Omaha daily bee., 1920-03-12
ChicagoGraiin
BY CHARLES D. MICHAELS.
Tribune Omaha Bee Leased Wire

Chicago, March 1.-the advance
in May corn to $l.50 today that
many have expected for more than
week became reality. The price
did not hold, yet closing trades were
at net gains of 1aMlzsc for the diff
ferent futures, March being the
weakest. Oats gained 1s@Hc and
dye, which led the advance from the
start, was up 1Hc and barley 1c.
Kansas City corn futures were
stronger than Chicago.
Corn prices are now at level where
traders say there is a more even fight
for operators on both sides OF the market.
Cash prices have worked nearer to futures
and the bull has less advantage over the
short seller. No. mixed corn sold at a
discount under March for the first time
this season and No. yellow. at St Louis,
dropped to under May price there. Arrivals
at Chicago and st. Louis show an increase
over last week and cash markets are not
showing the strength they have of late,
which encourages the short seller. Country
roads are breaking up in Illinois and Iowa
and the movement from the interior must
come from the country elevators from now
on. As to holdings in these elevators re-
ports vary. Some claim that they are large
and others only fair Attention is called
by an oat trader to the fact that May is
only &c higher now than when corn was
10 cents lower than at present This is
attributed to selling by longs and by houses
who have Cancelled sales to the east and
mad May bought against it.
Bullish Sentiment in Corn.
Bullish sentiment predominated In corn,
but big fight was on and the markets
action in consequence was decidedly err
raticy July and September sold at new
hlgh i1lgures on the crop, while May was
up to around the outside price early in
august. On every upturn above S1.49 for
May long corn came out In volume and to
a lesser extent in the more deferred de-
liveries. At the last March was s152h;
$139.
Wet weather prevailed over the corn
belt and country roads have broken up.
Sterling exchange advanced sharply early
and then declined as rapidly as 1t had
gone ur. helping to make sharp break at
created a more plentiful supply of cars
while In Illinois the situation was very
bad: In both states farmers are unable
to deliver to interior elevators Prospects
of one of the worst crop scares in winter
Wheat IN recent years Is a market factor
In corn, as is the heavy demand for rye
ana wheat from abroad.
Receipts of corn were limited 103 cars
with sample values unchanged to 1bc
higher. Eastern demand slow, with oniv
one one car ,as, sold to the east. Africa was in
AoAhCb anu pOueHL lU,UuU DuSheIS
kaf:ir corn and milo maize. Trading in
futures Of corn win be resumed In Liver
Hard Winter Wheat Sales.
Exporters bought 2S0,000 bushels hard
winter wheat at Chicago, but had to ad-
vance prices 495c, some selling at the
last at $270, track. New York, for prompt
Shipment. Durum was in demand at Du-
iutn Winter wheat on track 2@4c higher.
HeaVy and persistent selling of oats by
Sash and commission houses took the
bull edge off the market Local traders
bought on the strength in corn. but had
10 unload later. The close was slightly
a Dove the low point. May sass 0sshc
less bullist..
Export business is being done in volume
IN rye cargo was sold for shipment
at the oIening OF navigation late We'd
nesday. Seaboard bids were 15c to l5hc
over May. the latter for guaranteed |
prompt shipment
Barley advanced &c to SC with light |
offerlngs and good demand. New York
reported 100000 bushels sold for export |
while New California grain, June ship
ment, sold at $3.50 (. o. b. New York.
BY Updike Grain Co.. D. 1927. March IL