Omaha daily bee., 1922-02-26
Chicago Grain
BY CHARLES d. MICHAELS.
Omaha Zee Leased Wire.

IHiSaso, req. -o.-a wave OF
bullish enthusiasm swept over the
grain markets today. II carried May
wheat and the deferred deliveries OF
oats 10 within a fraction OF the best
prices OF the season. All deliveries
OF corn went TO new high ION the
crop" Weekend evening up caused
a reaction from the outside figures,
but the finish was at net gains OF
lH@2Ac on wheat, 2B@25sc on
corn and lB@lHc on oats, while
rye was UP A@lWc.
TIE bulls had things almost their
own way during the last week. While
July wheat Jagged on account OF a
partial breaking OF the drouth in the
southwest, the undertone was very
strong. Corn furnished the surprise.
1t sold to within a few cents of the
figures at which it was selling a year
ago. Closing trades showed net
gains of 2A@oMc on wheat, as
compared with the previous week,
while corn was up 52@oAc, oats
lA@lAc and rye 2A@2Ac. Lard
and ribs sold at the best prices OF
the season and lard gained 20@30c,
while ribs eased off and closed 7H@l
25c lower. a-.+
Wheat OFF at Start.
Wheat prices were off u ole at the
start in sympathy with decline OF "a @
sd In Liverpool. and the forecast indi-
eating rain in the southwest. Opening
figures, however, were the lowest OF the
day Sales by commission houses ana
local traders were readily absorbed, with
"a later general rush to cover that car
red the May up over &c from the low
as the result OF private cables indicat-
ing a lowering in the estimates OK Ar
geptns e'porta5s noo sU6pSs whieh
Weed END profit taking was responsible
for a good reaction at one time. but the
market received good support. There Is
some local disposition to desert wheat ana
get into corn. Sentiment is somewhat
more mixed, but is still bullish.
Western Kansas remains dry, but the
central part Of the state has received
sufficient moisture to start the plant grow
ing and crop reports were more favor
able. outside mills were after wheat
here and local mill bought 10000 BUSH
els semi-dark at Kansas City as that
grade could not be secured here. Kansas
City reported that the movement in the
Corn Prices Advance.
A material increase in specula tive trad
ing was responsible for an advance In
corn to the best prices Of the crop. and
the finish was within fraction OF the
top. The bulge failed to increase coun-
bushel and better was bid at country
points in Illinois and about that figure
in Iowa. The 20 to l difference pre-
vailing between the price of hogs and
corn Is having considerable effect on SEN
timent.
The Russian relief has asked for Of
fers OF $4,000 tons Of corn grits. The ex-
port demand at the seaboard was good
with some sales made for May-June
shipment. Prospects are for consid-
erable reduction in the movement In the
immediate future, which was a big fac
tor in inducing buying Of futures.
Exporters are taking liberal quantities
Of oats and with corn strong, an ad-
vance was easily attained, the finish be-
ing about the top with the July at a
new high figure for the season.
= Rye was affected by the action Of
other grains and averaged higher, but
trade was light.
. Pit Notes.
The trade is looking for reports on
| farm reserves of grain on Monday. A
private estimate is coming out which
shows about 60,000,O00 bushels less wheat
and around 15o,000,0oO bushels more
than last year. The government will re-
wise its figures on farm reserves last year
which is necessary, owing to the change in
| the final crop returns.
Each day uncovers new foreign demand
for wheat" say Thompson and McKin-
non. The insistence OF this demand
| even on advance, Is strongly suggestive
of the probability that the entire surplus
Of every growing country will be needed
| We may have a period Of depression due
| to apathy Of the domestic miller, but
| there will be no permanent weakness un.
| TIL 1t Is demonstrated that importers re.
| quirements have been supplied"
Argentina has only $4,000, 900 bushels
| wheat left unsold that Is available for
Europe, according to Buenos Aires cable
| to leading New York house with ex.
| tensve connections in that country The
surplus from the new crop was given q.
| 100000 bushels with a carry over Of
| 100000 bushels. making total avail.
able Of 100, 000,0 bushels OF this
quantity $4,000 900 bushels already has
been shipped and 100000 bushels sold
but still clear white Brazil needs 90,
! 100000 bushels. That accounts for S..
| 100000 bushels
| Commencing Monday grain in severa
| private elevators in Chicago, which hav.
heretofore not been reported, will be in
| cluded in the visible supply. Total stock.
in the elevators are about 125, 900 bushel!
wheat, 100000 bushels corn. 1850 bush
els oats. 5000 bushels rye and 1900
/ bushels barley.
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