Omaha daily bee., 1921-08-03
Chicago Grain
By CHARLES d. MICHAELS.
Chicago Tribune Omaha Bee Leased Wire.

Chicago, Aug. 2-Wheat finished
with moderate gains, prices reacting
late i'll the day, but the resting or
ders to buy September at $l.25 pre-
vented a decline below that level.
These buying orders were encount-
cred several times during the ses-
sion and each time proved an ample
volume to check the downturn.
Gains of l-4@l-2c were recorded.
Corn finished 3-8@l-2c lower and
oats were unchanged to 1-8c higher.
Rye advanced l-4@l-2c and barley
l-2c. Pork finished Sc higher, lard
2 l-2c lower to 7 l-2c higher and
ribs 212c lower to Sc higher.
Local cash sales were 100000
bushels of wheat, including 125,000
bushels to exporters at Sc over Sep
tember, c. l. f., Buffalo. No do
mestic corn, but fair amount Of
export corn was worked at 3@3 $50
over September, f. o. b., Chicago,
the seller refusing to give up the
amount; 10000 bushels OF oats, in
Guiding 100000 bushels to exporters
and $4,000 bushels domestic, c. i. f.,
Buffalo. Also 5000 bushels of bar
ley were sold for shipment. Cash
wheat basis was unchanged, but corn
and oats were l-2c higher, while
some sales of rye were made at lac
less discount than the day before.
Undertone Firm.
While business in wheat was not Of any
great volume, the undertone Of the mar
ket was firm. Offerings were light after
the opening pressure from hedgers had
finished. This pressure was not nearly
so heavy as anticipated and overnight
shorts who overstayed the market bid up
prices the next few minutes OF trading
There was good buying by many of the
larger locals later, while realizing sales
held the decline in check.
The news was again more favorable to
the long side. cable early told OF
France having raised enough wheat to
supply home requirements. but this was
offset by cable from Budapest to the
effect that many crops had been injured
by the intense heat, which remains un-
broken. In addition to this there was
some b,lllish Canadian news Also the
purchase of $4,000 bushels of wheat by
Belgium inspired buying and there was
scme buying based on report that local
cash interests that bid Iowa. Illinois and
Indiana overnight for wheat did not buy
T. bushel. Weather in the northwest con-
tinues cool and favorable for the crop.
Local receipts Of wheat showed some re
duction, the estimate today being for 37b
cars
Little Trade in Corn.
There was little trade in corn after
at the start. inspired by the good rains
which effectively relieved the drouth in
fected regions of the corn belt. There
was fair buying on the break for eastern
account, but pressure appeared on the
bulges and the tone Of the market con-
tinued heavy. There are some sections
where the damage has gone beyond the
possibility Of repair, but generally speak,
the rains and Of greater import is the
effect the moisture will have on pastures.
Local receipts were estimated at l1o
cars.
Oats displayed rather firm tone. after
getting away to an easy start. sentiment
in this gain favors the buying side, PROB
ably in the belief that the grain is IN
trinsically worth more than the price pre-
vailing. Consequently broader inVes!-
ment demand has been noted OF late, al
though not heavy. Cash oats started un.
changed. No. 2 white new oats sold AT
351a @35%c, or IN @3c under September;
No. 8 white sold at SsA @sshc or - .s "
Sc under September, NC better than yes,
terday. Country offerings were reported
light this morning. Estimated recelpts
for today were 2s5 cars.
Cash rye unchanged. no. SOU az .i'Is
6112h; No. 8 at $1.11, and No. at
s1.o6Q1.oS. ,. ~
Pynchon & Co. had a Paris cable stat
ing that according to French crop ex-
perts, the crop in that country this year
will meet the country's requirements
and that hardly any imports are to
1iverpool cabled that further general
rains throughout the United Kingdom and
extending over part of the cortneh. msn coarse nae
grain crops. it was said, had been ser
iously damaged, especially oats and bar
ley. T.. .,o .starn
provinces OF India ana the soii 10 ~" "
Eastern houses were credited with buy
ing both wheat and oats. There were
some indications that there was relhss sIa,
ing of long oats for prominent I'VE"
York trader who recently sold out.
Galveston reported clearances OF 4:osi,-
900 bushels wheat for the last week. MAJ nan
ing one of the best weeks shpplns ou %,
mess in several months A NUMBER oi
boats cleared on July shipment sales.
At present discounts. country elevator
interests have an attractive hedging prop
ositon in selling oats for septemDefd aUad VI rranv
dealers are taking advantage Of the situa-
ton and doing this. to,,nQ
AIS 600 bushels genera uehioo "a.
slow from abroad, as the foreign Harhees >
were generally still closed on aeoouh' ~
Sentiment in wheat locally was more
huIIish. but much of the rally was Que 10
local buying. Offerings were moasfa.e
in the way Of hedging and country ,It o1IeiIt
IN. In .H Generally were smaller. As result
iIss thsse seRssa wss more Of a tendency to take take
the the' buying side by local traders; some M
Of the leading Professionals rssspsly nays 0een
ih5 "a acaI receivers look for quite a sharp
,.Iiins linz off in wheat receipts here by the ne
1ai,'ns aad ~ the week. This l. indicated Sy
Of sGpntTy rssr aavsss sea the eFp @
lerinss for a continued fair oats run.