Omaha daily bee., 1921-06-03
Chicago Grain
BY CHARLES d. MICHAELS.
Chicago Tribune Omaha Bee Leaeed Wire

bullish crop report from John Ihglis
and large export business, claims be-
ing that 2,s00,000 bushels wheat and
o000oO bushels corn sold to Holland
and reports of 100000 bushels in
all being sold for export, were the
features in grains. Wheat advanced
to new high levels for July and
closed 5 l-2c higher with corn UP
S-Sc and rye ? IA to &c, while oats
finished lSc to LAC lower.
Wheat traders were scared BY the
bullish showing of the Inglis crop
report giving six states including
the southwest 2SS,000 or $1,000, 900
bushels less than the May govern
rnent report. While many traders
were not disposed to accept the hg-
ures, they had an important effect
on the market All bearish condi-
! tions were offset by the bullish crop
! figures.
Canadian figures issued by the
Clement Curtis houses were bearish,
the three western provinces having
z5,O00,000 houses compared with
233,O0O,000 bushels last year. Acre
age is IS per cent over last year
and condition 81 compared with o2.8
last year.
Export Buying Strong.
Export buying of July was in evidence
and all the wheat offered in the pit found
ready buyers. For the present exporters
are IN control of the July. as they have
from necessity as 1t is the only future
traded in. It's effect has become strik-
ingly apparent in the congestion. Prices
advanced from slss at the low point to
Cash premiums were to &c higher
and with hard winter "a to 25c over July |
1t struck traders that 1t was giving away
too much to sell July short at such a dis
count. especially as arrivals have decreased |
and the bulk of the stock taken on May
delivery is to be moved out for export |
Cash wheat in all markets was strong.
With theS purchases of 500, 600 bushels |
or corn by Holland and the buying by |
commission houses having seaboard and |
country connections there was stronger
and higher market
Prices at their best were NC over the
inside to STA for July. after an early dip
ana finished hc from the top. Traders
who furnished most of the buying recently
when the market needed friends took
profits on the bulge
Oats were bought on unfavorable re-
ports from 1nglis. Later in the day they
covered, because the Snarket did not
Il
recede at the last and close slightly lower.
July was up to 42Sc, with the close 41%c
September closed at 43h to 43xc. Cash
houses and longs furnished the bulk of the
selling. Rains in sections whore needed
led TO selling on the bulge. Shippers took
ls6. 900 bushels and arrivals were 114 cars
Rye had good support and closed at the F,
top at s1ssh for July.
Pit Notes.
All seaboard exporters see possibilities
OF G0ngreStiOn in JUlV wheat few
days, SO long as the export buying con-
tinues, and 1t is expected to last long
time. All export sales have to be hedged
by purchases Of July and with sales ex-
tending into September and July bought
against them, there is an absorption of
the offerings which makes it unpleasant
for the shorts. T.
One of the largest operators said he
would not advise selling July short while
another, who has been bullish, said there |
mad been advance enough July has ap-
he highest SO far. 1t Is understood that
he sales for June shipment have been
veil satisfied and at the rate the country
1ealers in the southwest are selling both
,ld and new wheat for export in July
Ind August exporters are able to secure !
! great deal OF wheat with which to fill
heir orders.
Baltimore exporters will soon be GET
ing new wheat from Maryland and Ohio
Ind as they secure this they are likely to
ell their July which will release that de- c
livery and help the shorts. In case there c
8 not a liberal after harvest movement,
he July shorts will be in bad. I
An important feature in the Ingiis re-
bort was his. claims that the carry over t
( old wheat will be the smallest in years, Y
which, combined with his claims Of dam
ge, made the effect more bullish.
big export business was done yes &
erday; according to some reports one
I the largest days business on the crop.
ome estimates placed the amount of
Fheat sold at 500 loads. which would be
500, 600 bushels. Other advices indicated a
bout $500. 900 bushels. Particulars of 4
his business were a little vague and it =
ras not stated whether the business was '
1 the old or new wheat. the presumption ,
eing that it was part for June shipment a
nd part for deferred shipment, Italy .
as reported to have taken about 2,000,- y
90 bushels and France was again reported u
} be in the market.
Receipts of corn were again heavy and
here is nothing to indicate there will be
luch letup in the movement for some q
pe. Few houses bid the country last I,
ight. The eastern demand is reported
dead of several of the big q
lippers. One house that has been doing
big share of the business said there was
OF bid from the east, either domestic
export. The eastern call for oats was | 81
$50 low. and receipts showed a consid-
able increase. -
The British government has raised the Z
ice Of Argentine wheat j shilling per 7
iarter, making 2-shilling advance in
70 days. Manitoba wheat was reduced
shilling per quarter and American win
r wheat was raised l shilling.