Omaha daily bee., 1920-03-09
ChicagoGraiin
BY CHARLES D. MICHAELS.
Chicago Tribune- Omaha Bee Leased Wire.

Cnlca8O IrlDune-OmAn2 beO L06soO WIFE.
Chicago, March 8.-Government
report on farm reserves showed the
most remarkable disappearance of
grains during the past winter in the
history of the trade. From July l.,
to March /, there was 646 5000, 900
bushels of wheat consumed or ex-
ported, compared with 59O,0O0,000
bushels the previous season, al
though exports have been @,000,00O
bushels less than last year, and sup
plies at the beginning of the season
were 100000 bushels more.
Consumption of corn aggregated
1898, 100000 bushels in the past four
Fmonths, or l3l,0OO00O bushels more
than last year and 6o,000,00O bushels
in excess of two years ago, when
supplies we're 100000 bushels in
excess of two years ago, and COM
pared with 1,001 100000 bushels last
year. The two leading feed grains
with supplies 497,00O,000 bushels less
than two years ago, showed a con-
sumption of 75,000,0OO bushels more.
Reserves of barley were also small.
Farm Reserves Report.
The government report on farm
reserves was about as expected,
taken on the whole. Considered
from the standpoint of the big ad-
vance in prices, it looks as though
everything bullish has been dis
counted. A few of the most success
full operators said after the close, that
the showing in corn had nothing to
do with May corn. The showing or
oats and barley was bullish. Wheat
reserves while larger than recen,
years show heavy consumption.
They are 165,53o000 bushels or &c.
$4,000 bushels over last year. Corn
1,093,000,00 bushels, or 24S0O0,000
bushels over last year. Merchantable
corn 2,535,0O00O0 bushels against D.
O62,OOO,0OO bushels last year. Guam
tity shipped out of the country
where grown was 1863 per cent
against AS per cent last year and
a l-year average up to last yeal
of over 20 per cent. Oats reserves
422,835,OO0 bushels or 100000
bushels over the highest private es-
Inmates and l68,4360O0 bushels more
than last year. Barley 3s,0l0,0O0
bushels or 43,736,OO0 bushels less
than last year, making the combined
shortage of oats and barley 242,-
$4,000 bushels.
Bullish Influences Prevail.
Bullish influences prevailed and
with persistent buying by strong
interests especially, covering shorts
in corn attributed to New York
prices advanced to the highest level
on the present upturn and all corn
futures except May showed the
highest of the season. Net gains
were 2 to 3 cents higher on corn
So to l-8 on oats, and IA on
May rye. /0
Efforts of the bears to check the
bulge in corn were without avail,
the lowest prices being made early
and the highest toward the last.
All deliveries with the exception
of May sold at a new high on the
crop. Numerous stop loss orders
were uncovered on the way up. 1t
was easier to trace the selling than
the buying. Many of the local
traders sold heavily around $1.46
for May and profit-taking was
strongly in evidence, but after the
decision of the supreme court an
nouncing that stock dividends we're
not taxable there was a stampede
of the bears.
Sample Values Unchanged.
Sample values unchanged to 2
cents higher.
Cash wheat dull, due to scarcity
of offerings, but prices unchanged
to S cents higher. No. northern
sold at $40. Seaboard bids ad-
vanced 1 cent to $3.50 for No. 2
hard, track New York, prompt ship
ment, but no sales were reported.
Very little grain here unsold.
While oat futures advanced with
corn to within fraction of the
highest price of the season the un-
dertone was distinctly heavy, due
to persistent selling by longs. Clos
ing trades were on a reaction of
5-8@3-4c from the top with May
"a Lac and July 7o sac. Premiums
on cash oats in the sample market
were easier toward the last.
Seaboard exporters advanced rye
bids 1-2c. No. 2 on track l-2c over
May with sales at $1.70 1-2@1.71 3-4.
Barley unchanged to ! cent higher.
Demand fair and offerings light.
Spot sales were at $1.48@1.55.
BY Updike Grain Co., Doug. sss7. March 3.