Omaha daily bee., 1921-12-25
Chicago Grain
!. BY CHARLES d. MICHAELS.
Chicago Tribune Omaha Zee Leased Wire.

q
Chicago, Dee. 2l.--Grain market
showed strong undertonc from IN
start. While weekend evening al
brought about reaction toward III,
last. the close was at net gains o
}s@lBc on wheat, ssGlc on cor,
and A@1,c on oats. and rye wa
lsMlAc higher.
December wheat acted somcwha
congested last week. due to the per
sistcnt buying OF that delivery, ant
selling OF MAY by cash houses led tn,
advance, closing 6Bc higher ant
only sac under the May. The dc,
ferred deliveries of wheat we're VI
2M@4%c.
Development OF a good export
business in corn with the Russian re.
lief bill calling for 20,000,00C bushels
led TO an advance Of 2Nl27Sc in fu-
lures. Oats gained l4l}sc and rye
2A@3He. Lard was l0@l2Hc
higher and short ribs 32H@42Hc
higher.
Sentiment More Bullish.
Sentiment s becoming more bullsn
among wheat traders and there was In
creased support on the dips while on the
bulge resting orders were encountere1.
May sold at a new high on the present
upturn. At 3i.i7s and every eighth up
commission houses sold on resting orders
and the outside business was not suffi-
ciently large to absorb them. resulting IN
reaction toward the close. No moisture
was received In the sections OF the south
west that needed Il the most except In
northwest Kansas. which had Httis
snow Forecast indicated generally fair
weather.
Owing to foreign markets being closed.
export demand was slow and no material
increase is expected until after the holi-
days. Milling demand Is expected to IN
crease after tho turn of the year. Re-
ceipts in all sections are light.
Corn Prices Advance.
Corn prices advanced into new ground
ON the present upturn. but as on prevous
days there was heavy profit taking on
the swells and the best figures were not
Purchases Of five cargoes OF
corn for Russian relief We're announced
but the grain taken Is said to have been
at Atlantic and gulf ports and available
for quick shipment Exporters were after
the grain in the west. but net purchases
were not large.
oats showed more activity, with several
strong commission houses aon the buying
side and prices moved up readily. closing
at fair net gains. Shipping demand was
inactive. Local receipts were nearly zVo,-
900 bushels for the week in excess OF ship
ments.
rye averaged slightly higher In sympa-
thy with wheat Export bids were some
what out of line. Receipts at all points
Pit Notes.
Monday December &c. will be observed
by all the exchanges and banks as
legal holiday.
There is a more cheerful feeling and
less disposition to work on. the selling
side except on the sharp bulges. while
With existing conditions.
Principal selling pressure on corn comes
rom local traders and a few OF the cash
the latter hedging corn bought
n the country. Primary receipts of corn
'or the week were the largest at this
ime in over five years. exceeding last !
,ear by over 100000 bushels. lndiea.
ions are that the country will not sell
.orn. freely this week. as freight rates
ire 10 decline equal to Inc bushel in |
owa and ranging up to SC from Ne
,raska points on January I. This is most !
important to country holders.
The reduction in freight rates on
ercentage basis on the western group
+ railroads including wheat, hay and
traw, is equal to 13 per cent and on
orn, oats, rye and barley 2oh per cent
he Mountain Pacific group wheat 12hc,
ay, straw and coarse grains 20 per cent.
illinois group wheat 14h per cent, wheat,
ay and straw IAN per cent. Reductions
rom western Illinois group Will apply
My to local interstate rates The re-
uction amounts to 10 per cent on all
inds of grain for the local state rates
nd for the proportionals.
The western group embraces points weyt !
{ the Mississippi river except Montana,
Wyoming and west Of the Colorado COM
ION points. 3e
Open interest In December wheat has
cen greatly reduced and 1t IL hard to
uy, advancing NC at the last on pur-
hases of 5000 bushels.
There has not been a time In years
hen it was so easy to secure cars during
1e Christmas period for tho movement |
{ grain. This is due to the light move
rent OF other freight.
Stocks of old wheat in Australia are
ractically exhausted and shipments OF
ew crop grain have commenced. Ex-
ortable surplus from the new crop js
round 80,o00,00o bushels.
Theories at best have been poor basis
n which to build up a bull market in
heat that could endure" said William
Weigand with the j. Rosenbaum
rain company. "A healthier demand
ON millers is needed. The extent of
ny advance will be governed by world
Lther than domestic conditions"