The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-09-04
THE GRAIN MARKETS.
Foreign DEMAND Causes Record
wheat Prices--Othcr Drains Up.

The enhancement Of wheat values yes-
terday was close to four cents. Absorb
ton for interests abroad was instru-
mental In the registering OF a new high
basis at Chicago and at several other
centres. Aside from the price those not
In sympathy with the ascension Of quo
tations had little or nothing to operate
on, so that tho days rise was easily ac-
oomplished.
In some quarters there was q dispo-
| sltion TO regard the claims OF fresh ex-
port business In wheat and -four with
scepticism. 1t was said that the trade
was confusing the old with the new
business. However, some OF the largest
cash houses in tho trade again ernphati-
cslly assorted that there were sales
being contaminated daily which have
nothing to do with previous transactions.
would be augmented were the foreign
exchange situation nearer normal and
were the farmers less stubborn.
The disinclination of holders OF actual
wheat to sell accele the advance
| yesterday. Reports from tho Southwest
suggested a dmlnution in the movement,
and Incidentally tho Minneapolis market
! led others In climbing despite ideal
weather through the spring wheat terri
tory for threshing and shipping. Flour
/ mills are actively engaged In grinding,
/ with their output close to record.
The bullish feeling In the trade seemed
to pervade hitherto unaffected quarters.
| or course chart readers interpreted the
| entering OF high ground at Chicago as
| being Indicative Of n further boom. The
I demand for wheat through commission
| houses wac on tho whole very fair and
! at times competed with the buying for
| export houses.
orders from the latter source had much
to do with the sharp opening bulge. 81
| though II was evident that the fading
prospects OF an early cessation OF hos
tlllties abroad caused considerable de
nand for wheat. More recognition was
! given TO the probabilities of curtailed
| foreign crops next season and also TO the
| possibility OF greater trouble over grain
shipments through the Dardnnelles should
| Turkey join the warning nations. The
Liverpool wheat market advanced about
3is cents during the day.
Corn.-This market also reached the
best prices OF tho season. Shorts bouxht
on the Snow estimate OF wednesday. which
| placed the crop at only 2.<70. 600, 600
| bushels, against 2,446,00o. 900 raised In
! 1913. The figures were 70 sensational
that Il was not surprising that over night
effect was exerted. Speculative interests
| also purchased because o. tho strength
In wheat A partial recession was caused
by the statement from the Armour Grain
Company. giving the corn yield at 2,64s.-
900 900 bushels. but the feeling in the
trade was bullish and offerings were taken
with avidity
Osts-The size Of the export business
! stimulated trading Sales were estimated
at more than 100000 bushels for the dsy
Many who sold in the contract market
several days ago were renstatins their
lines Pressure from the country is prac-
tically nil The short interest. however
has been cut down materially. Closing
prices were at the season, highest.
Provfsions.-Seling was heavy for O
time. There was stop loss order selling
The hog market was easier Cash trade
has not improved much and speculative,
demand IL slow. The market steadieC
subsequently IN sympathy with grain.
Chicago prices