The Birmingham age-herald., 1924-07-19
GRAIN LETTERS

CHICAGO, July 1s.-Wheat: Fairly general rains in the Canadian provinces, which extended down into the Dakotas, caused a decline in prices today. The buying wave of the past ten days has subsided to considerable extent. There was fairly general liquidation and the decline ran into stop-loss sell ing. On the breaks, there was renewed buying. so that the declines were not more than expected. This is due prob ably to widespread belief that prices will ultimately go higher. Reports from Canada are becoming. more conflicting, the extremely low estimates being ques- tioned. One report said Alberta is still good for 9o,O00,000 to 100,000,O00 bushels Saskatchewan 175,000,00O bushels and Manitoba 45,000,000 bushels. The total for the three provinces is 305, 100000 to 315 5000,000 bushels. A reasonable esti- mate at the present time, we believe, would be about 250,OOO,OOO to 5000, 900 bushels. In the United States the crop is progressing favorably.
 Corn: Trade was active but moderate ly weaker in sympathy with the decline in wheat, also due to reports of favor able weather for the growing corn and more inclination among farmers to sell. This tendency, however, is not pronounced.
 Oats declined moderately in sympathy with wheat and corn and reports of increased offerings to arrive. Crop re- ports are favorable on the whole.-H. and B. Beer to J. F. Willingham & Co.
 CHICAGO, July 1S.-Wheat: A sharp break in Liverpool prices, together with showers in Canada, brought out fairly general liquidation and tended to check bullish enthusiasm, resulting in a sharp setback. On the extreme break, there seemed to be steady ab- sorptiOn by strong interests, and it is felt that the technical position of the market has been greatly improved While the market may suffer some further setback, our Canadian advices are to the effect that the rains came too late and that much of the damage has been too great to be corrected by a few scattered showers.
 Corn: Scattered liquidation on the weakness in wheat and indications for larger movement of old-crop supplies Weather forecast was for showers Higher temperatures are needed to ma ture the crop ahead of frost. We con- tinue to receive reports from the corn belt that it will take ideal weather con ditions to mature the crop, and they doubt very much if over 25 to 50 per cent of 1t will escape frost
 Oats: Local liquidation, inspired by the break in wheat and corn, carried prices downward, but declines were checked by commission-house buying and short covering. There was some in- crease in country offerings.-Fenner 6
 CHICAGO, July 1S.-Wheat: We'll scattered showers over the southern portion of Canadian western provinces prompted concerted endeavor to accept profits in wheat. The offerings were SO general and so large as to swamp the demand The above conditions pre- vailed in Winnipeg and in Liverpool. An overbought position was more in- fluential in the decline than was the amount Of precipitation in the north west. Some showers were reported in our own spring wheat territory, and 1t Is believed that the crop can go at least another week without further rain.
 Coarse Grains: The action of wheat was reflected in corn and oats, but corn met better support because of the com paratively low temperatures prevailing over the major portion of the growing crop. There is one element of weakness creeping into this market; namely, in creased offerings of old corn from the country and an almost total disappear ance of the shipping demand.-John F. Clark & Co.