The New York herald., 1921-05-29
GRAIN

CHICAGO, May .S.-Scant tradlus ana
nervous price fluctuations of certain op-
tions marked the initial stages of to-
days Board of Trade markets.
In wheat attention centred on July.
which started 1ac. to g4c. higher at
$1.27A to s1.2s1a. Buying by profess
sionals increased the upward tendency
a bit, but selling for Eastern accounts
brought the price down to near the
opening. Trade in May was very light.
Tho first transactions were / II C. to 1ac.
lower at s.1651a, but a few offers 10
buy quickly put the market at sl.61,
which was around yesterdays close.
Evening up trades for the double holi-
day and month end dominated the mar
ket. In the last hour there was rally
in May and 1t closed at 1695s. or 2 13c.
to 2%c. net higher. July closed lac.
to 30. net higher. at 128 to 12SA.
A falling off In country offerings af-
fected corn, but was offset by commits
sion house selling. July opened virtual
ly unchanged at 641A to 64&. and hung
around that figure. September was
firmer, the start being &c. to Ac.
higher, at 6Gh to s61a Corn was gen.
orally sympathetic with wheat. May
closing at 63Ac.. net gain for the ses-
sion Of &c. July ended ssc. TO lac. net
1t was reported that fully 100000 BUSH
els were on the way from Omaha and
would reach Chicago In time for deliv-
cry on May contracts. Rains over the
belt and generally favorable crop ac-
counts created a bearfsh sentiment, but
much aggressive selling pressure did
not seem to no In evidence and the
signing Of the emergency tariff measure
appeared to have been pretty well dis
counted as the market did not appear
to be influenced by it. Reports from the
Canadian Northwest said that wheat
seeding was nearing completion, with a
small increase in the area. The report
of a Western crop expert sald that
upland wheat through central Missouri
promised full average crop, put on the
bottom lands it was below an average.
Fair country acceptances were reported
in Kansas City. where close to l.ooo cars
were expected by Tuesday.
1t was said that the big run OF corn
from Illinois was over, but that Iowa
had been selling more freely In Chicago
for several days. A source of the recent
strength was thought to be purchases OF
speculative interests taking advantage
of the present heavy run OF receipts and
consequent hedging sales to accumulate
holdings. Although export inquiry mas
been checked temporarily. 1t Is UNDER
stood that Germany has bought around
3 5000, 900 bushels in the last few days
and wants more.
Oats followed corn. July starting at
4f1sc. TO A1Ic. There was only small
trade in oats and their undertone ruled
steady i'll sympathy with other grains.
Rains deprived the market of any crop
damage talk, and there seemed TO De
little In the news to attract speculative
interest on either side Of the markets.
The provision market was steady but
dull, with only small fluctuations and
no feature whatever to trade Receipts
in Chicago were 5000 hogs.
Wild fluctuations in this weeks wheat
market. dependent largely on weather
changes which might make or wreck
the winter Group, were given impetus
also by abnormal supply conditions
affecting the wind-up OF contracts
for May delivery. On the whole,
bulls had the greater advantage, and as
q result this mornings wheat prices,
compared with those of week ago, were
were &c. to 7hc. higher, with corn. up
Q &c. to Axe. to 4ssc.; oats UP &c. to
&C, and provisions varying from a0c.
decline to sc. advance.
Wheat climbed rapidly most of the
time during the first part Of the week.
ll1En temperatures dIiQ AOSShSc w. AAtosss"
ture arousing apprehension, field experts
sending crop damage reports
that bordered on the sensational. first
from Kansas. then from Nebraska and
later from Missouri. The Kansas yield,
for example, was pictured as having
shrunk 35,oo0.o00 bushels from what the
Government report had Indicated Mean
while, the United States visible supply
total dropped to less than 10,00O.OOo
bushels and the stock OF wheat in Chi
cago fell 70 nearly zero. threatening a
last OF the month squeeze against May
shorts On the other hand, bears had
an inning toward the end OF the week,
owing to liberal shipments being headed
to Chicago from other leading terminals
and because OF timely general rains,
Violent breaks in exchange rates on
Europe tended also to weaken values.
Unusually active shipping demand for
corn to go East gave decided strength
to corn and oats, despite big receipts of
corn in provisions, slackened call for
meats and down turns In the value OF
hogs acted as a counterbalance against
the effect of higher prices for grain.
CHICAGO PRICES.