Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1920-07-09
RESUME TRADING
IN WHEAT FUTURES

bers from each of the eight most
prominent grain exchanges, at the
Board of Trade in Chicago on June
g, it was definitely settled that trad
ing in wheat futures at the various
grain exchanges will be resumed,
probably June Is. Some details are
yet to be adjusted. The December
future will be the first to be traded
in, because in December there will
be large stocks at all terminal ele-
vator points. BY early fall enough
cars will probably be available to per-
NIT free movement of wheat from
all country points throughout the
Middle West.
The demand from the grain and
milling industry has been so great
for the opening of the grain ex-
changes for the trading in wheat flu
lures that the objections raised by
some members of the trade, who
wished to postpone it for another
year, nave US6n
Before definite recommendations
to the grain exchanges are made,
another meeting of the commistee of
16 will be held, and following that,
| the general committee of Al will
meet to pass upon the matter. How
| ever, the meeting on June def
nitely settled the matter except as
to the arrangement of details.
Demand for wheat for export was
brisk during the early days of the
week, but was slow on Thursday and
Friday. On Tuesday it was reported
that the British commission bought
about 100000 bushels at $3.23A
! f. o. b, Gulf ports. Holland was also
in the market and was reported to
have bought 100000 bushels at the
Gulf, for shipment the last half of
September, at $3.18. In the Chicago
market No. Red Winter wheat in
store sold at $2.93 and No. 3 Red at
| $3.50. Some members of the grain
trade believe that the high prices be-
ing paid for wheat for export will
maintain prices of all grain at a high
| level for a long time to come
A feature of the week was report
which came by cable on Friday that
the Chamber of Deputies of Argen
inn hnA tod fnx NxyIn
ports equal to $40 per ton, and on
flour, $50. 1t was said that the SEN
ate might make some notifications.
The tax is to be in force until No
vember 80, 1920. Probably some of
the buying by the British commission
and Holland was in anticipation of
the tax ON export wheat from Argen-
tina
Another sharp advance in corn and
oats prices was witnessed in the week |
under review. Although heavy re-
ceipts were expected after the holi
day on Monday, the receipts actually |
were light, which resulted in a sharp |
speculative advance in prices. The |
first market day of the week indicat- !
ed what was to follow throughout |
that period-namely, an active mar
ket with wide fluctuations. Some of |
the futures made new high records |
on Tuesday and others on Friday. |
The high record for the crop for oats
was recorded on May Is, but this
cents being paid for July oats and
10 u cents for the September future.
The July price is a record for the
Chicago market for all time. High
prices for corn on the crop were re-
corded on May IS This weeks |
prices did not equal the previous
high level.
Reports from the trade are that |
the car situation is still far from sat
isfactory. The little squirt in |
"empties" received from eastern
roads two or three weeks ago was en-
couraging, but has not continued.
During the week under review |
loadings of grain on some of the
principal western roads were report
ed as showing little or no improve
ment over the loadings of several
weeks ago. On the Illinois Central,
for example, the average the last few
days has been between 100 and $50
cars per day, compared with $50 one
day during the squirt about three
weeks ago. One division of the Bur
! lington road loaded only II cars with
grain on Thursday while other di-
visions OF the same line loaded only
six or seven cars on that day. Ac-
cording to the order of the Inter
state Commerce Commission the Bur
lington should be receiving rs cars