.39j.00 a week
ago and 5.so6.000 a year ago; since the
beginning OF the season l54 ono 600. com
! pared with $4,000, 600 in 1918. Cash
brokers reported premiums relatively firm
despite the weakness in options.
Corn.-The market felt the severe d.
presso on in wheat and further country o.
| ferngs. Short covering limited the set
back Export sales Of 30o. 900 hushel. and
fears OF Wet weather were contributing
influence. TO the spasmodic rallies. Senti-
ment Is very much mixed
oats.-The undertone was weak. FX-
port takings OF about 700 600 bushels were
offset by the incessant liquidation. Most
Of the selling was started by the action
OF wheat
Provisions. the weakness
Of grain. the list held very steady. Pack
ers gave some support. Hog receipts were
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