The sun., 1915-03-03
THE GRAIN MARKET.
Political Advices Cause Sc. wheat
Drop-Coarse Grains strong.


Wheat exhibited a fair degree OF
strength during the forepart OF yester-
days session, but the improved feeling
was soon dispeled. The outpourng of
contracts was severely persistent at
various stages, accompanied with
panicky price changes In the Chicago
May delivery for Instance quotations
were - to x cent apart during the
turmoil and II required less than 200. 900
bushels TO break the option cents or
more.
The liquidation in the market was the
direct result of peace rumors and reports
concerning the progress made in forcing
the Dardanelles. 1t was cabled that
forts guarding the narrowest part OF the
strait had been battered into submission
and that Turkey to avoid humiliation
and further consequences was suing for
respite or peace. The advces were
not credited In some quarters, but specu-
latve holders of wheat were not easily
pacified and the pressure to sell was
urgent, particularly in the new crop
deliveries, which have borne the brunt
of the outside dealings of late.
IL was very significant that the July
option at Chicago came within II. cents
of its lowest record. AZ matter OF
fact there was not A great deal OF trad
ing in that month until the price SCARED
over LIS Tho general impression was
that liquidation had been very thorough.
and some authorities >ere enthusiastic
enough to advise tho pIrchase OF the
market on the theory that present prices
are close to q competitive basis. assum-
ing that the Russian supply would come
on the market soon. The stand was not
taken. however. that the ending OF the
war and a maintenance of the present
highly favorable new crop outlook Justi-
fed tho prevailing levels OF tho deferred
deliveries.
The attitude OF foreigners was again
confusing feature OF the day. There
were renewed assertions that Liverpool
operators were getting rid OF their
wheat irrespective of the recent decline
OF - cents hushel II was ntirnated
bv sons onlookers that exhaustion of
margins accounted for more or less
OF this belated liquidation. but another
view WAS that short selling was also
being INDUCED In based on the political
there was the same demand for Amer
lean cash wheat. Exporters succeeded
in selling more than i.2jO.00O bushels.
This item gave the market n partial re-
bound. Premiums on cash wheat were
TO cents. as compared with the
Chicago May option, which really rep
resented the best relative price COM
The exports yesterday were approxi-
mately 1000 bushels. Receipts for two
days totalled only l.t1o.00O bushels
against 2.09I.o00 a year ago. suggest
ing lighter farm deliveries in renrc-
tion OF the slump IN the market. The
farm reserve report on next Monday
is expected to show about 100. 900 ooo
bushels. against Isl 900 600 a wear ago
Corn--ln face OF the demoralized
fc
advances in corn. II was believed that
a heavy export bhsiness had tran.pired
and that domestic users were taking ad-
vantage OF the drop in tho market.
Cash corn discounts narrowed appre-
cIably. Liquidation has been severe. so
that offerings during the day were much
under general expectations. Country
selling was un.mportant and receipts
were only half the size OF last year.
movement Several OF the leading in
terests In the trade wer. buying openly.
shorts were nervous, especially z.
thers seemed to be greater efforts 20
arouse bull enthusiasm. The favorite
argument advanced was that values
were only shade higher than those Of
year ago when there were no dis
turbed political conditions. whils the
increased production this season would
he Offset by IN. larger farm consump-
lion and exports. A year ago cash corn
a. chicago rose from about II cents to
above - cents during tho spring and
summer seasons
Oats-Thc market was Influenced
more by corn than by wheat However,
there was also independent strength.
Export sakings We're very large, with
some estimates over 9.O0O,00 bushels.
shorts had more difficulty IN covering
Farm movement has got down to the
volume OF year ago Generally the
sentiment Is much mixed
Provis.ons-The statement showing
large stocks at Chicago. especially pork,
proved TO have been discounted The
selling pressure in the market wa.
lighter than looked for, even during
the slump in the grain list Packers and
shorts appeared 10 have been the prln-
cipal buyers.
Chicago nrlce.