The Washington herald., 1922-05-15
SHIPMENTS
OVERTAXCHCACO
GRAIN ELEVATORS
Regular Deliveries for
Those Unable to Obtain
Storage Facilities.

River markets, interior mills, and
country elevators Is brought to
Chicago to deliver on sales for
May. Part of 1t is coming here be-
cause there is a small profit in
bringing the grain and because Of
the absence of q good milling and
export demand. A considerable
quantity is being shipped in to nll
May sales by millers who have
hedged their cash grain holdings
and prefer to part with the grain
rather than pay a loss on their
hedge sales.
Deliveries So far this month ag-.
gregate around 2.soo.O0o bushels, a
good part Of which has been taken
by Arthur Cutten, a local opera
tor. who believes in wheat and
says there will be a scarcity of
old wheat before another crop is
raised. The bulk Of the wheat de-
livered so far has been No. 2 hard
winter, of which 100000 bushels
have been shipped out. The Armour
Grain Company is regarded as the
largest short interest in May wheat
and Is bringing the grain here to
deliver. For more than a week it
has bought May wheat in the pit
and sold it in Winnipeg to close a
spread between the two markets.
This has tended to strengthen the
Chicago market and weaken Win
nipeS, forcing the latter to a great
er discount under Chicago.
Big Receipts Thi. Month,
Estimates are that Chicago will
receive between 100000 and TO-
100000 bushels of wheat this month
tho latter figure being regarded
as extreme and hardly probable.
Contract stocks at the beginning
OF this week were 2,749,00O BUSH
els. an increase in two weeks of
more than 100000 bushels. Public
elevator room is scarce, and it is
necessary to take care of the whea,
and the coarse grains that come in
for May delivery.
To assist holders of cash grain
who are unable to secure. storage
room on grain brought in this
month to make deliveries. the
Board of Trade directors by
unanimous vote have made carlots
regular delivery, commencing
May IL.
This rule is an emergency prop
osltlon, and was invoked last wear
When storage room was scarce, II
the holder of May contracts desire,
10 move the grain out, IL can he
handled through elevators, notwith-
standing their inability to store
the grain. as the elevation from
cars to boats can be worked salts
tactorily. At present the availabl.
supply OF lake tonnage is not large.
owing to the scarcity of coal for
ooats to carry from Eastern to
western lake ports. and many ar.
required to return light from the
Eastern ports.
Prices Fluctuate Violently.
Prices for May have fuctuated
nearly 10 cents within week
dropping to the lowest level in more
than two months. There has been
extensive buying of May and se;.-
ing OF July by elevator and mill
interests who have taken their
losses on their May hedges and pu,
them out for July at 13 to Is cent,
discount. May has held rather stub
oornly. considering the pressure put
upon 1t by scattered holders. While
there is large holding by local in
terests. Eastern exporters are said
70 nave big lines. although they
are not as big as recently. The
trade is not surprised at any price
movement in May wheat. 1t is
likely to break is to 90 cents an.
advance 90 or 30 cents within a few
days, all depending upon pit .condi-
tions. At the end Of the month in
dications are that Chicago will have
the surplus wheat of the country
The visible supply on MAY was
3l'OOO'OOO bushels, compared with
12.42S,000 bushels last year. and
with that exception, the smallest
since 1918, when il was ONLY o1e4-
900 bushels. Chicago's stocks ar.
3,7S3.000 bushels. compared with
$4,000 bushels last year, and thew
have seldom been as small in tn.
past fifteen years, there being onIv.
five exceptions during that period
The visible supply of corn, 32,
7OS.OO0 bushels. compares with Is,
100000 bushels last year. That Of
oats was 55.275, 900 bushels, or 25
100000 bushels In excess of las,
year, and both corn and oats ara
the largest at this time In fifteen
years. This also applies to Chicago
stocks. which are s,221,000 bushels
OF corn and 1S,5S4,000 bushels Of