The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-01
THE GRAIN MARKET.
Ideal weather Breaks wheat
Rally Ensues-Huge ats Buying.

The optimism prevalent relative 10
the crop and the gloomy views expressed
over the foreign exchange situation
largely explained the fresh drop in the
wheat list yesterday. Maximum de-
cllnes OF two to three cents a bushel
were shown. and the level was not
far from the predicted So cent basis.
II was exceedingly hard to stir UP specu-
latlve support, although many remained
content to devote themselves to the bear
side.
A year ago outsiders were eagerly buy
ing wheat at prices Is to 20 cents above
the present plane OF values Conditions
were different In many respects at that
time. however The North American
crop was much under this seasons pros
pect, foreign yields were unusually light.
the war fevSs was high and the for
eigner was willing TO pay almost any
price for supplies. money being less OF
a consideration a at present.
The chief depressing item yesterday
was the weather. There was nothing
In the conditions to prevent the gather
ing OF the spring wheat yields, which
are said to be p~henomenally large IN
many districts. Shows statement that
the average yield per acre was ma
terially above the Governments basis
meant that three States have a prospect
OF 2eo. 600. 900 bushels. against the Of
uCldl lHulChtiOu VI -oO,oVN'VVv ~ hl'INsl
ago and 1855, 900. 900 last year.
II may be that too bright a picture
is being shown OF the aggregate sprius
wheat production, just as cNaggei!-
ton always takes place in the FORWARD
ing Of damage stories. but $50. OUu. 600
bushels Of wheat in this country, against
500 600, 900 last year, and 215, 00u. 0rn
bushels IN Canada, against 10000. u"h
IN the previous season, seems assured
President Marcy of the Armour Gram
Company says that North America has
close to 100000 bushels a day to eN-
port.
The export takinEs yesterday were
estimated at 100000 bushels, mostly
Manitobas. II was conceded that a bet
ter showing would have been made but
for the demoralized and uncertain for
eign exchange market. Shorts were Ill
clined to cover on the news of this for
eign buying. although shrewd judrns
Of the market attributed the subStant 90.
rally mainly to the strong technical puu
ton Of the list as formed 10y the pop
iarity Of the short side. There was ais"
quiet buying in some quarters based -.
the belief that there would u" 10 hrr'
densome deliveries in the contract tn,
kets ON september positions for "ovrl .
days. at least.
Foreign advices were rather bear. 30.
including reports Of fairly rapid ha'-
vesting now in the United Kingdom,
france AND Mediterranean countries.
Dardanelles rumors were also used
against the market for a time. On the
other hand. the worlds visible supply Of
wheat totals only 10, 900. 900 bushels, as
! compared with lOT. 900. 900 in 1914.
CONAN unlocked for break TOOK
place in the market yesterday. The APP
pearance Of a light frost over the Ohio
Valley States was virtually ignored
Country agents wired that co frost dam
age had occurred recently and the sell
ing for country people t'S@ erom the
couraf of the bulls. II s.as evident
that many of the large Grsders were
more inclined TO work for over levels,
especially when the wheat market was
cracking.
There was a slight rally on short
covering. M It was generally averred
that the timid shorts had been wei.
eliminated during the past week, The
prospect OF good weather for a week, as
forecast by the Government. did much
10 hold down the demand. Realization
that feedstufs will be plentiful th'1
season partially offsets the fear tina,
portions OF the Western corn crop are
almost certain to be caught by frost.
Oats-Leading exporters said that
more than 1000 900 bushels of oats were
sold for export during the session. Tbs
business explained the strong tone to tNe
market. while other grains were de
cllning. Some OF the large shorts
covered their commitments, and the
offerings from the country and else
where were readily taken. The weathS
Is ideal for the movement and receipt
are larger and from here n there come
reports OF farmers blnning their crop
Provlsions-A larger speculative de-
mand was seen and prices r%esponded
fairly well. There was occasional shor'
covering Il packers did not seem In.
clined 10 oppose the advance.
Chicago prices: