The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-10
THE GRAIN MARKET.
Enormous short Covering Il
Wheat-FeelinE Changed.

Some OF the large operators in the
wheat trade took in their shorts yester-
day. There was buying at Chicago cred
tied TO the Cutten interests. which
was placed at close to 10000 o BUSH
els. II a be automatically stated that
Patten has modified his bearish views
as to the warranted levels of the list.
He contends that interior millers are
having some difficulty in securing their
supplies and that the winter wheat crop
estimate OF 659. 200, 900 bushels, as Of
fc!a.ly given on Wednesday. was a de-
cided overstatement. He says also that
the spring wheat movement will be cared
FOR rather easily for many weeks TO
come.
There are various other authorities
In the trade who apparently have covered
their shorts, and in instances have
adopted "A position on the long side.
Prominent Wall Street traders are to
be numbered among these. The asser-
ton has been made that the winter
wheat yield will not reach 500. 0O0. 00U
bushels. and that. due 10 its inferior
quality and tile prodigious requirements
OF mills, the surplus OF all wheats IN
the United States at present is not muc.
over 100. 900. 900 bushels.
The undertone during yesterdays ses.
$500 ~ te'hN ~ ~
house longs. who insisted that the re-
cent Government report warranted lower
levels at his time. E~quidated and there
was also bear pressure ~interminglej
with the hedge selling under which losses
OF one and two cents "A bushel occurred,
The declines were again hea West at Win
nipeg. II Is undisputed that Canadian
farmers are underselling American
growers. Superior qualities OF Manitoba
wheat are about five cents under the
basis of American springs and nearly
10 cents under the price OF hard wheat
at the Gulf.
All Of the markets closed firm, how
ever. II was evident that millers were
furnishing much support by urgently
taking cash wheat and futures against
large fiour transactions for domestic
aud foreign account. A big concern
here Is credited with having sold about
1905 voc barrels OF Hour very recently
to Greece. As "A result OF this ABSORB.
ton OF actual wheat. premiums in the
spot market again rose one to three
cents a bushel. The moderate to heavy
showers in several winter and sprins
wheat States also had a general stimu'
lating effect on values.
Exporters too about 800. 900 bushel:
OF wheat yesterday. including a fan
amount of durum AT Duluth The ris'
In the foreign exchange market wal
regarded e~ncouragingly by some export
ers. 4 feature OF the foreign news wa
the emphasis given to the poor start o
the Argentine crop.
Corn-The support came principally
from shorts. Overnight consideration o
the Government report failed to altel
the view that the official showing wa,
about as expected. There were further
scattered rains in the belt and somewhat
lower temperatures, but no indication o.
frost. Country selling was gradually
taken so that the list closed firm. At
tention was attracted TO the heavy ex.
ports from Argentina. the shipments To-
the week being estimated at 5000, 0Ot
bushels.
Oats-Although there was no lmpor.
tant export buying during the day the
market was very steady. Most OF tn,
buying was based on the assertion tina
the Governments crop estimate wa
nearly 100, 900 900 bushels under eX
pectations of the optimists. The ad
vances met with country selling. which
vas liberal In the aggregate, despite tn,
unsettled weather in the West.
Provisions-Nalues We're lowered, du,
to liquidation in the near positions an,
on the absence OF support from the out
side trade. Not much attention wa
given to the higher hog list or to tn
reports of "A betterment in the cash de
mand for meats and fats.