The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-06-05
GRAIN MARKET Is
UNDER PRESSURE
Selling Fairly Widespread and
Tone Generally Weaker
in Chicago.

CHICAGO. June 4.--Grains were to-day
under pressure on the Chicago Board
% Trade, tho market being generally
weaker and selling fairly widespread.
First trades IN September wheat oper-
ased 20 relieve the tension I'm that grain.
but the July option ruled the pit. The
new trades were mostly around IL cents
under July. The latter started Ike. to
20. lower than yesterdays close. at s1.S5
20 Si.se. IL slumped 20 S1.S3A within
the first hour. then had a little sup
port The first trades in September
were AZ si.22 to si.22ls.
Trade reports OF excellent wheat pros
reots N Important Nebraska localities
and advices that rains and cooler
weather over the belt generally would
result IN Improving the yield were the
chief factors IN the wheat movement.
Nothing appeared during the session
81 encouragement % any but the sell
inE side. and July closed at siB1A to
GMc.. compared with Fridays final.
september sank 70 a finish OF Sl.15& to
si.1e
Corn was easier. July began nc. 20
Nc. lower. az 65Mc. 90 65hc. Frac-
tionai declires brought Il down 20
efsso- and the market then seemed In
ciincd % steady at &c. above that fig
urc, September corn opened unchanged
10 ~ lower, AZ 66sso 20 66Tsc.
Rather considerable export sales failed
10 keep corn from sinking as steadily
as did wheat. The close was weak. with
July iisc. net lower, at 64ihc. 20 case.
81 -
&c. TO sc, closing az IS u G. to 65% c.
Oats sympathizcd with wheat and
corn, July opening &c. 20 &c. lower. at
40Mc., and September l4c. 70 Sc.
lower, at 42Ac. 90 42esc
Provisions were firm on trade reports,
but dull.
Sensational upurns in this weeks
wheat prices have resulted largely from
belated settlement on the part OF q
few stubborn bear spectators in tho
May delivery and from big cuts in the
estimated yield OF the 1921 harvest An
extreme jump OF 17la cents formed tho
record during one session. In contrast
to the situation a week ago wheat prices
were this morning u TO 10 cents higher,
corn was up Is 70 las cents. oats y 70
Is cent and provisions 2Is TO 30 cents.
Mistaken theory that big receipts
looked for at the end OF May must mean
lower prices In the wheat market was
chiefly responsible for the weeks wild
est fiuctuation.
The big receipts came. but were needed
to meet export demand and for other
more urgent purposes than to settle pit
dealings unless at almost prohibitive
cost Another crisis in the market
quickly followed. owing TO statements
from a leading authority that this years
probable domestic harvest OF winter
wheat would be 599. 1000, 900 bushels. a
falling Off OF $4,000. 600 bushels or more
ina month. With only a scanty reserve
OF old wheat I'm sight the July delivery
was at once In such eager demand that
the price jumped cents. Subsequently
other radical bullish crop estimates
caused further gains, but then a reac-
ton followed, partly owing 10 luil m ex-
port call. partly 10 improved weather
conditions and partly 20 arrangements
for immediate opening 81 trade IN the
September delivery here.
Corn and oats were Eteadied by read
mess with which elevators and shippers
absorbed immense receipts OF corn.
Despite heavy increase OF the stock
OF lard, provisions. reflected strength OF
ffrIrAgo puFft-g