The Washington herald., 1921-02-26
PRICES GRAIN
RISE FOLLOWING
NEWS REVERSAL
Markets Show Little
Strength at Start But
Advance Is Fast.
GAINS ENCOURAGE
Unexpected Revival in Export
Buying Combined With Flour
Sales Helpful.
GAINS ENCOURAGE

CHICAG9, tep., zo.-Wltn TO
versal in. the character of most
Of the news and sentiment among
a good percentage of the grain
trades, especially in wheat. action
Of prices today was different from
early expectations. For an hour
the markets showed little strength,
but after 10:30 values hardened and
started a general covering and buy
ing movement. Prices advanced as
fast as they had previously de-
clined and the close was at the
best prices. Net gains were small
but ENCOURAGED holders and those
favorable to the constructive side
who look for a big crop scare in
wheat. At the finish wheat wa
up q cent; corn. u to Il cent; oats
u to q cent: and rye unchanged
to 1 cent lower. Wheat receipts
were thirty cars.
An unexpected revival in the ex-
port buying of wheat with 1,40o..
900 bushels bought by four lead.
ing countries at the seaboard and
gulf combined with reports of 90.-
900 barrels of -four sold for ex-
port, also the strength and late
advance in Kansas City. where ex-
porters took the offerings of cash
and futures and cleaned the mar
ket up, were instrumental in max
ing the late advance. They brought
buying orders of all kinds and COM
bined with the higher temperatures
in the Southwest. where high winds
were said to be damaging wheat
crops, the reference to Hessian flies
in Missouri by the Modern Miller
and reports Of green bugs being
active in Texas and Oklahoma were
responsible for the advance of 3E
to cents after the early drop OF
2 cents making a close at the top,
although net gains were small. All
the big commission houses were on
the buying side, especially those
with seaboard connections. Selling
early was general and especially b.
local operators who were agains;
the market. 1t was what one large
operator called very poor class
of selling.
Against the advance was the re-
port that Germany had bought p
100000 bushels wheat in Argen-
tina at Is to 20 cents under Ameri-
can prices.
Overselling in corn early was the
undoing of the bear element as
values started up when wheat be-
came strong and the drop of Is
cents early was more than recover
ed. the finish being at almost the
top at 20 to 70ls cents. Houses
who were active in the selling side.
the previous day were again at it
while the buying was scattered.
Cash prices dropped Ih cents early
and regained the loss. Discounts on
low grades were unchanged. Coun.
try offerings and deliveries were
fair. Export sales were $4,000
bushels here and domestic sales ST.
900 bushels. Weeks exports were
1,470,000 bushels, while the days
arrivals were 442 cars.
Oats advanced over | cent from
the early low point and closed firm.
In sympathy with corn. Commits
sion houses were free sellers early
and buyers later. Cash prices were
cent lower early and regained the
loss. Arrivals were ninety-six
cars. Seeding is progressing In the
Rye was a small market with a
bearish undercurrent especially for
July. Export bids were 2 cents out
of line. July was under pressure
and closed lower.
Following are today's quotations on rr,in