Omaha daily bee., 1922-06-04
Chicago Grain
BY CHARLES D. MIcHAELs.

oaahs Dee Laced Wire.
Chicago, June 5.-Eiquidation was
on in grains and with heavy selling
OF wheat credited 10 . local long
which ran the market into stop loss
orders today, prices dropped sharply
to new low on the present downturn
and closed about the bottom with net
losses OF 2 Laos lac. Coarse grains
were rather firm early. but weakened
in sympathy with wheat and corn
cldked with losses Of lIi s-8c and
oats were off le. Rye closed ) i-2@
} Sac lower.
The passing OF the May delivery
failed TO bring in speculative buying
OF the new crop futures and less fav-
orable crop reports were also ignored.
The undertone was heavy a good part
OF the week and the finish was at
losses OF S 5.s@7 s-sc as compared
with the previous week. Corn drop
ped l 1902 lac, oats s-s@7-sc and
rye ) 1905 lie.
July wheat. which . week ago
closed } lie over the September,
went to a discount under that deliv-
cry today. due to the liquidation by
longs in the nearby future. At no
time were prices higher than the pre-
vious day and stop loss orders were
uncovered in volume on the way
down. There was lack OF support
throughout except such as came from
shorts who were evening up for the
week end.
Export Demand Fiat.
There was nothing In the character Of
the crop or cash news to induce any ma
terisl buying. Foreign markets were
closed and will not reopen until Tuesday.
and export demand was flat. Deliveries
In June contracts were 5000 bushels.
and u house which took great deal OF
June freely.
Coarse grains were Influenced mainly
by the action Of wheat and decline wa.
easily attained after = small showing OF
strength early. Practically all Of the
trading was Of a local character. July
oats sold At a new low ON the crop and
September equalied the old low. Domes-
tic demand for corn showed improvement.
compared with the July. In either corn
or oats.
While rye was easy with wheat. there
wa. some buyinE by houses with S,,,n,;aa ;saooata
some extent. Crop reports generally very
favorable.
The Impression In the wheat trade 10
that prices are headed for ", with the
movement of values expected to be irreE-
uiarly lower. There is nothing encourag-
ing seen by traders At the moment to In
duce heavy purchases and recent expert
ences are decidedly against operations on
the buying side.
one Of the depressing features in wheat
was the hedging Of cash holdings taken
in on May delivery. The sales Of both
were for June and July. the heavy pres
sure being on July. which carried II TO
sc under June and TO Nc below the Sep
tember. There was also heavy liquida-
buying largely attributed to previous seii,
ers There were deliveries OF 5000
bushels cash wheat on July sales.
The federal trade commission has been
in Chicago investigating operations IN
May wheat the past week. They have
q majority Of the leading
traders including James A. Patten, AT.
thur W. Cutten. Howard Jackson and all
the leading members Of the trade:
1t is understood that . public hearing
will bs .iysn tn: new G:pnsr.T,n'hen :spS;n:ian en
Rain Is badly needed in part. Of Iowa.
according to reports. Around onawa.
about 40 per cent Of the corn has been
replanted. In the Fort Dodge district
corn is in excellent condition: Oats look
like a large crop. In the Cedar Rapids
territory and for 100 miles west wheat |
and oats are in good condition. Corn
needs warmer weather