Omaha daily bee., 1921-05-20
Chicago Grain
BY CHARLES d. MICHAELS.
Chicago Tribune Omaha Bee Leased Wire.

Chicago, May 19.--Grain men who
expected a severe break as the result
OF the passing of the Lantz bill by
the Illinois senate had several bad in.
nings today, and then they forgo,
all about the bills, their attention be-
ing diverted to the conflicting re-
ports regarding the crops from Kan
sas, Nebraska and other states. A
better class OF buying than was ex-
pected developed on the breaks and
absorbed the offerings and sent
! prices to new high for the present
'upturn, with the close 1850 higher OH
the July, while May gained 414c,
Corn and oats were heavy with losses
of 3s01c on corn, distant futures
! leading, while oats were off H@3Sc.
Rye was strong and 1@24c higher.
| There is uneaSlness over the con-
dition OF the winter wheat crop IN
the southwest, as all the leading crop
experts are out and finding damage
in Kansas. E. w. Snow, who has
not regarded the condition as serious,
is in the state and finds spotted sit
uation. The various freezes, coupled
with lack of moisture at the proper
time, has killed the stools and under
such conditions big yield is not re-
garded as possible. .-.
Cash Wheat Scarce.
Traders who take this view OF the slt-
uation are friendly to the buying slne,
while those who believe that the losses
;,, tha nftSet
in the central west are bearisn ana sellIhs
while the offerings are ABSORBED ana ing
market shows more disposition TO Fespont t
to bullish factors Scarcity Of cash wheat
is affecting the May and it advanced 80
from the low, with the top at Sl:5t = t,ao c anu
the close within &c Of the be best tigafe, IRE
close at sl1sa @s1.2o.
Eastern traders who have been the
largest buyers all week, have been aceu-'
mula ting July wheat while the local in
terest have furnished the selling The
latter were sellers early today, but came
in on the late upturn after discoVerlns
that they have furnished the bulk of the
wheat taken by eastern and other buyers,
There were rumors of export business ana
1000 bushels sold here TO the seaboard TO
fill out a lot.
came from wheat Prices at their best
were not as high as the previous day
finish, while the low point pi showed & break ,rsa
to 5s%c, with the finish 161Ac above
the bottom, the rally being due to Snort
covering and profit taking by holders OF
bids. Cash houses were good sellers Of
July and commission houses absorbed the
distant futures. Country offerings were
large, particularly from Illinois and one
of the leading cash houses reported more
corn available than at any time this
season.
Oats we're picked up by commission
houses. Wagner led the buying of Sep
tember early and later turned seller; There
was buying of September and selling OF
July at l'se differense Crop ] neys was was
100000 bushels, with cash lots 1ac lower.
Receipts, 81 cars.
Rye was hard to buy and trading was
not large. Prices advanced and closed
Il q X C of the top. Exporters were after
rye, but light offerings checked business.
Pit Notes.
Those who have studied the Lantz bill
closely do not regard it as bad enough to
necessitate closing the exchanges and they
are taking a more hopeful view of the,
in Washington. The worst bill is No. 2S4 1
before the Illinois senate, which is expected,
to come up next week. Its enactment into
law would close the exchange. When the
grain trade started on exchanges it was
in the cash article and gradually it drift
ed into futures as an economic measure
which enabled traders to get their grain
from the country to make their deliveries.
Expension has reached point where slight
notifications are regarded by many as
necessary.
May wheat was up to 34c over July at
the extreme, the widest premium so far.
Reports Of export buying of cash and
futures were heard, but nothing definite In
the way of actual business was given out.
Exporters have secured a large holdina of
July, which is reflected in the markets
action. While wheat showed strength, the
undercurrent in corn and oats, especially
corn is weak and tho country holders are
selling as fast as buyers can be found.
LaCount wired from Great Bend, Kan.
This territory not suffering from drought,
still wheat is not doing we'll; some fields
fair others very poor; much of the plant
is small and sickly i'll lots of fields. Kan
sas prospects being reduced each day."
John Inglis wired from Bellevelle, KAN:
Thomas, Sheridan, Decatur, Norton TO
Phillips SO per cent not likely to cut;
balance may make some; crops going back
rapidly; doesn't respond to rain or favor
able weather; fields firing. Eastward,
Phillip, Smith and Jewell some improve
ment; promises half a crops Republic
county shows promise OF full average
crops"
Gulf wheat premiums were strong on ac-
count of buying by export interests, who
are covering old contracts. Manitoba wheat
premiums were firm at the seaboard
NyYUS SArn TT nCTNG DDTCES