Omaha daily bee., 1921-08-04
Chicago Grain
BY CHARLES D. MICHAELS
{ hicago Tribune Omaha Be- Leased Wire

BY CHAKLES ~. M1NHAELS
Chicago Tribune Omaha Be- Leased Wire.
: Chicago, Aug. 3.-The effect of
hedges being placed OIL the market
and those put on some time ago
appears to be too much of 4 weight,
Judging from the action of grain
prices which were higher early in
the day and closed lower, with net
losses of 7-8c on wheat, 5-8c on
corn and 1-8c to LAC on oats.
Exporters and millers were less
anxious for wheat and while. sales
by the country and receipts were
much smaller than week ago,
the three southwestern markets hav-
ing 729 cars against l,404 cars a
week ago, there was weakness and
to 5 cents decline in southwest
crn cash markets. There appeared
to be little more wheat offered than
the trade was disposed to take and
while the exporters only bought
100000 bueshels, it was intimated
by operators that the foreigners
would be in the market again short
ly. A decrease in supplies of ocean
passage to Europe was without ef-
feet, as was also all other bullish
factors. Buying orders for Septem-
Der appeared around $l25 and gave
the market strength at times, but
the finish was at the inside at 81 23M
to Sl,23k with December at Sc
premium.
Decrease in Receipts.
A decrease OF nearly 1000 600 bushels
in the primary receipts, as compared with
week ago, and a total movement of
2,S6s.0OO bushels induced considerable
a mood to buy had there been any en-
couragement from the outside. Export
clearances were $1,000 bushels.
Crop reports from Canada were bullish,
with the yield Of the three western prov
inces estimated at 100000, 900 to 246,-
100000 bushels. Harvesting is on there.
A good feature for the Chicago market
was the shipment of 100000 bushels
Tuesday which will assist in clearing the
congestion on track.
Although the greater part Of the corn
belt had good rains in the past few days
which. with cooler weather, has checked
crop deterioration, the government week
ly reports said more rain is needed In
corn sections. In Iowa, the bulletin
said, the rain came too late over the
drouth- stricken sections of north central,
central and eastern districts, but further
damage would be averted. The trade was
moderately bearish and even reports late
in the day Of 100000 bushels being sold
for export had little effect. Prices at
finish. with break Of / cent and a
small rally on profit taking by previous
sellers and holders Of bids.
Oats Market Inactive.
Aside from the hedging sales and chang
ing of hedges from September to De-
cember at 8 1sc difference. there was little
in the oats market speculatively.
Changers found it difficult to execute
orders, owing to the small outside trade.
The finish was at the bottom with 81
small loss. Low prices are not attract
ing buyers of futures. but cash trade was
fair with $4,000 bushels sold to the east
and $4,000 bushels Canadian taken for
export at the seaboard.
Rye was slow and easy. with increased
pressure on December, which lost &c. No.
vas taken at 1c under September.
Lard was actively traded in by a few
interests, with large buying of Septem-
Der early and 1000. 900 pounds were taken
by one packer, mainly in one lot at the
last.
A large majority of the traders are
friendly to the buying side of wheat, but
do not expect an advance at present. |
iSotci III lhS StdSoi after luSTe is d CLOSER
adjustment of supplies to requirements
in this country and abroad they look for |
higher prices. In the interim they ex-
pect to see a moderate decline.
One thing that is commented by
sharp observers is that there are too
many bulls for the market to do better.
also too little outside trade for a good |
advance while the movement is on. 1t !
Will be no surprise to a few close OBJ |
servers who have been bullsh to see
liquidation and lower prices for the pres
ent.
Exporters are not enthusiastic and buy |
sparingly. but their purchases Of cash
and futures is not equal to the primary
arrivals. good part of the arrivals
lately have been, applied on sales for
July shipment and have not come on the
open market, but have been hedged against
A feature in corn was the widening of
September, while in oats the trade is
too light to be commented on. Seaboard
houses bought large amount of Sep
tember to exchange for cash grain. While
sea board looked large they covered bus
ported. The trade is bearish.
board was slow with onIv mneI 1o ooo 're hshss sea-
reported as sold. Corn sales. including
100000 bushels Monday and Tuesday,
not previously reported, were 1900 900
bushels, rye $4,000 bushels and Canadian
oats $4,000 bushels Chicago handlers
sold $4,000 bushels wheat and 290 600 BUSH
els corn to the seaboard with charters
for 100000 bushels corn at IA C to Buff
falo.
Local Industries were good buyers of
cash corn, paying 1hc over for mixed
and &c over for No. yellow and white |
but later shippers and elevator interests
competed for the offerings and advanced
the basis &c to 2lac over Setepmber at
the last for willow and white Sample |
celpts, IS cars