Wheat climbs on Argentine crop loss estimates
Chicago markets rallied as traders absorbed a new, large estimate of Argentine wheat crop damage, with Dec futures near 1.60 and May around 1.55 as oats and corn also moved higher. Weather, shipments outlook, and sustained demand supported gains while profit-taking limited the session.
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Chicago
Argentina
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Australia
Market gains push rail stocks amid renewed speculative buying
Speculators regain control as motor shares rally early trading on the New York Stock Exchange. Railroad issues lead advances with Pete Marquette Nickel Plate Soo and others hitting new highs. Atlantic Coast Line and Baltimore Ohio among rail names rising. News of higher re discount rates sparks unease but bulls push industrials and hard assets higher amid strong dividend news and oil dispatches.
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Pressure on Motor Stocks and Grain Rally Report
New York reports pressure on motor stocks early with a later general recovery led by rail shares. London and Philadelphia influence spurred an early rally marred by heavy selling especially in motor stocks amid new laws. Grain market in Logan and Bryan sees crop news and firmer foreign demand lifting prices, with oats and other grains edging higher as weather favors husking. Copper and zinc show firm to steady prices with mixed foreign exchange quotes across major markets.
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Livestock Prices Across Chicago Sioux City and Portland Markets
Chicago cattle and hogs show varied prices with leaner weights trading around 9 to 12 dollars while heavier fat cattle hold near 12 dollars. Sioux City reports slow cattle trade with fat steers around 6 to 7 dollars and mixed hogs near 10 dollars. Portland notes nominally steady cattle, hogs about 12.25, with late sheep receipts pending. Spokane lists steady non-changing market for cattle hogs and sheep with modest new highs.
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