Omaha daily bee., 1922-06-06
Chicago Grain
DY CHARLES d. MIcHAELS.
0aAhs nss Lsassl Wire.

Chicago, June S.-DtAs,ie liquida-
ton WAS on in wheat early today.
Stop loss orders were caught in pro.
fusion and support was lacking until
July broke 20 around $i.lJ. Short
covering credited 10 the leading bear
interests checked the break. but rsl-
lies were rather feeble and the finish
was iN@iMe lower.
Corn and oats declined with wheat
and closed with . loss OF Ji@Me on
corn and }t@he on oats. while rye
was the weakest OF all grains and
closed 5@JNe lower.
News generally Was OF . depress-
ing character. Crop reports from
the southwest were optimistic and
cutting Is under way In Texas. Okla
homs and southeastern Missouri.
Local sentiment was decidedly bear
ISL and there was heavy selling Of
the July by . house that took in q
great deal OF wheat on May con-
tracts. Around $i.i5 and under for
the July. q new low on the present
movement. there was persistent COM
mission house buying by houses that
usually act for q leading local interest
and toward the last some OF the pit
element took the bull side looking
for temporary upturp.
Cash DsmsAA Fair.
Cash demand was fairly good. although
the total business was no: given out. Er-
portsrs bid se over July c. !. {. Buffalo
were ~ cars with the basis firm ss
compared with the July. Export business
was good despite the holidays abroad
with sales Of 10000 bushels In all posi-
tions
Corn and oats dropped 70 . new low
on the present movement In sympathy
with wheat. with oats at . new low
for the ss.son. Some stop loss orders
attracted little attention. although on
oats they were rather buiilsh. especially
from parts OF Iowa and South Dakota
where drought prevails shippins Dc.
els corn and 100000 bushels oats. :oo..
oos bushels corn were sold TO 80 to store.
Receipts SO cars corn and iSs cars oats.
Liquidation was on in rye with lack
was lacking on the way down. although
q cargo was sold for export. Exporters
failed to buy futures to any extent.
Pit Notes.
The grain trade In general 10 inclined
to look for . lower level Of prices al
though II IL not surprised at upturns like
today's when local operators get too much
one-sided and some OF the larger traders
desire TO take profits on previous sales.
Until there Is q decided Increase In the
outside or local professional buying or
something drastic In the way OF encouras.
ing news such as serious crop damage and
enlarged export buying buiges are not
expected to last more than 4 day or two.
II was said by colse observers OF trad
Ing operations that q large part Of the
wheat and corn liquidated by the trade
In general was taken mainly by the lead
Ing cash interest to cover shorts. There
was free selling Of wheat through one
house and buying through another to
draw down profits.
While \ number Of receiving houses are
buying new wheat to arrive others had
reports from interior elevator men IN CEN
tfai Illinois that they were not cohtract-
Ing for any new wheat with farmers and
were surprised at reports Of the liberal
business reported Of late
bullish view Of tho ultimate trend Of
the corn market 10 taken by J-S. Bache &
Co. They believe that the after planting
movement has already been witnessed,
and that consumption has continued at
the samS record breaking proportions that
existed earlier In the season. -
Foster. the weather profit, predicts ex-
treme drought in Europe in June, July
and August and small grain crops.