Omaha daily bee., 1921-08-06
Chicago Grain
BY CHARLES D. MICHAELS.
Chicago Tribune Omaha Bee Leased Wire

Chicago, Aug. S.-The close in
wheat was near the low point of the
day. A leading elevator interest was
a persistent seller of wheat through
out the session, and there was pres
sure from southwest interests toward
the last. These same houses sold
early, bought at midsession and then
were again on the selling side. Rest
ing spots were 2 l-2c to Sc lower.
Corn closed l lac to l-2c lower and
oats declined lc to l-8c.
Rye closed 2 l-2c to 2, 3-4c lower
and barley l-2c to SAC higher. Pork
closed unchanged, lard lOc to soc
lower and ribs were II l-2c to lSc
off. Local cash sales were 235,00O
bushels of wheat, including 225,OOO
bushels to exporters, 100000 bushels
corn, including $4,000 bushels to ex-
porters and $4,000 bushels of oats.
Seaboard rported 100000 bushels
of wheat and 100000 bushels corn
taken for export. Cash premiums
were l-2c better, corn lac lower
and oats unchanged. Vessel room
was chartered for 100000 bushels of
wheat or corn, shippers option, at
l SAC to Buffalo.
Wheat Prices Break.
Wheat exhibited a little steadiness at
the start, but short time later prices
broke sharply. There was a good trade
in December at the opening. An ele-
vator interest with southwest connections
was the leading seller and northwest
houses the best buyers. Later there was
heavy selling by the same houses that
sold yesterday and when that selling fin
ished there was heavy selling by brokers
who were believed to be acting for one
of the principal buyers on yesterdays
break.
AS a result of today's decline, the tech
greatly strengthened. The long interest
has been nearly all elimted while the
short interest has broadened. There was
evidence Of export business on the break.
seaboard houses were giving up futures
for the cash wheat in goodly quantities
early In the day. report from the sea-
board shortly after the opening said that
Belgium took 250oo0 bushels Of wheat
wheat being worked. Local receipts were
800 cars.
Heavy Export Trade.
Corn held fairly well during the early
trading, buying being led by brokers act
ing for elevator interests. However, the
break in wheat induced much selling by
locals as well as commission houses and
September told to new low point on the
crop. A fairly big export business was
put through in corn on overnight offers,
as seaboard interests were exchanging the
futures for the cash. The movement of
corn shows no improvement the estimate
being 110 cars.
Oats started steady but firmed on i'm
proved support coming from an elevator
interest. On the upturn. heavy selling of
oats by a commission house took the edge
off the market. Locals were inclined to
support the market in weak spots. Cash
oats opened 1ac lower No. white sold
at &c under September. There were 240,-
900 bushels oats shipped out by lake yes
terday to Buffalo for export. Country
offerings were reported fair today. Esti-
mated receipts were for $50 cars.
Cash rye, &c lower. No. sold at $1.OSh
to $1.09h.
Cash barley unchanged to firm. Malt
ing sales ranged between "a and SIC.
Pit Notes.
Some hedging Of wheat went into the
December today. There was also con-
siderable back spreading, selling of Sep
tember and buying of December, but 1t also
was noticed that there was considerable
quiet buying of the near month. North
west houses bought December.
Much of the selling of wheat was credit
ed to leading local elevator interest,
and there was selling at the start 9y
several of the cash houses, indicating fairiy
Belgium and continental houses bought
wheat overnight. sales amounting 10
about 100000 bushels. Winnipeg reports
two cargoes of wheat said to be sold to
the continent. There were bids Tor
wheat here. but no reports of sales were
given out.
The local sentiment in regard to wheat
apparently has undergone considerable
change in regard to prices. The opinion
still prevails that ultimately the worlds
wheat conditions will mean much higher
ht,t it1St al DrPSpnt
have been discouraged and the influence
of big receipts and the indifferent export
demand have been sufficient to keep out
side support down to a minimum, leaving
the market in a weak position to with
stand the selling by cash interests. Inc |
lack of confidence in prices has been
evident among traders in coarse grains |
also with bullish news apparently stale
and ineffective.
Liverpool lard prices were weak; Sd
off on refined spot and 3s, Sd lower for
September. This had considerable eff
feet here in causing free selling as well |
as the set back in hog prices.