Omaha daily bee., 1921-07-08
Chicago Grain
BY CHARLES D. MICHAELS.
Chicago Tribune-Omaha Bee Leased Wire.

SlllCdSO, july /.-N Hcdt Si''sCu al
the top, showing gains of sac to
4Ac for the day. In addition to
heavy short covering, there, was a
broad investment demand. Corn
finished lAc to lzsc higher and oats
were Zsc to Ac higher. Rye ad-
vanced Sc. Pork finished 10 to Zoe
higher, lard, Sc to 71ac up and ribs
15G higher.
Cash wheat premiums were 1c
lower for hard winter and unchanged
for red. Cash corn basis was nc
to 1c higher and oats Ac higher.
Local cash sales were $4,000 bushels
of wheat, including $4,000 bushels of
exporters late yesterday; l75,000
bushels of corn, including 10000
bushels to exporters; $4,000 bushels
of oats, including $4,000 bushels C.
i. f., Buffalo and 5000 bushels of
barley. Seaboard reported 100000
bushels of wheat worked for export.
Wheat exhibited much strength.
The market started out quiet but the
lull was deceiving because few
minutes later prices rose rapidly
under aggressive buying and indif-
ferent selling pressure. The buying
was mainly by houses with seaboard
connections, and in fact, the con-
spicuous buying was almost all tor
eastern account. The pit trade fol-
lowed the orders and also became
identified with the long side.
Little Hedging Pressure.
There was q little hedging pressure OF
the market against purchases Of usaat sasn
from the country were fairly liberal on
the budge the bulk OF the sales being
from Illinois points. The bullish factors
were the estimate OF 100000 bushels
deterioration in Missouri prospects from
a month ago, according to Allan Logan,
the bullish report Of LeCount from North
Dakota and talk of further good export
sales. Minneapolis advices later in the
day told Of a drop In temperatures and
good rains In that city.
Corn also showed much strength. The
feature was the lack OF selling pressure.
The buying was scattered at the start,
but short covering was noted later. The
intense heat is causing apprehension over
the crop outlook. Forecast Is for con-
tinued fair and warm weather for the
entire belt. The domestic cash demand
Exporters were reported bidding for
corn but one shipper said he gave
broker cable refusal over night offer
Of 100000 bushels of corn at hc over
July C. /. I. Buffalo after the close yes
terday and was informed this morning
that the corn had not been worked.
Receipts Drop Off.
Bids generally for export corn are lower
than the shipper can get for grain by
delivering 1t on July contracts. Receipts
dropped off sharply and country offered
70 Ir ~ 70 A.
ceipts were estimated at 155 cars.
Better prices were made in oats.
Strengthening factors were the advance In
other grains. improvement in the elevator
unfavorabls nature. Trade was featured
by the activity displayed by a prominent
commission house. this concern buying
September early and later purchasing July
2hc difference. Receipts dropped off,
the estimate being for only so cars
Rye was firm. Cash no sold at $1.17
and No. at $1.12. seaboard reported
sales Of 100000 bushels for export. Re-
Since June 27, samples Of wheat received
by the Ogilivie Flour mills show there
has been rapid development of black
rust infection in Manitoba and southeast
examined samples from Melita and other
points in southeastern Saskatchewan,
which show virulent infection. In 1915
black rust was first noted In the Canadian
northwest on July 12. while this year since
June 81 1t has spread rapidly. This was
one Of the principal buying incentives In
wheat.
The elevator situation Is improving a
work fairly well. AS the new employees
learn the ropes, rapid Improvement In
conditions is looked for the next few
days.
Germany has been big buyer Of wheat
the last few days, and Is understood to
be contemplating further purchases. pro-
viding credit arrangements are made.
to 's Be- on the basis Of % days time with with
payment guaranteed by the German gov
ernment. Milling demand for wheat Is
picking up and mills are replenishing
Of hedging pressure early this morning.
only one of the leading cash houses SELL
ing any wheat to amount to anything
Country offerings were only fair. accord
ing to most receivers.
The English drouth has prevailed since
mid-January in some sections, according
to a London cable to Clement-Curtis and
prayers are being offered in many churches
The Argentine corn market holds firm,
with fair foreign demand and moderate
offerings, holders not being inclined to
pastprage. Wheat was weak, however.
at Buenos Aires on more liberal country
selling.
Argentine shipments for the week were
estimated at 2,590,000 bushels wheat and
6.408. 600 bushels corn.
Cash wheat at Minneapolis was &c
higher for fancy and medium grains, with
occasional sales 10c higher. Winnipeg
wheat was firmer in that market At
Kansas City cash wheat prices were again
lower St. Louis cash wheat was &c high
er.
The cash corn market was relatively
4 q Nc better than the previous day and
oats also were " 1ac better, contract
grades selling at July price. There was
a good demand for both corn and oats.
Flour millers report much larger sales
OF flour the last two days. 1t is ex-
pected there will be good demand for
some time. as dealers replenish tsocks
which were extremely light
Chicago Stocks.