Omaha daily bee., 1921-08-05
Chicago Grain
BY CHARLES D. MICHAELS.
Chicago Tribune Omaha Bee Leased Wire

| Dy NI1ANLLO ~. M1SI1AILO.
Chicago Tribune Omaha Bee Leased Wire.
Chicago, Aug. 4-Liquidation was
general in wheat today and two OF
the largest lines held in the local
market was sold out, the largest be-
ing credited to a big eastern trader,
Towards the finish buying by sea-
board houses and by leading ele-
vator interest aided the market and
some short covering toward the last
forced some recovery, last prices
showing losses of only &c.
Corn finished 5-8c to 3-4c lower
and oats were 3-8c to SIC off. Rye
closed unchanged to 78c lower, and
barley was 1-2c to SAC lower. Pork
declined SOC; lard SC to 40c and ribs
SOC to 81 1-2c. Cash wheat basis
was firm, corn unchanged and oats
unchanged for No. grades and l-2c
to 1c lower for No. 3 and No. 4
grades.
Local cash sales were $4,000 bush
els OF wheat to exporters, a resale
OF wheat cancelled yesterday; 10000
bushels of corn and $4,000 bushels of
oats. Sales to exporters out of this
market were reported at as high as
100000 bushels of wheat and 100000
bushels of corn, but these could not
be fully confirmed, the sellers con-
tenting themselves with reporting
some business worked, but refused
to give out totals.
Wheat Prices Decline.
Wheat prices had a material decline
Longs were tired, They realized that so
long as foreigners remained disinterested
and the American farmer continued to
of price that, for the moment, it would
be difficult to advance prices to level
which represented its true value. Selling
was on big scale and almost all of 1t
was in the way OF liquidation. Ihere was
some selling credited to an eastern trader
which was so large that the trade was
inclined to believe that he not only went
out of his long wheat. but also sold
enough to become committed on the short
side.
Corn was weaker in sympathy with
wheat Liquidation and short selling
combined to force reduction. Good in
vestment buying was uncovered on the
break. September corn sold at new
low figure on the crop. A detailed re-
port of the weekly weather bulletin shows
that, in the opinion of the government
observers, the rain came too late to aid
the corn crop in parts Of Kansas. north
and southern Illinois and most of Iowa.
This may result in a rather bullish situa-
ton when the condition becomes more
to arrive were liberal. Some corn was
booked early, but sellers were not inclined
to reduce their prices to meet the de-
cline in futures Local receipts were est-
mated at 115 cars.
Oats dropped sharply with other grains.
Selling was pretty general and much of it
was termed liquidation. Selling by a
prominent commission house featured the
and consisted almost entirely of purchases
against indemnities. Cash oats started 1c
low. No. white sold at 4hc under Sep
tember and No. white CSC under Sep
tember Movement of oats to primary
markets continues comparatively heavy
and hedging pressure is a weight on the
market. Estimated receipts today 365
cars.
Cash rye y to 2hc lower: No. sold
Pit Notes.
Eastern interests were credited with
selling wheat on big scale. Stein
Alstein was a heavy seller, this being |
ascribed by some to Livermore and by |
some to Blum. Southwest cash interests
were credited with selling wheat, and |
December.
Minneapolis wired to Jackson Bros;
"On the first Of August the state law went |
into effect which stated that the seller of |
grains in markets In Minnesota must own
the wheat, actually or potentially. While |
this phrase Is vague and perhaps does not |
prohibit short selling, yet 1t is the observa-
ton that it has decreased the volume Of |
business coming to the Minneapolis mar
ket and 1t has noticeably decreased the
volume Of speculative short selling. The
result is liable to be a market in which
there Is no pronounced short interest ex-
cept those professionals who are willing
to take chances, and that the selling
which does come in this market is going
to be largely. in the form of straight,
legitimate hedges, character Of selling
which will not run on the bulges. This
may upset the calculations of |
those who expect spring wheat to rule at
larger premiums over other markets.
The United States hay crop will be
about rs per cent of that raised last year.
he National Hay association. The short
age is due to drouth and an extremely |
hot spell just before harvesting
The United Kingdom corn demand is
less active, due to the rains and to the
of Argentine corn on & |
larger scale.
Exporters were intimating bids of 4hc
over September c. i. f., Buffalo for wheat, |
out there was little business. Private ca
oles indicated there had been some wheat |
and corn worked from the Atlantic sea-
board.
better than a year ago. In Germany the |
bread grains have turned out we'll, but
coarse grains and forage crops suffered
from the drouth the same as
n England and France.