The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-03
GRAIN MARKETS.
W heat AdNancrs-Expor Buy
Farmers HoId-Coarsc Grain up.

The year opened auspcously for the
wheat farmer and other wheat bulls.
From the outset OF the session there
was n buying power that was not 70 he
denied. Much OF the demand was or
speculative origin. but there was also an
undimnished foreign inquiry. Exporters
are as re;icent as ever In regard 10 dis
cuss.ng their trades with Europeans. yet
Il seemed a well founded supposltion that
a liberal business was colisummated
again yesterday.
Developments over tie holiday were
conducive 10 higher Values and 1t was
freely declared that May wheat at Chi
cago would eclipse its best price or
Sl32 on Monday. There are some very
powerful interests who are exceedingly
bullish. These operators say that profit
taking periods should be anticipated. but
pending release OF Russta's surplus
values ought not descend much
The realizing sales were easily asslmi-
lated yesterday. The same can be said
OF the farm offerings. which were scant
conslderins the tempting price. Re-
celpts dropped more than 100000 bush
els during the past week. and while
100000 more than year ago the
shipments were 100000 bushels greater.
The visible statement on Monday should
decrease moderately. according 10 cur
rent opinions
ROtkine events IN tue Nib'htiHt o. v
still exerting bullish influence In domestic
circles True. there was an official re-
port issued giving the wheat surplus In
that country at 100000 bushels
against 10000 a year ago ana me
previous record OF lSi.OOO,OOO bushels u
il noteworthy. however. that the Argen-
tine officials ovcrestimateI the outturn
last season by nearly 2O'OVe'ooo pushels'
Assuming that there Is huge excess
in the Argentine. it Is significant that
the Buenos Ayres market continues to
gain quite as much as ours in spite or an
annroximate rise OF l0c. a bushel In the
cost of shipping. The freight rate from
Argentine to European points averages
close to 3sc. a bushel, against lsc. to soc.
from American ports. II Is to he inn
piled that the Argentine surplus Is being
eagerly purchased, thus explaining the
simultaneous rise in wheat and freight
costs.
Exporters claim that Argentina is not
really competing with the United states :
merely acting az safety valve in the
evolution OF the supply and demand sit
uation More rains have fallen, inter
.ering with the harvesting in Argentina
There are some serious drought reports
from India, although the area has been
increased - per cent. The American crop
is having seasonahle weather. and while
the Oklahoma State report showed con-
dition OF only 81, against ~ montn
ago and 1903 last year. bet;erment has oc-
Cured since the figures were compiled.
Corn-The list reflected the sharp bulge
In wheat and would have risen further but
for the country selling Profit taking was
about counterbalanced by the fresh out
side speculative support. The rumors or
export business were not TO be suppressed
and were strengthened by general ad e
vance in foreign markets. Receipts are
running lighter For the week the total
movement was 100000 bushels. against
e.593 600 the previous week and 7,776,000
in 1918. visible supply increase is likely
on Monday.
Oats-There were new high levels made,
Buying was for exporters and outsiders.
The strength In wheat acted as an incen-
tive for the speculative operations. Farm
offerings are limited The weeks receipts
were $3.50. 900 bushels, against 100000
last week and i.061 900 a year ago An
Official Argentine report gave their sur
plus at 5000. 900 bushels, against eS-
OOO 600 last year. This estimate had sur
prisingly little eect
ProvIsions-The tone was distinctly
firm with grain and the higher hog
market. January liquidation was caused
by moderate tenders, but the deliveries were
really well absorbed The Chicago
monthly stock statement was rather
bearish.
Chica IN