OCR Text |
Show HEAVY PRQFIT-TftK!NG SENDS WHEAT DOWN Fear Expressed That Argentine Ar-gentine Offerings Will Cut Figure Soon. CHICAGO, Dec. 28. Heavy profit taking tak-ing by largo holders, Including a widely-known widely-known .speculator, gave the wheat market tooay a sharp setback after a decided advance. The selling was influenced to some extent by fear that Argentina offerings of-ferings would cut considerable figure In the near future. The market closed unsettled un-settled at a decline of lie to 13ft: Uc net. Corn finished liffUgc to ljjc off; oats down c to fc(53c, and provisions down to a drop of 2ic. Wheat quotations did not begin to fall In earn.es t until announcement was made that the Argentine exportable surplus was now estimated at 130.000,000 bushels, a total much greater than the trade hud anv previous reason to look for. Moreover, More-over, the quality of the Argentine crop was said to be exceptionally good. Sales ! here that ensued amounted to millions of bushels and led to the most violent bear- iPh reaction that has taken place in , weeks. The downward sweep of prices j was all the more sensational on account I of an earlier advance to within lc of the highest level since the beginning of the European war. Unusual buying force at the outEet in the wheat market was in a measure due to reports of anxiety Jn Great Britain over prospective delays In the forwarding of January and February shipments from Argentina. Enlarged stocks here and at other centers, cen-ters, had a good deal to do with pulling down the price of corn. The early bulge in the wheat market had only a slight effect on corn. Oats followed the course of other grain, hardening at first and then undergoing a sag. Shipping sales were large. Including Includ-ing 1,350.000 bushels for export. Packers and other stockyard Interests sold provisions freely. In consequence, all gains resulting from higher prices for hogs were completely wiped out. RANGE OF THE LEADING FUTURES. Wheat Open. High. Low. Close. Dec 51.28 ?l.2S $1.2t May 1.303 1.31J 1.2S8 1.2S3 Corn Doc 6"4 -f'7i May 74 .743 -"3 -73 Oats Dec 495 .50 .4? .49J Mav 54 .Dli .oi't .505 Cash quotations: Wheat No. 2 red, $1-CSJ1.20; No. 2 hard, $1.26'3)1.201. Corn No. 2 yellow, 67 J6Sjc; No. 3 yellow, 67. 63c. a , Oats No. 2 white, 49lo0e; standard, 50l;"iO!lc. Rye No. 2. $1.12. Barley, CI (5-74c. Timothy. 55.50!? 7.00. Clover. S12.50gflo.00. Pork, 517.00. Lard, S10.45. Ribs. ?9.7510. 37. |