The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-11
THE GRAIN MARKET.
Wheat Declines AGain-Corn Quite
strone-Oats steady.

Strone-Oats steady.
Several OF the largest traders in the
wheat market were among tho buyers
during the early session This demand
was partly In the nature of ahsrt cover
ing ard also represented fresh pur-
chases on the long side. The theory was
that the twenty-five 10 thirty cent de-
ciines In the list merited a rebound on
technical conditions and that the market
was healthier, with indications that an
improved inquiry for actual wheat was
closer ut hand.
As on a majority OF the previous ses-
slons. however, the market did not show
ability to maintain its rallies. There
were ftful selling movements which
nnally brought In a new set of low
levels. Some OF the leading bear. here
VINO recently rave vent to predictions
OF dollar september wheat at Chicago.
were talking of 90 cents for that deliv-
cry In the near future unless the foreign
buyers contract for considerable uuanti-
ties to offset the weight of the approach
ing winter wheat movement
IL was the news from abroad that did
much to undermine the market yester-
lay. Rumors circulated that English
houses were reselling wheat. Inves,i-
cation disclosed that the semi-demoral-
lzation In he Liverpool market. which
was unchecked yesterday. made II pos
slble for American wheats 10 be pur-
chased at that centre at four TO seven
cents under tho cost OF making fresh
purchases on this side. Naturally there
was further hedging here for interests
ABROAD. especially as II was contended
That the basis at Liverpool was equal
to about sl.o2 for the Chicago septem-
Der option,
The export business wa. not .t,nu-
lated because OF the reduced levels.
There were transactions OF about 25o-
600 bushels OF old wheat reportea ana
a light business In new wheats. For
eiGn authorities cabled that milling de-
mand had sprung up In various sections
rs a result OF the readjustnent OF
values. while similar wires came from
scattered domestic points, but tho Alb
sorption failed to effectively stem the
downward trend OF quotations. At
Omaha cash wheat was lowered about
8 cents a oushel for the day. and weak
ness almost az great wa experienced
al southwestern marts.
Climatic conditions in Oklahoma ANA
Texas where new wheat cutting is In
progress. were extremely favorable.
Serious rust damage IL likely to be
averted In the event Of another week
or ten days Of clear weather. The rains
In the upper winter wheat section were
undesired and there were additional
reports OF frost damage to spring wheat
recentiy' These complaints contrib
uted TO the early bulge in the list.
Corn-The continuance OF the weak
ness In the wheat market took from the
strength OF corn. although lair net ad-
vances were disclosed at the finals.
News was bullish and the commission
house demand was OF greater volume
than for some time. Heavy showers
In Iowa and Nebraska and the frosts
recently In the Northwest led to more
complaints. II was said that the pros.
poets In Iowa were the poorest In sew
eral seasons. That State Is an enor-
nous corn producer. There wac a bet
ter export demand yesterday. with bust.
ness OF more than 100000 bushels.
Bull!sh advices concerning the Areen-
tine crop were not overlooked. Broom.
halls agent estimated the surplus in
that country at only 1876. 900. 900 bushels
The official estimate for the surplus,
given some time ago, was 1875, 0O0, 900
bushels. Last season the Argentine ex-
ports were $4,000, 900 bushels. In tho
preceding season they were 1872. 600. 600
bushels, and the record In 19ll-l2 was
2li.oo0,0 900 bushels. Shorts were liberal
buyers through the session. although In
the late dealings there was liquidation
Tor interests who bought on the de-
preston Wednesday.
Oats-The list was held higher by the
strength OF corn. with evidence Of con-
siderable short covering at the declines.
There was also an improved domestic
cash demand. which helped to counter.
balance the hedge selling. The declines
A. the outset were on tho ideal weather
for oats cutting, while frequent ensuing
reactions were in sympathy with the
declines in wheat ONLY "A small eynprt
business was reported for the day.
Provisions-Tne buying early was for
large shorts. As soon az the demand
was satisfied there were slight reactions.
Packers were not active. The hog mar
ket was steadier, with receipts moder-
ate.
Chicago prices: