The Washington herald., 1922-10-23
GRAINS UPWARD
Rumored Shortage in Eu'
rope Results In Ad-
vance Here.

CHICAGO. Oct 22.-The important
featurs of the grain trade that has
now become strikingiy apparent 10
the strength abroad which has led
the upturn In values. Events in
the Near East: q shortage OF s1,-
100000 bushels In the European
whsat crop. as compared with the
early estimates. making the top
some 25o.ooo.ooo bushels less than
last year: q reduction Of about 75,-
100000 bushels In the European rye
crop from last year. and an awaken
Ing to the fact that the grain trade
In general. and particular the for
eigners. who need wheat. have over
stayed their market. are the fac
tors that have brought the recent
bulge.
In addition to these factors. there
10 the shortage Of cars in the United
States, this small accumulation of
grain at all our terminal markets so
Tar this season. the difficulty in
moving grain to Atlantic ports. con-
gestion At Buffalo and Montreal, and
Q revival In the speculative buying.
There Is also q belief that the con-
structivs side Of the grain market
10 safer on declines, while recently
the trade was impressed with the
belief that values were to rsmain
low and that trade depression was
to last Indefinitely.
Effects Of War News.
Prospects of q war between Tur-
key and Great Britain came at a
time when grain prices were around
the NA
ly foreigners, were short Of wheat
In Chicago and winnipeg markets.
as well as at Liverpool. Ths war
news gave the trade q Jolt and as
sisted in starting q buying move
ment which has lifted the grain
market out of the rut and brought
advances of more than rs cents a
bushel in wheat in Liverpool and of
20 cents q bushei IN corn from the
low point in August. In the United
states the advances. taking those
to date. as compared with the low
point, have been II cents in Decem-
ber corn and over 1S cents in De-
csmber wheat. Highest prices of
the season have been made this week
for all deliveries of corn. as well as
for May and July wheat, and practi-
cally all deliveries of oats, while
rye is headed upward, and 1t will
not be surprising to see II reach the
seasons high for December.
Trade leaders have become en-
phatically bullish on all grains.
Those who have entertained con-
structive ideas in a moderate way
OF late are now emphatic in their
discussion OF market conditions and
prospects for higher prices. It would
be for the best interests of the
country to have wheat above $1.25,
corn around IS cents. and oats SO
cents. Even with prices at the
present level. should 1t be possible
for farmers to market a good part
of the remaining holdings of small
grains and their corn. it would be
highly beneficial to enable them to
cash In. as every cent advance
means a larger purchasing power
for all agricultural interests.
Values Were Too Low.
That wheat values should advance
in the face of record marketing in
the Northwest. particularly in Cam
ada, is regarded as indicating that
values were too low. Canadian
wheat is being imported into the
United States in bond. and indica-
tions are that considerable No. l
Northern will be brought in this
season for milling purposes. Chi
cago received it's first cargo OF Can
adian wheat. $4,000 bushels, this
week. with another cargo OF 300.-
900 bushels about due, and one of
250.000 bushels being figured on. the
latter for a local miller.