The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-11-24
WHEAT UP AT END
FIRST TIME IN WEEK
Barnes's Optimism and Ex-
port Demand Help Prices
in Chicago.

CHICAGO. Nov. 23-For the first time
in more than n week the wheat market
to-day closed at an advance. Brisk ex-
port demand. together with assertions
that liquidation was at an end. had
much to do with the strength shown.
The finish was nervous ~ TO sc. net
higher. with December $l6S@1.6SM and
March $685. @1.6l Corn gained 2as a
3Mc.. oats / y disc. to 2asc. and pro-
visions 22 to nc.
Buying Of wheat near the end of the
session was greatly accelerated by re-
port that Julius Barnes, former national
wheat director. had expressed an opin-
ion that prices were at the bottom. The
complete report of the remarks by Mr..
Barnes We're along optimistic lines, al.
though he said he was not a bull.
A considerable change in sentiment
among traders also was evident Export
demand was brisk and millers were rap
idly placing orders for flour Besides.
financial conditions were easier and
sterling exchange rising. Estimated
sales to Europe totalled 100000 BUSH
els, about half the amount domestic.
Corn and oats were hoisted by the
strength of wheat Shorts bought freely
Packers buying turned the provision
market upward.
Short covering and investment buy
ing gave yesterdays wheat market a
strong tone and caused advances of 9A
TO IL cents bushel from the days low.
The market was unsettled in its early
trading. starting higher and then selling
off. That decline. however. was checked
when bears began to cover on reports
of export business better feeling as the
result of improvement in securities and
foreign exchange and the fact that fur
Their importations of Canadian wheat
were prohibitive. Reports that ITALY,
Belgium and Scandinavia were buying
encouraged investment purchases. Cash
prices We're higher and Kansas City and
Minneapolis reported that milling de-
nand was better. a Broomhall cable
that Argentina had removed all export
restrictions failed TO have any influence
and the market closed S1s cents higher
The strong tone of Mondays corn
market became even more pronounced
yesterday and. except for a small de-
cline after the opening. was higher
throughout. Sentiment was even more
friendly, one large cash house which
has been conspicuously active on the
bear side taking considerable corn. and
that buying, commission house purchases
and covering served to advance prices
as much as 3 II cents n bushel from the
low. The deliveries closed 2as to 3%i
cents a bushel higher than Mondays
final quotations.
Short covering was largely responsible
for the rise in oats, the December de-
livery showing the greatest gain. That
delivery sold up as high as 451a. an
advance of PCS cents and closed at A.
. a, cents higher.
Provisions. despite the 81 drop in
hog prices developed n firmer tone on
strength of the grains
WHEAT-In the local cash market No. Q
red and No hard were quoted at $l.97 c.
a. (. track New York.
CORN-In the local cash market No Q
yellow was quoted at o7isc.; No. . mixed.
e5tzc., c. /. Z. New York. 10 days shipment.
OATS-In the local cash market No.
Gle; No. white. 6Oc.; No. Z white. SOC;
fancy clipped white, 66c.; ordinary clipped
white, 61162c., all elevator
RYE-Market firm. with other grains and
on export sales Of over 900 900 bushels dur
ing the past few days. No. Q Western was
New York.
BARLEY-Markct firm Feeding. sGd90c.;
mailing. $1G1.03. C. l. (. New York.
BUCKwHEAT-Marke steady. Sound
milling. $40 nominal. 100 pounds.
HAY--Marl,et steady. No. I, $1,000; No.
e, $1s0Mi.90 No. 3. Sl.G5a1.75: shipping.
81 .f50l.65
sTRAw-Nartet quiet. No. rye Sio9
- ,,trrf,ArO r,prrE.e