South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-07-24
MUCH WHEAT FOR
EUROPEAN BUYERS
Estimated That Foreigners
Took Two and a Half Mil
lions of Cash ArtiCIe-Not
Particular as to Price.
BY JOSEPH f. PRITCHARD.

CHICAGO. July 24.-Not only were
foreigners big purchasers Of cash
wheat in the Chicago market Thurs
futures in a liberal manner and 1t was
said that they were not particular as
to the price paid. They bought 2,000,-
600 bushels of the cash article and it
would be a difficult matter TO say as
how much of the futures they took on.
Black rust reports were sent abroad
from both the northwest and Chicago
and this coupled with the strength as
shown in this market caused great I'M
easiness at Liverpool as we'll as on the
continent, which resulted in the heavy
purchases referred to. The gains here
were $50 1 1-Sc for the day and at
Liverpool there were advances of
1-4@1 3-Sd. The other markets of
the old world trailed on after the Chi
cago and Liverpool prices and there
were advances of a l Use.
Conditions in the spring wheat
country are best told by a special mes
sage that was received from Charles
Z. Lewis and company of Minneapolis
by the writer after the close of the
days business. The message said in
part:
Further damage reports were the
principal factors in causing strength
in the spring wheat markets.
THE best reports we can obtain in
dictate a shortage in a considerable
portion of our own crops, as well as
those of Europe. Wheat has a poor
start in Argentina where there is a
reduction in the acreage. A great
many people who have been positive
that American wheat prices would be
much lower are beginning to think
that the foreign situation is strong
enough to justify American prices re-
naming at this level"
In addition to the big cash sales
wheat for export show vessel room
chartered for 900 bushels to go to
Buffalo at Use. The buying of wheat
Thursday was nOticeably strong, while
the selling was largely on professional
account. Had not longs with profits
sold wheat freely, the upturn at Chi
cago would have been quite sharp in
deed. The weather in the spring
wheat country on both sides the in
ternational line, was reported as more
favorable and under these conditions
the black rust is not likely TO display
further development.
The corn market was irregular and
unsettled, the old July closing with a
loss of 3-Sc while the other months
showed gains of / 3-S q ? Lee, the
December future being the strongest
The outsider followed shorts closely in
buying and at no time during the day
was the corn on sale equal to the de-
mand. The weather was hot and dry,
especially east of the river as well as
in the far southwest and buying orders
were greatly in evidence from Kansas
City, ST. Louis and other points in
that section of the country.
The upturn in corn was more or less
of q help TO oats, as they showed
considerable strength and this too on
more favorable crop advices. There
are many in the trade who believe that
oats are likely TO advance still fur
Their in case corn holds up around the
present price level. With the move
ment of the new crop oats are likely
to show recessions.
The buying of hog products was led
by bull longs and this was a good help
TO July and Septembe ribs as we'll as
TO October lard. Ribs showed the
most gain. The selling was mainly by
scattered longs in pork and ribs.
Close:
WHEAT-July, 50 S-S; Sept. 81 II
Dec, 81 IA SIS; May, Sc.
CORN-July. Y 5-S; old, 6S Is;
Sept. 50 SIS; old. 90 IL; Dec. 90 Is;
May, Il - q 5-S.
OATS-July, 81 SIS; Sept. SO;
Dec. 81 SIS a "a; May. 40 IA.
PORK-July, $22.S5; Sept, S2O.S5.
LARD-July. $1O.O5: Sept, $1O.15;
Oct, 5000; Jan, $9.97 1-2.
RIBS-July, $12.15; Sept, $12.O0;
Oct, $11.52 1-2.