Salt Lake Telegram | 1923-06-24 | Page 24 | Grain Takes Bearish Turn

GRAIN TAKES BEARSH TURN Wheat Turns Upward Then Falls Fals Back CHICAGO June 23 Rains Rains In the Northwest tending to dispel fear that drought would damage the spring crop had bad a b bearish effect on the tha wheat market market market mar mar- ket toda today Largely as a result reul wheat closed unsettled and ad l 1 to lc net lower with September to and December to 1106 Corn lost tc jc c to I 1 h 45 oats finished unchanged to c higher and provisions at un- un figures to a decline of f At first the wheat market marker showed something of an upturn in consequence og reports that likelihood of abundant crops in Europe had been nearly de destroyed destroyed de- de by unfavorable weather wrather Then came word of rains in r- r North orth Dakota Dakota and Ind other places from which news had been arriving that Implied drought danger daner Although It was wo admitted that there ther still sti remained dry spots spot In the spring wheat region the tle market headed downward downward downward down down- ward In price the entire entre rest ret of the day ay Slowness of ot expert demand acted as an additional handicap to the bull bul wide side de of the tho wheat market This was especially the case cae after receipt of a Paris dispatch dispatch dis dis- patch that buyers buyer In France were paus paus- lag ing and that the weather there had Improved Gossip was current also aillo that largo large larie charters charter of ot Russian RusIan grain were being made and that European resellers were offering wheat at lower prices than were quoted on this Il side Bide e of the Atlantic Another late bearish factor was as a a. Texas report that thai some early cutting of wheat was averaging 16 to 18 1 bushels buhei bushels an acre where here only 12 13 1 to 14 1 bushels buhel had bee bea for tor Announcement that all al plants of a big bl manufacturer of corn products would shut own cown for a a. week had much to do with depressing the corn market Oats were upheld by reports that the heat wave was unfavorably affecting the new crop Steadiness of or hog hoC values value sustained the provision market