Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1921-11-04
Chicago Grain
By CHARLES D. MIcHAELs.

Chicago, Nov. 3.-Wheat sold UNI
der a dollar for the first time since
1915, December reaching 9oc. Rest
ing spots were Sc lower and the
close was practically the low point
OF the day. There was little buying
power in the market, even late in
the day. other than buying by pit
shorts. Local professionals un-
loaded wheat bought on yesterdays
break. Corn was l-8@l SAC low
err and oats 5-8c off Rye finished
4 l-4@4 5-Sc lower and barley lie
off. Little change was shown in
provisions.
Wheat started out firm, but the
display of strength was short lived,
the bulge bringing out free offer.
ings. The market exhibited more
stability and it looks as II the TECH
rical situation has become strength
ened by the elimination of long lines
and the building up OF short in
terest around present low levels
During the first half session support
was good enough to prevent prices
from reaching the low levels OF yes
terday.
News Against Market.
News was generally against the market.
An Oklahoma bank was closed by the
state banking commission, which offset
In measure the report from Washington
OF 100000 fewer people idle In the
United States than month ago. There
was a report early that Germany had
bought Argentine new crop wheat at SC
under the price of American wheat. Local
receipts were estimated at Is cars.
Corn prices suffered a severe setback.
December reaching a new low level on
the crop. The firm opening was taken
advantage Of by local longs. who at
tempted to take profits. but the demand
power was not broad enough to digest
the earlier offerings. Receipts Of corn
were light and offerings from the country
small. Receipts were estimated at l5o
cars
Oats started higher but like wheat,
eased off in the later trading. Trade
was featured by the broadening out Of
demand, commission houses in general
having buying orders to execute early, in
the day. Locals also bought. but they
unloaded their lines later. Receipts
dropped of, only IS cars being in pros
There were no sale. of rye reported.
Cash No. 2 was quoted 1c under Decem-
her price. Receipts. two cars.
Pit Notes.
Argentine weekly shipments Of wheat
were estimated at $4,000 bushels against
10000 bushels year ago. and Of corn
Washington advices said that plans
were announced by the war finance cor
poration for warehousing corn on large
scale to conserve the present surplus for
future requirements. Details OF the plan
were not received.
Local traders evidently had little faith
in the corn situation, as there was no
support of consequence and prices sold
was in face of small receipts and a better
cash basis, spot prices being Nc up rela-
lively.
Reports by English houses say that Ger
January February shipment at equal to
93c for wheat in store at Chicago. For
current shipments our gulf wheat Is stu
cheaper than Argentine wheat, C. !. l.
European ports.
Argentine corn prices have declined
shaply the past few days mainly on sell
ing for speculative account The weak
ness in America has affected the Euro
pean markets also and United Kingdom
prices were weak. The consumptive de-
mand abroad Is slow.
Argentine reports on new crop condi-
tions were favorable, and there have been
no unsatisfactory developments recently.
1t turns out that the big London grain
house that failed yesterday. according to
a cabled report was the branch Of
Greek house handling all kinds OF rood
products and wheat to only limited ex-
tent. The failure of another Oklahoma
bank caused some comment In local grain
circles, but no great selling was attributed
to It.
Official estimates Of the wheat crop in
England and Wales show yield Of ST.
$4,000 bushels, or the largest crop since
reports have been officially kept Last
year the yield was 54.146,000 bushels.