South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-06-25
WHEAT SELLING
THROUGH QUALITY
Romania and Russia, Accord
ing to Cable AdviCeS, Refuse
to Meet u. S. PriceS-NeW
Crop Averages go Pounds.
BY JOSEPH F. PRTTCHARD.

CHICAGO. June 25.-Cable advices
received at Chicago Wednesday re-
ported that both Romania and Rus
wheat as established by Uncle Sam"
A Liverpool cable said that this was
the principal reason for the enormous
sales made by Chicago and the small
er markets Of this country during the
past fortnight. The more conserva-
tive and careful thinkers in the wheat
world at Chicago advance the opinion
that importing nations are taking the
wheat from the United States in a big
way because of its quality and not be-
cause of its cheapness. When the
fact is considered that new wheat now
moving in the southwest is grading No.
hard and No. 2 red and that two cars
Missouri new wheat were received at
St. Louis and graded No. l red win
ter Weighing 60 pounds to the meas
ured bushel, IL reflects the actual
cause OF the demand from abroad.
The consumption of wheat in the
old world is larger than usual and
advices received at Chicago from both
Liverpool and London reported those
markets as urgent buyers of Yankee"
wheat. The fact that both France and
Germany were again in the Chicago
market on a liberal scale Wednesday,
crop conditions and larger offerings OF
home wheat at Paris, shows that con
tinental millers are good judges of the
situation aud that they are now en-
abled TO buy excellent wheat cheaply.
Large hedging" sales of wheat were
put out here Wednesday morning
against over night purchases which
were on a large scale. Longs were
also sellers, with the July futures
showing the greatest loss. Shorts led
in the buying in order to secure profits
and prevented values from suffering
any great decline. The July was off
3-4, the September was unchanged to
Use lower and the December was
about 1Sc higher. There was some
stubbornness displayed in the market
because of the reports Of smaller sales
by southwestern producers coupled
with the less urgent demand from
abroad.
Appearances in the corn market
showed that some OF those who have
made a killing" in wheat on the bear
side intend to do a little campaigning
in corn on the short or bear side. The
selling was but poorly absorbed and
prices broke sharply from the highest
levels of the morning. In addition to
the selling by these people, there was
considerable corn sold in the way of
profit taking by longs. The country
was IepOIltQ DIS al DugOl III llAAo ma MT
while at the same time producers were
holding tightly to their grain.
Oats sympathiZed with corn, ruling
strong early and weak later. There
were liberal offerings on the hard
spots.
The packers have been patiently
waiting for an improved trade in cash
meats and lard and conditions were re-
ported as somewhat better Wednesday.
This, coupled with an advance in the
price Of hogs at the stock yards
caused many OF the smaller shorts to
cover and it developed an improved
demand on investment account. The
demand was best for ribs. Close:
WHEAT-July, 10 IS; Sept, rs 7-S
679; Dec, 81 ga 07-S.
CORN-July. 6S 1909; July. old.
IS "a; Sept, 81 Is; Sept, old, 81 Is;
Dec, 81 $50 ID; Dec, old, 58.
OATS-July, SS IL; Sept, 81 $40
PoRK&Juiy, SPOTS; Sept, $2O1O.
LARD-July. $1O.O7 IL; Sept, So
% IL; Oct, $1O.27 II.
RIBS-July, $11.5O; Sept, S11.52 IL
Oct S11.30.