Salt Lake Telegram | 1928-09-23 | Page 22 | Wheat Advances as Corn Drops

WHEAT AS CORN DROPS Market Upset at Close by Efforts to Take I I IBy By JOHN P. P BOUGHAN Associated Press Market CHICAGO Sept 22 AP ness of price fluctuations went hand in hand today with a big volume of trading In grain Wheat scored a. a sudden fresh advance so 6 cents above yesterdays yesterday's figures but efforts to profits gave the market an upset toward the last The outstanding new factor Which hoisted wheat values temporarily was heavy buying n the part of millers Corn made a sheer drop of nearly 8 cents a bushel in the absence of any support Closing quotations on wheat were nervous at the same as finish to 3 down corn cornat at 1 1 to 7 Sc 5 decline oats varying from 3 setback to 1 advance and provisions unchanged to oft 1 At first the wheat market dis played hesitancy being affected by Liverpool quotations which failed to reflect fully the sharp upturns In price that had been scored yes yesterday On this side of the Soon however word vent that milling interests were on a large scale both here and at Minneapolis Immediately the mar market ket shot skyward Chicago ber delivery soaring until It hid surpassed any previous level of prices reached since July 31 last Contributing impetus to the rapId ascent of the wheat market news that bushels of Han wheat had been bought night for shipment to the Besides arrivals of wheat at neapolis and Duluth were ing to dwindle notwithstanding rc cent prediction of an increase at end of the week Receipts today at attile tile tWO terminals named totaled 1164 cars against 1359 cars week ago and 1606 cars on the cor responding date last year Many traders construed this cIrcum cIrcumstance stance as additional proof it needed that farmers were wheat back wholesale Sensational weakness meanwhile had developed in tb l corn market led to a of profit taking sales in wheat a athe the day drew to an end that ensued in wheat values emphasized by persistent of European demand for from North America country deliveries of wheat tin Canada were again of record pro pro- portions Disclosure that the September delivery of corn was ninus todi the active backing of bull leaders served as a signal for laneous selling that forced Into op oration a number of standing or ders to close out Various and thus put a stop to losses Ideal weather conditions and liberal rc in Chicago cars toda were also a bearish 1 last night and more tonight were practically Ignored as threatening rio serious damage to the new corn crop at this stage of the season Oats went higher early with wheat but reacted Provisions averaged lower r chIefly to the trend of the hog market