The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-13
TIL GRAIN MARKET.
wheat Irregular, weather Against
Easier ClosiuSp,

Harvest, Easier C~losinss.
There we're slight net losses In wheat
In yesterdays session. The undertone
was really considered unsettled by many
in the trade. II was evident that the
failure OF the market to maintain Its
spasmodic rallies. Notwithstanding the
continuance of unsatisfactory weather.
was swelling the ranks OF the bears.
Quotations were about at their high
est when the market opened. For a
short period n dearth OF wheat offerings
made II necessary 10 bid prices up from
/ TO more han 2 cents a bushel before
obtaining contracts. Another unexpect-
edly wet map was the sole cause OF the
Initial advances. Private and official
ad1ces made II apparent that harvest
operations in parts of Nebraska, Iowa.
Missouri and the Ohio Valley states
were being retarded by the unceas'ng
showers.
The rains through these sections were
rather general over the week end and
further showers were forecast for the
principal winter wheat sections. Cash
houses declared that the country was
not offering very much new wheat and
that where II was to be had the pre-
m,ums exacted were unusually large.
The confidence OF those holding actual
wheat for quick shipment was Increased
by the presence of an active demand
and by the numerous reports to the ef-
feet that country dealers were once moro
Cancelling trades where they promised
TO deliver grain for late July and early
August shipment.
But tho speculative element In the
trade bought wheat cautiously. Much
OF the absorption was In tho nature or
a retirement OF a short Interest. some
OF these operators say that the loss OF
90 OO, 600 to 80, 900. 900 bushels in the
crop now talked OF by authorities was
not prompting their profit taking. as
plenty OF wheat remained in sight for
all requirements. but that they feared
congestion on the short side and a par
tial change in the spring wheat plant.
which thus far has progressed I'M
marred.
Despite the rains In the West there
was hedge selling on the markets rise.
II was pointed ont that a large South
western area had fairly good weather
for harves. and wheat movement for
several days. The receipts are averag-
ing only a quarter OF those at this stage
a year ago, but the movement should
soon show a moderate expansion. Of
course a light movement at this period
OF the season Is not necessarily a bull
argument. excepting as pertaining TO the
cash wheat or the immediate wheat
situation. Yesterdays wheat visible do
creased $4,000 bushels. against a gain
OF about 10000 600 last season.
The late recessions In the market
helped the export trade. Transactions
for foreign account were equivalent to
takings OF more than 500. 600 bushels,
The baseless report that n passage had
been forced in the Dardanelles was re-
vived. but its market effect was
negligible. There were also more
definite advices that the British Govern
ment was arranging to reserve the biz
surplus OF wheat in Canada for the
Allies. But owing to the extent of the
territory OF the Allies II was argued
that the Limitation of Canada's wheat
exports would not be drastic enough to
have much bearing on American values.
Corn-The market showed its princi-
pal advances at the opening OF the ses-
sion. when a bullish private reoort of
incessant rains in the Western belt in
duced some short covering and stinu-
lated domestic cash demand. Tn, e WIS
also a little fresh buying on the pre-
dictions of further showers over night.
Several crop experts commended that the
plant in many sections of Nebraska and
Iowa would not reach maturity on ac-
count OF the setback caused by the rains
OF late.
Not all OF the crop ~accounts were
bullish. however. There were reports
from Eastern districts that corn crop
prospects WITT tNtft1fHl anu tldt III
these sections the rains were not excess
siNe.
Receipts at primary points were 6to,-
600 bushels. against 100000 a year ago.
The visible supply decreased 1868, 900
bushels for the week.
Argentine corn was offered at New
York on a basis Of 80 cents and some
business was believed imminent. on tho
other hand there was a little export bust
ness in American corn.
Oats-The country selling or the ad-
vances took from the courage Of the
scattered bulls. who dwelt on the rains
In the West. More or less damage has
resulted from the storms. but the crop
is so large that the aggregate loss is not
really important. Yet the cash situation
remains strong because Of the delayed
movement and foreign buying. which
strength helps the entire list at times.
Export business was reported at 2jO.OO0
bushels. The visible supply decrease for
the week was 1907 !C0O bushels. |
Proyisions-Fresh liquidation caused
another sharp decline. Bear aggressive
ness was checked by the appearance of
packers on the buying side at the much
reduced basis. The realization that some
yalu are at the lowest record Of eight
years also caused a modification Of bear
teh tstausG