Omaha daily bee., 1921-11-05
Chicago Grain
BY CHARLES D. MICHAELS.
Chicago Tribune Omaha Bee Leased Wire.


Chicago, Nov. 4.-Wheat closed
strong near the best prices OF the
day. Reports from Argentina were
rather disquicting as to the progress
OF the crop and this inspired some
investment buying and there was
much short covering. One Ar
gentine cable told OF locusts in two
OF the big wheat provinces, while
another told OF unreasonable cold
%eater and threatened frost. Rest
ing spots were lB@2c higher. Corn
finished zs@lBc higher. There is
strong situation developing in this
grain because OF the movement
ostered by bankers and government
officials to aid farmers in holding
their corn for better prices. Oats
advanced !4@Bc higher. Rye was
3s@7sc higher and barely Hc higher.
Wheat broke to new low points
at the start, but the market recovered
few minutes later and little change
in prices from the previous close was
noted at midsession. The buying
was easier to trace than the selling.
Almost every commission house ad-
vised its customers to buy wheat for
an investment and this resulted in a
broadening of buying power. The
locals were buying on the theory that
prices are too low, but despite the
good buying power, the market
seemed unable to climb much above
the previous close. Local receipts
estimated at Is cars.
Corn had a firm uldertone. The buy.
ing power was broader with less. dispu-
has been thorough and there is very little
pressure on the market. Receipts are
light and cash corn has been advancing
steadily until good premiums are being
try Offered corn a little more freely to
arrive, but ut Prices above the present
market and the aggregate quantity was
rot large. Local receipts were estimated
Firmness developed in oats subsequent
to an easier start At the outset local
pressure pr Fsr, was IN evidence, as the result
were absorbed by strong interests and the
market rallied later on a let up in selling.
A tair part D: the later trade was in way
against sales If May, while elevator con-
Germs worked on the opposite side. Local
arrivals were estimated at IS cars: 20
There were no sales reported in rye,
No. was quoted cent under December
price. Receipts, 3 cars. ,t.G
Barley ruled quiet
Pit NoteA -.
Argentine cables indicated turn 10
much colder weather with frost indicated,
This, it was feared, would tend to retaro
The main effect OF the cables reporting
locusts and possibility Of frost was TO
center all attention on Argentina, which
wheat situation. 'r.
The acreage Of wheat in Washington tho
coming season will be much reduced. ac-
Gcording to reports from many counties.
Farmers were said to be storing wheat
and refusing to- sell at 81.
Estimates Of the amount of wheat under
contract to be shipped for export vary
900 bushels to 6O.d00,Oc0 bushels. 1t is
hard. according to seaboard houses, TO
estimate the amount Of Canadian grain
as Sch d not s rs IN
the open market. Considerable Pacific
coast wheat has been booked. -, Z.
According to the latest estimates of
Washington, the crop this season will be
about 100000 acres less than last year.
Reports from 20 leading wheat growing
excluding Russia, Of 1852. eoO.6 600 bushels.
Portland, Ore, bids went down to 91c
for the best variety Of wheat yesterday, a
reduction of 2@3c per bushel for the day.
The current prices are now the lowest in
about six years. Japanese buyers have
been trying to resell wheat at Portland
owing to cheaper offerings from Canada
and Australia.
Loss Of flour In the Erie fire at Jersey
City Is placed as high as 600 barrels
Tho outlook for the new corn crop in
Argentina is favorable. Seasonabi6
weather has prevailed. The new wheat
crop IL coming along in good shape also.
Clearaaces Of wheat are small.