Omaha daily bee., 1921-10-23

By CHARLES D. MIcHAELs.

Ness88g ~SsSssss sstN AfSsss0 W wv.
Chicago. Oct. 22--Lower prices
were made for all grain. with the
close around the inside at losses OF
lA@2Ac. December leading. Corn
yscgHc lower, oats &c and rye ! 4
M2c lower than the previous day.
The buying power, which gave evil
dcncc of increasing on Friday. was
not existent 10 any degree during
the day. the main support on the de-
cline coming from profit takers.
News was favorable for break, par
ticularly from abroad, and especially
from Argentina.
Wheat was under pressure from
local interests as well as hedgers,
and majority OF the news favored
lower prices. Argentine news was
particularly depressing. Crop pros
poets there are favorable and prices
are said to have declined l2Hc in the
last two days, although Argentine
wheat is selling at equal to Sl.28 al
continent, as compared with Sl.24
for American hard winter at the gulf.
bFenk Near Siorr.
Prices wsre highest at tho start and
close, with n break toward tho last ~
2hc, tho low point being si.05% for De-
csrnber and ti.loh for May. with tho fin
ish hghc above the low point
should do bsttcr. but speculative trade
IN light and the depression In wheat
tends 10 curtail new buying. Word has
been sent TO country shippers OF coarse
ataa 40 IN. Ia nall "a.
might deteriorate In quality should there
be delay In unloading as tho result OF a
railroad strike. This u expected TO cur
tall tho movement.
selling carried prices off No &c on corn
and NC on oats. with the close on Mny
corn being 81 Nc. and oats 37kc. Bids on
new corn In central Illinois were reduced
Sc late in the day and % cars Of new
received here for the day.
The rye trade for the day was light
and prices lower. the close being at hc
above the low point. after break Of
was 80 under December.
Pit Notes.
One set Of strong operators nro favor
able to the buying side OF wheat on all
breaks. believing that the statistical sit
uati0b will eventually become a most po-
after a big movement In Canada is over.
Another set who are also influential.
take the reverse position and say that
the statistical situation Is largely offset
as a buuish factor by tho limited outside
speculative buying power, which gives
no indication Of enlarging In the immc-
diate future and SO long a. present con-
ditions exist. they believe in selling on
all sharp bulges. This keeps the trade
nervous
One Of tho commission houses who
we're among the largest buyers on the
break, said at the close that the Cana
dian visible Is expected to show good
Increase for the week and there is pos
.ibllity Of a small increase in the United
the market is In need OF better for. |
eign demand than now prevails Ono of
the largest operators says that wheat |
might decline, while corn should advance |
10 cents. He believes wheat too high on |
The worlds situation and corn and oats |
too low, as the United States Is the |
main producer OF these grains.
hands at Winnipeg today, but offerings |
exceeded the demand and 1t Is predicted |
that there will be some deliveries on Oc-
.ober contracts Monday, through. the
.iearlng house. Deliveries Saturday were
10000 bushels Of oats, $4,000 bushels
II barley and 1900 bushels of rye.
Buenos Aires November wheat is quot
,n prevailing rates Of exchange. which
suits Argentine grain to a discount under
futures Higher ocean freight
.ates, however, keeps the cash grain C.
I. Europe somewhat above a parity
with hard winter via the gulf. The
freak OF 1870 in the last few days is
regarded as q readjustment to
new crop basis. London cables reported
he wheat market weak on offers Of
Argentine wheat.