Omaha daily bee., 1921-05-06
Chicago Grain
By CHARLES d. MICHAELS.
,hieago Tribnne-Omaha Bee Leased Wire

AinGdRp. MdN "a itlolS NHCSl
ful feeling prevailed in the grain
trade today, with broader outside
buying power and an increased dis
position to regard the constructive
influenced There WAS a small break
early which brought increased buy
ing followed by big advance with
wheat the leader and closing trades
were at the top TO lc under the pre-
vious day.
Provisions advanced sharply alter
an early break and closed around the
lop with lard up l5620c, while short
ribs were l5@ 213c higher, aud pork
up 20MS5c.
The wheat situation appears to be
working into better shape for hold
ers. Foreigners continue to buy cash
grain and handlers here reported a
better milling demand. Selling pres
sure exhausted itself in the first few
minutes and with continued liberal
buying by outsiders, particularly by
shorts, May advanced from Sl.T to
$l.45%, the highest price since the
recent turn. July was more OF a
favoritc and advanced from $lOSH
TO $l,l5, where it closed.
Much Realization.
Traders are disposed to give more
thought TO the realization, particularly TO
the disparity in the price difference be
tween casE. May and July July Is around
44c under the price of spot No. ] hard'
which is giving away too much Tor the
privilege of selling it short
Crop news attracted more attention. In
glis was out with Il moderately buliish
report on Kansas and Oklahoma and IN
duced liberal covering by shorts ana 1alr
Investment buying. The trade, however,
deteriora ton. although it is daily becom-
ing more evident. Receipts continue less
than the shipments, Chicago getting only
5. cars.
Sentiment in the corn trade is more
divided and unfavorable weather is de-
laying planting and preventing corn al
ready planted from terminating. The ad-
vance in wheat, with fair eash corn
business, 475,ooo bushels. with demands
for aSo.0O0 bushels in Montreal, was
Strengthening factor.
Advance in May.
Good buying by shorts and commits
sion houses advanced May from 5slsc TO
6O1Sc. although the close was at sc, the
recession being due TO profit taking. July
toucked 63tsc and reacted lac at the
last, wiile Illinois farmers and interior
shippers sold over 10000 bushels No.
yellow corn to arrive at lc over onicaso
May. Receipts were 223 cars.
Crop reports on oats are less faVorable,
particularly from Kansas, Oklahoma, Ne
braska and Iowa. Reseedlng IN iowa is
the greatest in over so years as the result
of cold and unfavorable weather. This.
with the advance in other grains. brought
in q general covering movement with
some Investment buying. especially III
September, which was heavily oversoid
and it advanced from s7as to 4o3tc with
the close around 40 cents. Cash business
was good with 10000 bushels sold. CAST
prices were lc higher at the last with
receipts Al cars.
Rve was hard to buy. The seahoard
exporters control the May and there is
none offered except little from the
practically the same pries at one time
Sl.42Is, which was the top on rye, with
tke close iac under that figure.
Pit Notes.
There is a feeling in wheat that tke
market will do better at least until May
10, which is the date for the calendar
traders to begin selling. one OF the iarg-
est exporters wko was here To-Day sald
that selling of July wheat was dangerous,
as the discount was too great under the
cash grain to make 1t safe. He believes
that the money market is to ease ana
that credits will be better. whcE would
help all grains because they have Debated
TO a level that makes them safer for
buyers. With cask wheat $3.50 and higher:
It comes nearer representing the cost OF
producing. while July at 40 cents under is
regarded as too low.
Receipts of wheat at Minneapolis we're
144 cars; Duluth, 40: Winnipeg, 1b6 cars
Logan and Bryan have the following
from John Inglis: wellington to Enid
wheat shows marked deterioration. Some
larger acreage unhealthy. losing colcr:
decline in condition will be more mani
fest when it heads. Oats good; Will fin
ish planting corn fh5s Teek and 'hq reno
wheat keeps falling down. Souihward
general condition poor; some fields VIII
Be ploMed UP; no bugs; some fields VIII
louise running the oats; doubt if any will
cut here
Van Dusen- Harrington crop report says:
Northwest crop prospects at present are
some districts in central Montana which
are in need of moisture
Beatrice. Neb.. wired: Our local mill
selling wheat; say there is not enough
business to keep them going half the
time. Country offering a little more
free"
Minnea polls message says: Exports
from Nfilletts and Webster. S. D., say
early wheat is up and it looks yellow and
very thin. line elevator man 1Gst told
me there was SUN 20 per cent OF Wneao
TO seed in northern part of North Da-
kota."
W. F. Murphy of Farnuln. Winter and
company, had the following from Kan
sas City: Letter from Enid, Okl.. says
the writer has just returned from Elrena
and while the wheat looked good from
the road. yet. when you get into the
fields you find that there is very little
that shows up as good as it looks from
distance. The wheat is thin, SPIN
ding and yellow and most of the small
stools are dead"
E. A. Boerner of Stein, AIsteln and
company says: ''It seems to US that the
position of the old crop is now too vital
factor 10 be ignored, many are in
ciued to do. 1t is seif-evident that
clearances are greatly in excess of year
ago and that there is stih large duanti-
ties of unshipped wheat"