Omaha daily bee., 1922-06-09
Market, Financial and Industrial News of the Day
Chicago Grain
BY CHARLES d. MIcHAELS
Ossshs Nee l<ss~d Wiss,

L
Chicago. June s.-Genersl even.
ing up Tor the government report.
due after the close, was under way
in the grain market today. Local
traders sold wheat early. but were
forced to cover and the finish was
bMtse higher. Corn and oats were
unchanged to lte higher and, rye
hassc lower.
A breaking Of the prospective
drouth In the northwest and lower
Liverpool cables led the pit element
to take the selling side OF wheat
early. On the breaks commission
houses and brokers that early acted
for a leading elevator interest were
persistent buyers and toward noon
there was sharp upturn to above
the previous days finish. On the
advance some OF the early buyers
turned sellers and caused reac-
ton at the last. A majority OF the
local element were well evened up
at the last.
showers Forecast.
The weather forsess, indicated general
showers over the grain belt and there was
disposition shown TO cut estimates on the
Indiana. Illinois. Oklahoma and Kansas
and the crop Is ripenlns fast. Export
demand was slow. with cash prices up
NC here As compared with the July on
around 100000 bushels cash wheat TO
mills I'M the past few days.
The bulk Of the trade in corn snd oats
was In spreading between the various de-
hnt IN
corn. but the best prices were not main
tained. Crop reports on corn remain bull
ish and on oats rather bullish. but the
markets wers, not affected. Available
week. Cash corn ID gaining on the July
end selling within q fraction OF the price
Of futures Receipts. 800 cars corn. and
los cars osts
board BY exporters offset the effect Of the
strength IN wheat and with the country
. moderate seller to arrive. the undertone
was easy. Illinois sold 10000 bushels to
arrive Germany was reported a. having
bought rye at the seaboard.
Pit Notes.
The government crop report given out
after the close today was in line with
the private estimates and was considered
by tho trade as slightly bearish. II
showed sst. 900 bushels OF all wheat
or Ss.ooo.ooo bushels more than harvest.
anticipation Of the report One factor
that should not be overlooked is how
much Of the Increase In the crop 10 rep
resented In the decline OF around lSc In
prices Of late
Heavy buying Of all wheat futures by
leading local interests featured the days
trading. On the advance, selling Of July
became Influential. carrying prices off
&c from the top. For the present most
traders are bearish but will follow the
news and commission house orders.
There were reports Of 100000 bushels
hard winter wheat sold here for ship
ment. Those handling the trade were
not disposed to talk. In the past four
days Chicago has shipped 1883, 900 bush
els and tracks are cleaning up rapidly.
An apparent effort Is being made to get
wheat prices to around $l.1S for July to
bring increased offerings from the farm
ers For three days covering move
ment has been on and the market has
had support when needed. while bulges
have met fair selling. In both wheat and
corn the character OF the trading has sug-
gested buying and selling to even up
trades and secure profits.
Parts of tho northwest where rain Is
needed had showers to good rains today.
This induced selling for q time. making
fair recessions in prices.
w. G. Press & Co., who started In the
grain business In 1877. are to retire June
Is.