Omaha daily bee., 1922-01-15

BY CHARLES d. MIcHARLs,

ohissss rvsssas -omsss Ne LEASED whs
Chicago. Jan. li,-Whiie the
wheat market averaged lower. tbs
fluctuations were efralie and toward
the last week end evening up and
short covering made a strong rally
with the close Ise lower on May and
,.e higher on the July. Corn was
heavy throughout the day and s.
lower at the last. while oats were
unchanged TO Ise lower and rye SIS
lower.
Grain values seem TO be gradually
working lower as the result oi
economic and financial developments
In Europe aud the slow speculative
demand. The range OF wheat prices
Tor the week was fairly large, with
the finish at ne, losses OF l,AMl sse.
Corn was Off t4M3sc. oats. ssMl.e,
and rye lsSc Tor the week. Pro-
visions were strong and closed with
lard up l7N@20c and short ribs,
nH@Jse.
rries. strong 81 Cioss.
Action Of the wheat market served TO
sne' sssss =, sSw s%s,,sIs ' s.s sssss ., 0ssI s,
pence IN Liverpool and le IN Busnos
Aires started local traders 90 selling early
and prices declined around iuttc SUP
port being lacking ON the way down. un.
der tiii there was buying OF May by
commission houses on resting ordsro and
a rally on short cogerln~ and weekend
evening up carried prices up to around
the previous days nnish.
Local sentiment In tho main ID bear.
ish and unfavorabie crop reports from
France and other European countries
were ignored as were tho reports that .
cargo OF Argentine wheat was Offered e.
T. q tho gulf at ti.,o per bushei The
latter, however, was without tho duty
Dry weather continues IN the south
west and the forecast held out no hope
OF precipitation over Sunday. This WAS
responsible for buying Of July and the
relative strength In that delivery. Es-
port demand l. slow. Purchases OF do
nestle and Canadian spring wheat for
seed purposes are expected TO be made
Monday. but With that exception no busi-
ness was claimed. Milling demand was
less active and premiums at Minneapolis
a trifle easier. Country offerings are linz
tied.
Corn Closes Near Bottom.
Corn wss under a little pressure from
cash houses and the pit element and de-
cllned easily and closed about tho bot
tom. falling TO show the rRiiying power
of wheat and oats. Trade was almost en-
'irey o. a local character. outside mar
kets continue TO outbid Chicago for cash
corn and the purchases are redKed here.
While foreign corn markets are firm
and export demand was not as brisk rs
,f late local handlers sold $4,000 BUSH
Eds to the seabonrd with $4,000 bushels
domestic. The trade looks for fair In
,rease In the visible supply Monday.
There Is q tendency TO buy oats on all
declines and fresh hedging sales are
mail. and that market showed relatively
sfr ~ sh.n Afh tno oil ~tnO
practically unchanged. Domestic skip-'I
ping demand * holding up well and the
lrade expects n fair decrease in the visible
supply Monday.
wheat and ranged lower. Outside inter-
sst is limited.
Pit Notes.
Sentiment OF the grain trade was largely
here was liberal absorption OF the Of
'erings for both May and July by eastern
houses who are said to be
he largest holders. The strongest local
interest is disposed to be bearish on whea.
md friendly to the buying side OF corn
Ind oats. The general impression is that
I would be difficult to hold the coarse
,rains should wheat prices break.
Tho late bulge in wheat was largely |
lus to covering by Joseph schreiner. who
vas short May and July, particularly
ho latter.
II is said the resignation of J. NJ. An
ierson as vice president of the Grain
Inc. is due to his having worked |
o build UP the Equity society, which has
Is headquarters in st. Paul. in prefer
,nce to the Grain Growers. Inc.
Unfavorable crop reports are coming
rom Europe. Drouth prevails IN parts |
II Frapce. northern Italy and Roumania.
ind winter wheat Is said to have been
damaged in France. In southern Italy |
excessive rains have fallen. The Rouman-
an wheat acreage has been heavily re-
luced
II is understood that the American re-
ief administration will buy No. l Man
toba and No. l northern spring wheat |
or seed for Russia on Monday. The |
sran corporation will consider offers OF |
orn for Russian relief on Wednesday.
rather bearish view of the corn sit |
iation is taken by J. F. Jackson with |
'ynchon & Co. with such a superabund
lnce of grain he believes that the unus- |
lally wide difference between the price |
Il hogs and corn will have little bearing |
IN the latter.
There is feeling among wheat traders |
Who are bearish that It would be the |
vest thing for the benefit OF the market |
n tho long run, to have prices decline |
o soc, which would be prewar level.
to that level, 1t Is argued, would |
,lace the market in better position and |
rive operators more confidence In price |
liability and possibly increase consump-
ion.