The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-05-08
RAINS SEND WHEAT
PRICES DOWNWARD


CHICAGO. May Rains N the South
west, ofrsetting Yesterdays reports or
poor- crop prospects in THAT region.
Knocked the props from to-day's wheat
market. May wheat was under special
pressure ana at one time IN the first
hour was at 5is cents less than yes
tarday's close. while July was Off "a
cents Crop reports were more favor
able and forecasts for additional show
ers helped the movement
New wheat on initial trades was AT
10 14G,a, decline OF 1 IS to ~ cents
for the opening. July started y to
2 cents lower at 1f5 TO 116. May
dropped to around 143 before the sell
ing was checked and then steadied TO
144A. July touched 114ia and seemed
Inclined to hold at about that figure.
That weakness continued to the end with
further declines toward the close. May
wheat ended So cents net lower at
14155 to 141%. July closed to "a
cents net lower at 113a. to la.
Coarse grains were easier at the start
on the effects of the weakness In wheat,
But the seaboard began inquiring for
cash corn. and IL wac announced that
charters for 10000 bushels OF that
grain had been made for Montreal
May corn opened at 1914 to IS u, which
was ~ to cents lower, with July or
81 to 3 cents at 62A to 62as Both
options receded slowly, but the trades
indicated fairly strong undertone
Tho market kept UP its resistance to
the wheat influence and maintained its
earlier position The close saw May a
cent lower than yesterdays close at 591s
TO SOS. July wound up 1 cents net
lower at GIN @617s cents to 61Ts. The
last bid on September OF GALS was "a
cents lower than yesterdays final.
Oats were in sympathy with corn, July
starting &C. to e lower at 3SA TO
S8sx. The price steadied later at $685.
Provisions were dull and almost nomi-
nal, the weak grain market being Offset
by stronger prices for hogs. Prices were
slightly lower.
Values went soaring in last weeks
wheat market, largely as result OF
bullish reports from the Southwest re-
earding the new crop. Compared with
those of the preceding week wheat prices
this morning were 90 cents TO lSA
cents higher; corn UP IA cents. at rs
to 3ss cents. oats ia cents, at / Is to
si.ss.
Extreme constituencies which the
wheat market showed in responding TO
adverse crop news appeared to be con-
nected with the fact that there had been
a dearth of deliveries on May contracts
here and at other terminal markets and
that there was evidently very little
wheat in position to be available for Inn
mediate commercial use. Exporters
meanwhile continued efforts to purchase
and nillers also were energetic in seek
Ing to be supplied. The only reaction
from the upward movement of prices
cnnne after reports that Kansas growers
had been seeing more freely and after
SOME hesitancy due to the marine work
ers' strike. At that juncture word was
received from a leading crop expert that
notable deterioration OF growing wheat
had taken place in a large area of Kan
sas and Oklahoma steep fresh adj
vances in price quickly followed Low
ering of rediscount rates by Reserve
banks counted to some extent as bull
ish factor.
Corn and oats sympathized with
wheat.
Provisions were lifted chiefly BY
grains action.
AMOS CHICAGO PRICES.