Omaha daily bee., 1921-05-15
Chicago Grain
BY CHARLES d. MICHAELS.
4 hirapo Tribune Omaha Rec. Leased Wire,

By CHARLES d. MICHAELS.
! Chicago Tribune Omaha Bee Leased Wire.
Chicago, May l4-Legislatve ac-
ton, both present and prospective,
tends to create uneasiness and has
depressing effect on business, re
ducing confidence of holders and
increasing selling pressure. In ad-
dition to the uneasiness created by
| the passage OF the Tincher bill III
the national house of representatives,
there is uncertainty as to what will
be done with the Lantz bill al
Springfield and threats OF closing
| OF the exchanges are heard.
To these factors were added
rains in Kansas and Oklahoma,
frosts in central and western Ne
braska, and freezing weather with
temperatures down to 20 at Minot,
N. D. The depressing factors were
costly to the grain trade, as exporters
bought l.250000 bushels of wheat
and 100000 bushels OF rye, and
caused a reverse action after the
early decline. The finish was prac-
ticaly unchanged for wheat. witlr
corn 34MBc lower; oats, 3sM5sc;
rye, 4@21zc lower.
Wheat Selling General.
Selling of wheat was general on the
southwestern rains and the other bear
ish factors which. for time, offset all
constructive influences. but the latter DOM
mated at the last. At the low point
which was mere than regained and fairly
held at the last. May was up to S1.44
and July s1.1s1a. The May-July spread
was 2SGn2SHc.
The break was taken advantage Of by
soaboard exporters. who absorbed the Of
ferings of both May and July and reports
of over 100000 bushels be taken for
export. mostly new crop. combined with
the absorption of the offerings, started
general scramble to cover.
A few of the private crop reports In the
southwest were moderately bullish. Cash
premiums were strong except in Winni-
peg, where they were down to 4c over
May for No. / northern. the lowest OF the
season. There are indications of a de-
crease in the visible and of liberal out
ward movement from here the coming
weak.
Corn Offerings Large.
Country offerings of corn, mainly from
Illinois. were large, but not all accepted.
Cash houses We're liberal sellers and fu-
lures were depressed nearly &c, good
covering. due to the advance in wheat
and to claims of large exports, which We're
partly withheld. although $4,000 bushels
We're confirmed end $1,000 bushels were
taken for domestic shipments. Char
ters were for 900 bushels to Montreal.
Primary receipts were>the largest at this
time since 1918.
Unfavorable weather conditions partly
offset the bearish factors in oats, and the
unloading by longs early led to re-
covery OF the break of nearly 1c, with
the finish at 1914 @ssssc. for the July. |
the weekly shipments exceeding the re-
ceipts. May deliveries were $4,000 bushels. |
July rye was bought by seaboard ex- |
porters and sold by spreaders against pur-
chases of wheat. |
Pit Notes.
Heavy covering of all grains, particular
ly wheat, by local interest left the market |
technically weaker at the close, as many |
traders viewed 1t. There We're numerous
operators who regarded the situation as
bullish but the majority took the other
view Of 1t and said 1t would take greatly !
Increased outside buying and serious crop
damage to keep prices moving upward and |
under EXISTING condition theV did not
belteve that sufficient blying would de-
yelop TO keep prices on the UP grade.
1t was said that country offerings Of
corn early today were the largest of |
the season. This was attributed to the |
unsettling influence of a. possible closing |
Of the exchanges 1t IS understood that |
large sales Of corn We're made TO the cast
which were not given out. sale OF w
900 bushels of rye was made 70 80 ts
store There is very little .ryo here and
in store are being shipped |
out every few days.
Wichita, Kan, reported sales Of 125,00o |
bushels wheat for June shipment for ex-
port at 1859 and said the demand from
shorts had been satisfied, and crop re-
ports were improved.
President Griffin Of the Chicago Board |
of Trade was in receipt OF numerous wires
today expressing views coinciding with his
in regard to closing the grain exchanges
Petitions asking the directors to amend
the rules Of the board of trade restrict
markets are being numerously |
signed by the rank and file OF the ex-
change members. An official Of the board I
said 1t will be better for the members TO |
let them carry out their ideas of changes |
that have been discussed with the secre- |
tary Of agriculture and with the au-
thorities at Washington. The private wire
question has always been bone or con-
tention on the board Of trade and Is a |
wo-sided proposition.
The head OF one Of the private wire
houses, when asked for his opinion OF the
wire operations are broader than ma
jority of the board of trade members
have any conception of. The New York
stock exchange houses have private wires
and do grain and stock business out
side OF the terminal markets. Their
wires go to points in the south where
they get cotton and stock business. but
no grain. Packers and many other great
their business and they are all members
Of the board OF trade. There are all
bankers who use private wires and are
of the board. The abuse of
trouble with the trade and at the same
time they are regarded as greatly faeili-
tating business, as speed Is necessary TO
conduct the trade.