South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-05-30
NO BIG DEMAND
FOR MAY WHEAT
Unexpected Happens and Price
at Close Shows LoSs-Ar-
mOurS Did Not Make a Kill
ing on May Holdings.
BY JOSEPH f. PRITCHARD.


CHICAGO. May 30.-Those in the
grain trade who fail to keep well post
ed on the situation surrounding the
different markets are more than like
ly 10 place the profits and losses OF
a deal at the door of the wrong con
Germ.
There are many in the trade who
believe that Armour made money in
May wheat, and that his profits were
up in seven figures. These people
have failed TO follow the action of the
May future for several months and
are reckoning only for the past few
weeks when the bull side Of wheat was
the one on which 10 make the money
There are few in the trade who
know that the Armour house was Ions
as much as %, O00.0 900 bushels OF May
wheat at one time. This big line OF
wheat was accumulated in the belief
that the ideal crop prospects were
likely to show q change for the worse
The reports Of deterioration in the
southwest were a long time in putting
in an appearance and as margin calls
were being made right along, because
of the continued long drawn out de-
clines. II is said that the Armour Off
Gals ordered the wheat sold.
They believed ii would be a more
sensible idea to dispose # the May
and take on the July in its place.
With heavy crop losses in Missouri and
scattered losses in Illinois and a few
OF the other states in the winter wheat
belt there was a bull movement inau-
gurated in all of the futures. This
found the Armour concern with a big
load of July wheat on its hands, but
the May was pretty we'll sold out.
futures as well as the May at the ad-
vances, but they failed to make up for
the losses suffered in the throwing
overheard of the big line of the old
crop months
May corn advanced from 20 IL to
FAC Friday and it closed at the top
price OF the day under buying orders
from the Armour Grain company who
were short that month and who suf-
fered heavy losses. 1t was said that
Armour brokers bought more than l,
100000 bushels of the May future
during Fridays session and it is known
that they have been buying that
month for several weeks past, thereby
showing that the losses in the May
corn were heavy.
Wheat closed with losses of 1870
lac Friday and the unexpected hap
pened. Instead Of a wild market in
this grain the trade was a quiet one
on the whole and attracted no more
attention than usual. There being two
holidays ahead the trade was inclined
to curtail commitments. The cash
trade was small at 10000 bushels.
The more deferred futures in corn
were fractionally higher, being helped
more or less by the strength in the
May which showed an abnormal adj
vance on shorts covering. The under
current, generally speaking, was
strong, as there were many unfavora-
BILE crop reports received. Cash sales
were small at 10000 bushels.
There was a fair speculative trade
in the market for hog products and
there were liable sales Of ribs by one
of the larger speculative packers who
was a buyer Of lard. A Milwaukee
packer was selling the product, and
there was some covering by shorts.
Close:
WHEAT-May SO; July, sc $40
rs; Sept, So "a a IS; Dec, IS Is.
CORN--May, IA; July 81 ga; old,
81 3-467-S: Sept. 60 "a; old, sc.
OATS-May, 80; July, 80 3-s a 1-2;
Sept, SO Is.
PORK-May, 1882 IL; July. $19.-
721~2; Sept, 1882 1-2.
LARD-May, 1892 -; July, So
~ IL; Sept, 1887 IL.
RIBs-May, s1O.72 10; July, Sill
05; Sept. S11.10.