The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-04
THE GRAIN MARKETS.
wheat Excitement Unabated-
General Front Taking,

The rush to purchase wheat on specu-
lation did not subside until well into
the afternoon OF yesterdays session.
Up to that time there had been addi-
tional gains OF 2 to 3 cents In values
Competitive buying was again observed.
and according to some observers n part
OF the demand came from export and
milling interests who delayed in taking
of their hedges on cash wheat until yes
terday. when the evidence of huge public
buying frightened them into covering
their shorts. Sensational stories printed
In many Of the leading newspapers OF
the big cities to the effect that several
OF the large cash grain houses were
short millions of bushels OF wheat tended
to 'nfame the speculative minds, al
though the reports were said to have
been greatly exaggerated.
The wave OF profit taking that struck
the market did not result In effacing all
OF the gains. Advances In less thar
a week were 3 to 10 cents a bushel. 40
that n more vulnerable technical POSI-
ton of the list was conceded. A report
was current that a leading Western ele-
Vator clique contemplated a big drive
against the market. but there was no
evidence OF "A concerted selling move
nent yesterday. 1t was clear, however.
that farmers were letting put some OF
their wheat and that some OF the original
western bulls were securing their profits,
Their nervous attitude was caused partly
by the possibilities OF the European
political situation.
James A. Patten pronounced himself a bull
to $50. 900 600 bushels Of wheat in the country
were unnt for milling. that the country
never raised 1000. 600 bushels of wheat. as
had been reported by the Government. He
emphasized the chance for a serious crop
scare next spring, AZ farmers we're con-
hdent holders, knowing the new wheat
acreage to be much reduced and the
crops start generally unpromising. MIR.
Patten also expects a continued urgent
business yesterday was placed at 100000
bushels. chiefly American wheat. with a
much larger business precluded bv the re.
l%uctance OF exporters to trade In Canadian
wheats.
a feature. OF the foreign news and a
factor In the strength OF the markets
abroad was the startling advance In the
Argentine freight rates to an equivalent
OF as cents a bushel. on the basis OF wheai
level at Argentina. domestic wheat can be
purchased ut about : tots cents a bushel
under the Argentine wheat. Foreign rates
from New York to United Kingdom. points
are close to 40 cents a bushei and 10
Mediterranean points from so to 81 cents
Bradstrects exports. covering North
America for the week. were 1880. ooo
bushels. against ? 800. 900 a year ago, when
tho total from July was 1bS,VVV.VVu
bushels. against the present total OF 16b.
900. 900 bushels. wheat receipts 80 far this
week total 5000 600 bushels. against IL
900. 900 last week and 200. 600 a year ago
but distribution figures are onsetting. these
being 1000. 900 bushels, 5000. 900 and
s,oO,lop respectively. The Modern MiNe,
again stated that no important wheat &C.
cumulations would occur on this crop and
that large amounts Of wheat were belne
ground for feed.
Corn.-The upward movement cont!n
uea carly. with new highs reached. hui
the speculative demand gradually ahntet
and the inquiry from shorts seemed de,
cidedly less urgent. As a result the market
declined sharply and closed at about th'
low Of the day. TIE reports OF largo,
offerings from the country were reflected
In the country liquidation Of futures. idea
weather conditions are prevailing and arr
promised for over the week end. Farmers
are said to be nearing the completion o.
their husking work and increased receipt,
are foreshadowed. Exports since July
total 1900 900 bushels, against 3.3o0.oo'
a year ago.
for n time by the strength In other grair
the list did rot act we'll. There was per
sistent liquidation for longs and more sell,
Ing for country account. II was fearet
that prices were near n basis where M
competition with Canadian oats woult
have to be seriously Considered. Expor
business yesterday was light at 10000
bushels.
Provisions. - Selling came from sorn'
Of the prominent Western holders VIII
took advantage OF the strength OF grair
Packers were on both sides OF the list.
Chi,an n nrisRss