The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-04
THE GRAIN MARKET.
Heavy Cash Demand Causes wheat
q, Rise-Coarse Grains Rally.

= Rise-Coarse Grains Rally.
The rebounds in the wheat list yester-
day, which measured two to four cents a
bushel. grew Out Of the expansion in the
domestic milling demand n a strained
speculative position. Absorption for the
shorts played an important part in the
sharp recoveries scored often after the
forenoon depression.
Cash wheat handlers said that pre-
miums had gained substantially over the
basis OF the preceding day n that the
diminution Of farm offerings suggested
further exhaustion of old wheat sup
plies. Private reports from the North
west and elsewhere told OF the better
ment In tho -four trade, It being evident
hat mills were handling a larger trade
beca use OF the recent slashing of values.
There was a moderate amount Of for
eign buying, but this continued confined
10 the old crop wheat. The quantity
taken yesterday figured close to 5000 0
bushels. II Is not unlikely hat a fur
ther material widening of the premiums
for old cash wheat will stimulate export
business In the new crop wheat, which
thus far has been neglected. The abb
sence of European buying OF new wheat
has done much to impart courage to the
bearishly inclined eltment In the trade
which dwells upon the daily enlarge
ment of the new wheat harvesting area.
Ii will be recalled. however. that a year
ago there VAS an export trade approxi-
mating "A million bushels daily. but the
farm movement from the new crop was
so prodigious that values declined per-
sistently until the outbreak of the war.
N crop reports yesterday were
rather mixed. with apprehension caused
by the forecast OF further rains for the
West. This part OF the country has
already received sufficient moisture 10
mature the crop. There were rust re-
ports from Oklahoma and Texas, al-
though the harvesting weather In the
far southwest was generally satlsfsc-
tory and no complaints of consequence
have been received from the vast
American and Canadian spring wheat
areas.
There was further hedge pressure
yesterday from the Southwest. which.
with the lower foreign markets. had
much 10 do with the initial weakness
here. The decline had progressed SUN
GENTLY far to lead to unloading through
commission houses for stubborn out
siders who found their margins cx-
hausted II vas clear hat some OF the
large shorts We're covering. however. and
big interests continued TO buy the Julys
In the var.ouS markets against sales oil
the September. part of which transac-
lions were thought 10 represent the un.
doing OF spreads. The small boom In the
stock market also contributed 10 the late
support In the wheat list.
Corn-Considerablc irregularity and
weakness was seen In the corn marke,
during the session. The report OF
larger country offerings OF old corn IN
duced quite n little liquidation and wher
IL became apparent that the marke,
was not being supported. despite the
predictions OF rains for the Western dis.
trlcts, bears hammered values.
More was said regarding the possible
importations at the seaboard OF Ar.
gentine corn. but no business has beer
effected thus far and the bids seem &c
he about I cents out of line. The In.
ferior quality OF the Argentine crop IL
the principal factor against business
with New York traders. who are thu
chief buyers.
The rally In the price basis wa,
largely in sympathy with the shar,
rebound in wheat. An improved domes
tic cash trade also had bearing on val
ues. Many OF the timid shorts wer,
forced to cover n the opposition I,
the advance from the professional ele
ment was less In evidence.
Oats-The early session was unsaiis
factory to the outside holders OF oats
Country houses were again selling mod
erItely. Private reports indicate,
that cutting In the Southwest was max
ing very fair progress. Reactions II
other grain offset the influence Of tn,
large export business in the past few
days, but "A general rally was score,
prior to the end OF the session. M,
to the sale of a million bushels to for
eigners and In response to the strength
In other markets. The export business
!, since the week began approximates 3,
200. 600 bushels.
Provisions-The buying for packer
and shorts was quite active ut times
An improved feeling as To the Amerl
Gentleman situation and the closini
strength in the grain markets were fac
tors. Large hog receipts did no
cause the pressure anticipated.
Chicago prices: