The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-27
THE GRAIN MARKET.
wheat Prices smashed-Auother
q Cent Break-COru Affected.

The bottom dropped out OF the wheat
market again yesterday and TOT the sec
ond time within n week there was de-
moralization. Prices quickly sank about
8 cents a bushel, there being an utter
lack Of support at times ana excited
unloading of contracts ON stop loss or
ders. The shrinkage of quotations re-
Gently has been severe. Values v
been lowered 14c. TO lie. In tho past
week and tho market ~ now lsc. to ?5c.
"A bushel under the highs OF tho season
scored less than "A month ago. Surpr's-
ingly little export buying developed on
yesterdays break, the business being less
than 500. 900 bushels.
While various reasons and theories
were advanced for the vigorous selling
movement Of the short session some au-
thorities still believe that the market
turned on the farm movement. This has
been heavy OF late. II resultcd In sum-
Gent pressure to inspire courage among
wheat bears and incidentally give them
the upper hand. Hammering by some
Of the large Western traders agar DIS
lodged important lines Of wheat held by
Chicago speculative interests and wall
Street people and for Southwestern ana
Northwestern country rliaues. The in
terror receipts Of wheat this week total
S.SJv,''V uuSlleIV, dSbiISt h''"''N' "
wear ago. II IL generally conceded that
the recent big decline in the market has
discounted to some degree a probable
bearish farm reserve report To I've Issued
on March \.
Political uncertainties were asain men
toned as causing IN" break in wheat:
inc unfoind"d r'port that Netduh had
fallen and vague statements that Ger
msny's submarine campaign against
armed merchantmen woulG begin In earn.
liquidation. Il is realized shat any n.
'.rrupiiou TO tho wheat exports from the
United state or Canada would ereatly
unse;tle wheat prices here. although for
cisn wheat BUYERS seem TO 10 more eager
to secure supplies OF grain. The Tact that
Australia shipped l,soc' 900 bushels ."t
In the wheat Ilquids'ion. hut the main
influence OF these items was 20 pave the
way to the unc"ycrins Of stop loss order
scattered crop complaints from the
winter wheat belt were lost sight OF In
Tho avalanche Of selling orders that poured
from the commission houses. The win.
ter Wheat holt has no snow covering and
temperature arc near III" freezing mark.
but hardly low enough to start another
Corn --fiencwcd reports that the sur
plus in Argentina In the coming season
NTn'd not amour, +" $1,000; 200 Snsh,s
farmers were light caused active speculA-
tive support In the list FOR a time. The
generalization In wheat. however. altered
lion was induced anu it was surmised
that country holders ~ corn would he
disturbed by the fall In the prices of
other grain. Receipts ~ corn for the
week totai 800. 200 bushels. against TO-.
Ioo,ooo In the previous week and 800 :ooe
badly confused at this time.
oa;s-The carly support was from cash
houses and shorts. Reports OF a better
"Aport demand and reduced country on.r-
ings held prices until tho vigorous sell
Ing movements In other grains got under
way. Many OF the recent speculative buy
ers OF oats were shaken from their po-
st.lon. The receipts for tn. week were
I.5go 900 bushels. against 1000, 600 in the
previous week and 1900, 900 \ year ago.
Prov!sioEs-Llgh hog receipts and
hlehc- hog prices induced buying Of pro-
visions early In the session. The suhse-
quent selling was in sympathy with the
break In tho grain markets and political
rumors OF an ominous tenor.
I'NlIaR IN trlnGu.