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Show PEACE TALK CAUSES WHEAT TO COLLAPSE j I Market Plunges Swiftly Downward and Rallies Fail to Save Day. CHICAGO, Jan. 27. Wheat prices collapsed col-lapsed today under heavy selling, due to rumors that peace was In sight. After an extreme break of lc the market reacted, re-acted, but closed weak, lVc to $c net lower, with May at $1.75 to Sl.TS1 and July at 51.47-H to S1.471&. Corn finished 7ic to 11c down, and oats off to VtC. Provisions scored gains of 6c to 12'c. Notwithstanding that peace talk appeared ap-peared to have only the flimsiest of backing back-ing in the way of specific new developments, develop-ments, the wheat market plunged swiftly downward as soon as trading opened. Rallies which ensued were quickly followed fol-lowed by a much greater descent than at first, and It was not until the last hour of the session that: the flurry was In a measure overcome by week-end evening up of business. About the most definite ground advanced for the selling stampede stam-pede was a London story purporting to give terms on which Germany was prepared pre-pared to negotiate. In a general way the peace talk was also encouraged by Pet-rograd Pet-rograd advices, which seemed to indicate that peace without victory was not wholly disfavored In Russia. Bearish sentiment wag notably increased in-creased by the striking absence of fresh export demand Tor wheat and by assertions asser-tions that railway congestion was again as bad as ever. Considerable attention I' also was given to gossip that Winnipeg interests were among the heaviest sellers, both here and at Minneapolis. Corn yielded grudgingly to the Influence !of wheat weakness. One of the reaaona I was that 800,000 bushels of corn had been, 'taken for export since late yesterday. ; Besides, country offerings remained light ! and Argentina news bullish. Oats followed fol-lowed the downturn of other sxaln. Seaboard Sea-board demand proved slow. In provisions the chief factor ww strength of hog prices. Peace talk was likewise a deterrent against selling. RANGE OF THE LEADING FUTURES. Open. High. Low. Close. Wheat . r,, Mhv ....$1.78 $1.80 $1.7-1. $1.7r.a July 1.50 1.50 1.4.4 1-47, May1"???. 1.01 1.011.4 .93 1-001 July 99V4 .09 .98 tt .99V May1!". .67 . 57 .Ffi July 56 .66 .64- -EM; Mayr.29.85 29.50 29.75 29.90 July '....29.60 29. CO 29.47 2'J.60 Lard . May 10.45 16.67 lfi.42 16.52 July ....16.62 16.72 16.40 16.70 jan In.. if May !;;!l5.05 15.72 15.62 15.70 CASH QUOTATIONS. Wheat, No. 2 red. $1.81; No. S red. $1.7'S1.784 ; Nos. 2 and 3 hard, nominal. Corn, No. 2 yellow and No. 4 white, nominal; No. i yellow, B8cfl?Sl-00. Oats, No. 3 white, 66V4657c; standard, 67'57i4c. Rye No. 2, nominal; No. 3, J1.35. Barley. 1.00(1.26. Timothy, SS.50rgi5.6O. Clover, S12.0017.50. Pork, $31.50. Ird, $16.2016.25. Ribs, $H.S715.37. |