Omaha daily bee., 1922-06-07
Market, Financial and Industrial News of the Day
Chicago Cran,
By CHARLES d. MIcHAELS.
RsasstSka lNs9

1 N~UssSsss sS~ss
Chicago. June o.-Short covering
was effective in, making a higher
range for grains early. but on the
bulge offerings increased materially
and wheat broke sharply toward the
last TO . new low on the present
downturn and closed lh@ihe lower
while corn was unchanged to Ac
lower. oats h@hc lower and rye
nMlhtc lower.
Commission houses that usually
act for q leading local interest were
good buyers OF wheat early and local
sentiment changed somewhat. with
the result that sufficient buying de-
veloped TO carry prices up around
lHc from the opening figures for the
July. Many OF the pit element went
long above Sl.l4 for July, while
prominent commission houses sold.
The short interest was reduced and
when longs tried to sell out they
found the market without support,
and a break OF 3@5Hc from the
high. following with last sales within
a fraction OF the bottom.
Crop news while slightly less favorable
than OF late. was construed as bearish.
Cash demand was only fair and there
was nothing In the situation that seemed
TO Justify the general trade taking 4 de.
eided stand on the bull side. Liverpool
closed ,N6tXd lower than Friday. ow-
Ing to tho advance In sterling net losses
In American money were only 2h G3kc.
compared with over &c In Chicago.
Corn undestsns Firm.
Corn had = range Of ix@iEc and
closed at the bottom. Shorts covered freely
In wheat. although the break In the lat
ter was responsible for tho heavy close.
Crop reports on the whole were favor
able. Country movement light. due 10
excellent weather for field work. Cash
the July. Receipts. 42< cars.
Bulk OF the trade In oats considered In
spreading operations: December was
bought. and December sold At IN GiNc
tember sold At ~ 62c difference. There
WAS also buying Of December here against
sales OF Winnipeg October. Shipping de-
mAnd slow. Receipts. 81 cars. Crop re-
ports were less favorable.
with the pit element inclined to
the selling side In sympathy with the
break In wheat. Some export business
was put through at the seaboard.
PN Notes.
Action Of the grain markets In ad-
vancing and breaking confirmed the be-
lief OF most operators that grains are
a sale on all good bulges for the present.
Tho collapse at the last with break 10
the lowest on the present downturn mace
many operators moro confident than tne
position Of the bear 10 right until there Is
a drastic change In existing conditions ana
! good increase in tho outside and local
buying power. Aim.
on reports from Australia that there
were only 100000 bushels to export
! nd that drouth prevailed. They sold
It later when prices started down around
lll2 and under immense local covering.
Buying Of December here against heaVy
,aies BY tho largest operator in Winnipeg |
Liverpool cables were dIscouraging to
holders there as well as here Wnea:
futures showed a decline Of IND to thd
.ince last Friday, while Chicago prices |
were off SIC to INC and latter Tor june
In the same time.
Corn Sentiment Mixed.
Corn specialists said there were good
supporting orders for September from
houses that looked like tne
same mainly from the pit element. Sen
More complaints Of rust in winter
wheat are being received from Illinois
and "ther sections & Of the ,tsmtion tsmtIaa srom
In summarizing the worlds wheat stu
.tion A. l.. Russell. the New York statis-
to June i, 1922. there had been a worlds
of 617,ooo,oo0 bushels. or
an average of IS. 600. 900 bushels per month.
North and South America. based on lat
700, 900 bushels left for export from June
to July 81. Under the most favorable