Omaha daily bee., 1921-07-16
Chicago Grain
By CHARLES D. MIcHAELS.

BY CHARLES d. MlCHAELS.
Chicago Tribune Omaha Bec Leased Wire.
Chicago, July 15.-There was big
bulge in wheat about midday, on
buying credited to Livermore, but
heavy selling was encountered on the
advance. The late trading was fea-
tured by changing operHt ons. July
longs were transit "fiGg their lines
to the deferred idtures and this re-
suited in 1.,y being forced to big
discount under deferred futures;
toward the last, carriers bought
July and sold the September, mar
rowing the spread. Last prices were
1Hc lower to INC higher,
Corn was 4c lower to sc higher
and oats were A@1Bc up Rye
was 14@2Iac up and barley Il c
higher. Pork closed 25c up, lard
32H@42Hc higher and ribs 17Hc@
22Kc up.
Local cash sales were 100000 BUSH
els of wheat, including 100000 bush
el to exporters; $4,000 bushels of
corn; 81 900 bushels of oats and 5000
bushels of barley. Bids on wheat to
arrive were reduced 1c at the finish
Seaboard reported that United King
dom had resold 100000 bushels Of
wheat at profit of 5@l0c bushel.
1t was choppy market in wheat.
There was rush to sell at the start,
based on the cooler weather, also
on the order of the directors making
it possible to deliver car lots on track
after Monday. The decline was short
lived. Houses that for more than a
week have been active on the bull
side picked up the wheat ard forced
pit shorts to cover. Good gains were
established within the next half hour.
Selling Of September.
Later there was persistent selling of
September wheat every time the market
touched s1.33. There was no decrease in
bullsh feeling, but there were many who
believed that reaction was due and
favorable opportunity for the acceptance
OF profits. The news factors were more
favorable toward the bear side. There
IL soqa ya1s sosh ss
land and Wales. where a three-hour
steady rain was reported.
New wheat arrived at Paris showing
quality above average. according to a
west was cooler and less favorable for
the development Of rust. Reports from
the crop experts were bullish. but they
were inclined to hedge a little on the
extent of the damage. Receipts were
heavy, the estimate being for $50 cars.
Corn eased off at the start. but en-
countered heavy buying. credited to local
professionals, while later a house with
cash connections bought Locals were on
the long side. Selling was mainly scat
tered. Weather was cooler and pene-
ficial rains were noted in many parts OF!
the belt. Receipts were smaller, tho
estimate being 130 cars. The demand Tor
cash corn was light for domestic require
ments. Export demand was not urgent.
but any cheap offers made were generally
changed to Id higher at the close.
Oat Prices Higher.
Oats acted independent of the action
in other grains. Prices were sharply
higher, responding readily to competitive
buying. This cereal Is gaining more
friends daily. on the theory that thas prices prices
and the fact that considerable damage
has been done to the crop In the nortn-
west, the latter being reflected In buy.
ing orders coming from tnat seS.ion VI
mencing in North Dakota and results
show exceptionally light yields. Receipts
are running to moderate proportions, the
estimate today being for only 50 cars.
New oats were light weight Country
offerings to arrive were moderate, with
very little old oats being included. o, De oeo
liveries on July contracts were S7,ooo
bushels. Domestic shipping demand was
restricted, apparently by the advance re-
corded in values. Weather conditions
generally were favorable. London ana
Antwerp spot markets held unchangeo;
Rye was 5@7c higher. Cash No; !
sold at s1.32%; No. at $i.sl II q .sas
and No at s1.32h Receipts, 13 cars.
Barley ruled 4@5c higher. Mating
sold at 7o@75c. Receipts. cars.
Pit Notes.
July rye at the close was 2&c over the
price Of July wheat. At the same time,
September rye was lac under September
wheat. Minneapolis July wheat was 1shc
over July rye. The tight July rye posi-
tion here is credited to the big ,fs,eh hold,ngs
supposed to be long several million push
els, Receipts of rye are light and shorts
have been obliged to cover. the unnat-
urs position Of rye Is sroMn Univ oy wheat here
and the big discounts under wheat IN
the northwest markets.
Sentiment in regard to wheat was more
mixed mixed ntn, ana there hx longs who preferred to
wait and see what effect the big wheat
run will have on prices. bui. ieaosrs .,rs
made the most Of the ,.ney,;rg news from ,ttIe tn
more of an old story and the complicated
local shipping conditions are tending TO
restrict export business. = ~.
Any change for the better In the Tor
eign exchange situation would make a
much stronger situation in provisions. ac,
cording to local brokers. It Is believed ei
Germany will be fair buyer, as wen
as the United Kingdom. Germany is
understood to have. practically finished
negotiating for liberal credits for the pur-
chase of grain and cotton.
The putting in effect of the emergency
rule permitting the delivery OF grain IN
car lots on July contracts is expected to
relieve tight situation arising from q
scarcity of elevator room. 1t IL believed
there will be heavy deliveries Of both
wheat and corn and that the producers
will tend to increase the shipments OF
grain by rail to the seaboard At the so ex,
pense of the lake route. Unless tine
elevator operators get things into shape to
handle the grain and liberal shipments
from public and private houses are made,
large portion Of the deliveries will be
rendered in car lots and probably the
grain will be switched to the eastern
lines and shipper out.
New VorE Gauepa1