Omaha daily bee., 1914-02-20
GRAIN And PRODUCE MARKET
Bullish Enthusiasm in Pit Gives Way
to Bearish Influence.
WHEAT TRADERS ARE WAITING
Spectators Laying Low for Deteri-
oratiOn Reports on the Grain
from Argentine - Corn
shows Some Losses,

OMAHA, Feb. 49, 1914
The bullish enthusiasm in the wheat
market, so pronounced at the close OF
business Tuesday, gave way to bearish
teeiing with fractional decline at the close
Yesterday. The sales were probably $780,
600 bushels, with most of 1t taken by
exporters at the seaboard and the balance
by interior millers i'm the Chicago terri
tory. The market centers that reported
sales Tuesday on foreign account said
YESTERDAY that bids were out Of line and
IL was impossible to do any business. For
elgners not only refused TO buy freely of
the wheat surplus in this country, but
they sold some futures at Chicago in
which they had a profit.
The fact was clearly demonstrated yes
terday that In order to keep wheat prices
at the present level II will be necessary TO
have good cash demand from day to
day. Some of the larger spectators who
were talking most bullish were on the
selling side in liberal way in order to
secure available profits. II Is becoming
quite popular to take profits when they
are at hand, instead OF taking chance
of allowing them TO disappear.
There was considerable news OF a
bearish character, An exporter in look
ing over the situation last night said
that II Europe wanted the wheat in this
country bad enough they would come
after Manitoba No. 1 northern for April
May shipment as it figures about C
lower than No. 2 hard winter, elf. con-
tinental ports, and that it is lntrinsically
worth more money.
The situation in wheat at the moment
presents the appearance OF boOt-strap
game. 1t looks as IL the American spec
ulator is holding up the market for
purpose-possibly in order to sell come
wheat and secure a profit II long, or 10
put out q short line and cover at loweI
price II has been the case for many
years past for the Yankee" speculatoI
to hold the price of wheat at level
where exporters refused to absorb freely
as they were able to go TO competing
their purchases al
prices below those asked py Ohiteo
States holders. 80
The average trader in wheat is waiting
for the deterioration reports, which ne
believes will be of interest sooner OF
later, and he is carrying some wheat
with the idea OF securing profit. IL
was reported here late yesterday tha'
Liverpool bought several cargoes of Aus
tralian and Argentine wheat, and this
being the case, II is not out OF place tc
make the claim that the Liverpool mer
named the price, although traders have
been led to believe that both those coun,
tries will have little wheat to sell and
that they will probably secure their owr
price. Cash wheat was unchanged.
Minneapolis reported Chicago as a bis
seller of July wheat there, and reported
the cash market as firm but slow, owinI
TO the larger receipts. That Minneapolis
millers have bought half million bush
els of cash wheat to arrive there. anC
that great deal of this was bought
at Omaha.
Corn was unable to stand up under th'
news of yesterday and showed losses o
1l03sc. Some markets in the corn bel
were reporting heavy acceptances on tn,
crop and cash sales were again small
200, 900 bushels selling TO go to store be
cause of a lack of demand. A lot o
Argentine corn sold at New York a
20 cents which showed nc loss Short
were buyers in the former market oI
free export takings. Cash corn was hG
1c lower.
Clearances: Wheat and flour. 3740C
bu. corn, 1900 bu.; oats, 1000 bu.
Liverpool close: Wheat, h@kd lower
corn, Ad higher.
Primary wheat receipts. 6s5,000 bushel
and shipments 253,0 600 bushels, against re
ceipts of 1870 bushels and shipments Q
465, 900 bushels last year.
Primary corn receipts were $4,000 bush
els and shipments $4,000 bushels, agalnS