The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-11
H GRAIN MARKET.
Big Drop In Cash wheat-An Mar
Lets Close weak.

keta SbONe Ncuh
Cash wheat at 81. Louis sold at lis
yesterday, after opening at 1.2o and
commanding 1.27 on Friday. 1t was this
weakness which upset all cash markets
and brought about a sharp break in the
speculative lists. Several authorities had
advices indicating that the offerings of
actual wheat this week would show a
decided Increase unless there was an
unexpected continuation OF the wet
| weather.
A bullish map was posted before the
opening of the session. Rains were shown
through Nebraska, Iowa and over a large
area in Kansas and Illinois. crop eN-
! perts wired that much wheat was ready
for cutting in these States. but with the
fields muddy and incessant showers. har-
vesting work was impossible. II was
generally conceded that deterioration had
taken place in this wheat.
The bulge in the list was short lived,
however. While the Government fore
cast was for unsettled weather, other
predictions suggested a gradual change
to clearing and the freer offerings of
farm wheat from the far Southwest con-
firmed dispatches stating that many
counties had been spared moisture in
the past few days. The trade remains
content with its bearish attitude, believ-
ing that a normal movement from the
farms will easily supply the home and
foreign milling demands and that ideal
climatic conditions are to be expected
after several weeks Of excessive precipi-
tation.
The shorts were active early In the
session. and with the bearish sentiment
prevalent IL was not surprising that
SO little support was furnished when 1t
became known that Southwestern cash
houses were asking for bids for new
wheat. The decline would doubtless
have been OF greater proportions than
seen but for the substantial export taxi
ings. which were mad possible by the
reduced premiums on cash wheat Offer
ings.
Continental and Mediterranean inter-
ests were credited with purchasing. athut
SOC, 900 bushels Of wheat here. The
business was the largest reported in
many weeks and may mark the begin
ming of active absorption. At the same
time English houses are still inactive.
giving color TO reports that they expect
TO avail themselves of the bulk of Cana
da's surplus. While the Canadian crop
liz far from the bins II is thought in
conservative quarters that there will
be "A surplus in that country of more
than 10000, 900 bushels. against the
small shipments of about 90, 900, 900
bushels for the season just ending.
Mondays visible supply statement is
likely to receive a bullish Interpretation,
as the receipts for the week were only
one-third the size OF those last year for
the corresponding week, when the visible
supply gained about 1000. 900 bushels
Tor the week. still IL is unlikely tina
this feature will receive more than pass
Ing consideration. Some OF the large
operators are following political condi-
tons very closely. although there was no
evidence that the German note. as pub
lished on Saturday, had appreciable eff
fect In grain circles during the session.
rn-Ea hrmness in the list was
p~redicated on the rains in the Western
districts. There was a fair amount of
commission house buying. presumably
representing short covering for timid IND
terests. As soon as this demand was
satisfled the list had q sharp recession,
IL was the general opinion that clearing
conditions were developing In the West
and that the amount of land abandoned,
IA compared with the entire area, was
not very important
Reports OF further sales Of Argentine
corn at New York on the basis OF %
cents induced some selling. This corn
Is underselling the domestic by at leas;
IL cents a bushel. Because of the rela-
lively low price for Argentine corn here
the hrmness OF the other foreign markets
is being ignored by the trade. Sentiment;
would be more hearish but for the rea-
allZing that a long period of ideal grow
ing weather Is desired TO mature the
important Western crop before the time
OF frosts.
Oats-This market closely trailed the
fluctuations in other grain lists. Private
crop reports were very bearish. many
record yields being reported. II was OBJ
vious that there was more hedge selling
Yesterday and that the demand from
shorts was the principal source OF sup
port. Export business was of fair pro-
portions. yet not sufficiently large to stir
up bull!sh enthusiasm.
Provisions-The liquidation resulted III
new lows. Packers gave support after
the market had registered a sharp break.
Hog receipts are said to he plentiful
and the only bull arguments heard are
that product is comparatively cheap and
that the large interests control the bulk
OF the huge stocks available.
rbic1 rp nrigas