Salt Lake Tribune | 1917-05-27 | Page 36 | Pronounced Break in Prices of Wheat

mm BREAK IN PRIM WHEAT Foreigners Letting Go of Future Delivery Holdings; Corn and Oats Lower. Cine AGO; May 26. Annqunoement that foreigners were petting rid of some uf their future deli very holdings had a bearish intluence on the wheat market today. The outcome was a heavy close at to to 62 net dee-hue. Corn -finished '.ic to 6c down; oais, oft -73c to lvs-'t and provisions, pro-visions, off 2r-c to 57c. Not wit ii.standing that week-end evening" even-ing" up of trades' gave the wheat market at one stage an appearance of strength, 1 Teaks in prices became pronounced during- the last haif of the session. Messages Mes-sages from t lie seaboard said Kuropean interests were fairly active in letting go of future contracts and taking instead wheat' for immediate delivery. In this connection it was said that premiums for cash wheat had dwindled 2te a bushel from the recent high point and that much more wheat was being offered than was the case when the premiums were extreme. ex-treme. Other bearish influences included includ-ed an authoritative estimate that the total to-tal yield in the United States this season sea-son would be as much as 750.000,000 bushels. bush-els. Assertions also were current that the domestic consumption this season would be only four and three-fourths bushels as against a normal average of five and one-fourth one-fourth bushels. Such a reductijtfi would mean a saving of about 50,000,0u0 bushels. Corn prices fell sharply, owing to arrival ar-rival of Argentina corn in Xew York and as a result of an improved car supply, which was said to be taking much corn tast for which there was no Immediate domestic or export demand. Besides, crop reports were bearish. Oats went lower with corn. Field ad-vices ad-vices were favorable and nothing was heard of any revival of export call. Provisions dropped because of the break in grain values. Smallness of prospective , hog supplies next week acted as only a temporary support for the market. ItANUE OP THE LEADING FUTURES. Open. High. Low. Close. Wheat-July Wheat-July Si!. 17 $2.19 52.11 J2.ll Sept 1.S6 1-t-O l.St l.Si Corn July 1.52 l.SSii 1.44 1.4RU ; Sept 1.3S l.CO'a 1-32V 1.2-S Oats Julv fiO', .fil'i .5."i Sent .54;a .52i ' Pork Mav 37.25 Jul 37.75 GS.OO 37. CO 37.25 Lard Julr 22.2ft 22. 21.52 21.63 Sept 22.37 22.47 "21.70 21.72 Rits July 20. 13 2i.."7 20.15 21.15 Sept 20. 65 20.75 20.32 20.35