WHEAT MARKET EXCITED

New Zealand Times, Volume XXXI, Issue 6872, 16 July 1909, Page 5

WHEAT MARKET EXCITED

SUDDEN RISE OF SEVEN CENTS A BUSHEL. . STAMPEDE AMONG “SHORTS.” (Received July 15, 8,50 p.m.) CHICAGO, July 15. There has been a sensational advance of 7 cents per bushel in tho price of July wheat on tho Chicago market. This has caused a stampede among brokers who have been selling short, and they are seriously alarmed at tho delay that has occurred in harvesting operations, duo to rains in tho west and south-west. THE VISIBLE SUPPLY. LONDON, July 14. Tho visible supply of wheat and flour oast of tho Rockies is tho equivalent of 14,099,000 bushels, as against 10,592,000 bushels a week ago.

In the corresponding week a year ago the amount of wheat alloat for tho United Kingdom and Europe totalled 27.080,000 quarters. RE-ENTER MR PATTEN. HE CONTROLS ALL NEAR JULY SUPPLIES. (Received July 15, 10.45 p.m.) CHICAGO, July 15. Mr James Patten, who made a fop tune out of tho rise in May “futures,” controls the immediate supply of July wheat available for immediate delivery. This aggregates 5,000,000 bushels, and tho price to-day is 127 cents (53(d) per bushel, Mr Patten hopes to force ft up to 150 cents, and expects that in this event he will make a profit of £500,000. A LONDON DEAL. (Received July 15, 11.40 p.m.) LONDON, July 15. An Australian cargo of wheat was sold yesterday at 45s l(d per quarter.