Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1922-05-09
Chicago Grain


Chicago. May s-short covering
By local professionals who sold lasl
week was mainly responsible Tor an
advance Of llMssc in wheat today,
The finish was well toward the top.
Corn gained I!Mt4e, while oats
we're unchanged at Ise lower and
rye a@sse lower. the latter on
MAY,
Wheat prices ilueluaied rapidly
within relatively narrow limits, May
opening slightly higher aud the new
crop deliveries lower. Bulk OF the
trade was OF local character and
sentiment was rather besrish. Scat
tered liquidation developed IN the
May and !, dropped to Sl.NH. a new
low on the present downturn, only
10 advance TO sl.5s later on scattered
buying with the close at Sl.37 TO
Sl.5oli.
Statistics were OF a bullish char
actef and had some effect on senti-
ment toward the last, but the general
run OF crop reports was decidedly
favorable and the trade was inclined
TO look for bearish government es-
innate tomorrow. The closing bulge
was due mainly TO covering by sew
cral long professionals who have re-
Gently been active OIL the bear side.
Export demand was only fair with
sales OF 100000 bushels reported at
the seaboard. Kansas City messages
claimed 100000 bushels OF wheat
would be shipped out OF there this
week for Chicago.
1nly Torn stranger.
Buying Of July corn by house with
rsaboard connections. and short cover
Ing caused that futur. TO show moro
strength than other grains The close was
Selling mainly was local. Sentiment was
somewhat builish. although there was .
small early break. In sympathy Win
wheat Exporters were after corn here.
were 276 cars Field work Is expected
to be delayed further II the recommends
tons forecasted materialixe. The visible
supply showed decrease OF ?,sss,ooo
bushels.
Oats held within narrow limits and
closed steady with the May slightly firm
or than the deferred deliveries. Ware
house receipts for 100000 bushels were
for $50. 900 bushels late Saturday and
yesterday. Receipts. I7s cars.
May rye was under pressure from
cash house and led the decline In the
board connections were on the buying
side of rye. Receipts were 81 cars, IN
Guiding SIS cars of No. 2. Later en- track
sold at lc under May
Fit Notes,
The government report ~ due IN Chi-
csgo tomorrow at 2:l5 daylight time,
which places Chicago and Washington on
the same time. II will give the condi-
OF winter wheat and the estimates on
the condition OF meadows. spring plant
ing and blowing. Estimates on winter
wheat range from 100000 to 5s5, ooo.-
900 bushels, compared o VII, TN a,s;vyv'Vy"
May last year and 5s7,oco.ooo bushels
last year. Abandoned acreage
liz estimated at III to Is per cent, COM
pared with as per cent last year anu
a l0-year average of N.i per cent: Con-
litions are estimated at ST. to So, COM
pared with 74.s last month. ss.s IN May
last year. and 10-year average OF vi.
The offer On an annua! loan 70 nussla
by Great Britain and Italy was taken as
a favora BILE feature.
A Winnipeg message said bouVoV ousn-
eIa wheat had been delivered there so
far on May contracts. Allowing .or uupn-
"a ton, that would make the actual oe
Iiveries 100000 bushels. Armour q
In ckson took the wheat and Armour has
loaded a cargo Of No. 3. The grain Went
to Georgia Bay.
Condition of winter wheat IN Great
Britain on May l. as officially reported.
was fairly good. but the growth Is slow,
due to lack of warm. supny weatners Inc
latter has changed for the peter ouis
the past few days.
Canadian lines have advanced rates on
grain. Chicago to Montreal via Port Col
born, to 9isc. and from Fort Wiin lam
VIII reduce the advantage the CANADIAN
T have had over the United States
axe and rail lines via Buffalo. The lat
Ter, at a meeting with the Canao.an
,;na. TODAY. declined to lower the rates
rhe American lines induced the Can
adams to advance their rates.