The Washington herald., 1915-02-04
WHEAT MARKET HAS
SENSATIONAL DAY
May Product. Sees Drop of Nearly 9
Cents on Early Quotations Caused
by British Rumors.

| Chicago. Feb. 3.-The oldest members of
/ the board of trade were unable to recall
| as sensational a market in wheat as was
( witnessed today. Price changes were not
only sensational, but they were hurtful.
yet the margin calls Indulged in by Ins
trade on the whole has been a greaS
I protection not only to the board OF trade,
but to the commission houses as we'll
/ There was an early loss of STA cents
! in the May wheat, the drop in values be-
ing exceptionally sharp. This decline was
caused principally by the failure of the
Liverpool market to follow the advance
at Chicago on Tuesday. coupled with re-
ports of the successful bonbardment OF
I four forts on the Dardanelles and the
pressure of spring wheat from the North
west. There was heavy selling also on
the margin calls referred to above, as
many in the trade believed that it would
| be more advisable to either cover their
short wheat or sell out their long hold
ings. There was no export demand to
speak Of the business at the seaboard
being the smallest in weeks, and at Chi
cago the sales were only 10000 bushels.
A bearish factor in itself was the report
circulated that foreign steamship COM
panies are putting on restrictions as to
the port Of landing for all shipments Of
breadstuffs from this time forward.
Minneapolis cash houses were offering
No. 8 northern at cents under Chicag go
May. and the lower grades at a still
greater discount, some testing as low as
forty-eight pounds being offered 30 cents
under Chicago May. While this wheat is
Of poor quality and contains a large mix
ture of velvet chaff. it will make -four
and will help to fill the milling demand
from the winter wheat territory.
The wheat market acted as IL it was
in a strained position this morning and
the nervousness displayed was occa-
stoned by the news that poured in upon
the trade from time to time during the
session. There was some stop loss SELL
ing by longs and there was at times
general liquidation. There was a great
deal more news Of a bearish character
than any other description. Besides that
given above it was said that the farm
reserves of wheat in Kansas instead
of being 80, 900, 900 bushels. are now placed
at 40. 900. 900 TO 50,oOO,0O bushels. and that
farmers there are specializing on their
holdings They still adhere to the bull
side of wheat, and in order to help out
their position they are refusing to sell
this grain freely.
Foreigners bought May wheat on all
the price recessions today and the ad-
vance at Liverpool was equal to about
81 cents per bushel.
There were sharp losses in both corn
and oats. This weakness was partly In
sympathy with the severe break in
wheat values, but it was mainly on
report that Eastern exporters were try
ing to resell both of these grains. Cash
sales in both grains were small at
1O5 900 bushels corn. and 225OOo bushels Of
oats
There was some outside buying in the
provision market, but this was offset by
local selling Immediately after the open
q fp1lnyViDp the Sh2Tn din in grain
values. Early sellers of provisions COW
cred when grain reacted from the bot
tom. The final weakness in cereals and
the selling by packers carried provi-
sions downward late, and resting spots
showed losses.