Omaha daily bee., 1922-06-02
Market, Financial and Industrial News of the Day
Chicago Grain
By CHARLES d. MIcHAELs.
OaahA ~ lasnA Wlkes


| Chicago. June IA change In
sentiment was noted in the wheat
market today. Support was given
when most needed and while private
crop reports were construed as bear
ish. the close was At . net gain ot
J-6@i-2c. Liquidation was on by
scattered longs in corn but the FIN
ish was on = rally with net losses OF
i-<@5-ac, while oats were un-
changed to lac lower and rye 7-sc
higher.
Reports OF large expor, and mill
ing sales OF cash wheat. combined
with unexpected strength in Liver
pool and Argentine and somewhat
less favorable crop reports from
Texas, Oklahoma and Kansas were
the bullish incentives. Houses with
eastern connections were good SELL
crs on an early bulge and locals
who bought at the start were forced
to get out on a break, but there
was good buying on the decline and
some OF the local professionals have
Turned bullish.
| Mig Cash BusIaess.
A much larser cash business was under
way than the trade In general believed
Charters were made for 100000 bushelp
wheat. on the basis OF cents 70 Noh-
treai and the seaboard reported 1.ooo.-
900 bushels sold abroad. Argentine ex-
portable surplus Is estimated by the gov.
srnment at $500, 600 bushels. with en-
70, The ws,s oS6 % SoC0S
last yea<. Dry weather Is wanted In Inc
southwest
Local professionals who have recently
been builish on corn reversed their action
today and the undertons was heavy a GOOD
part OF the time. although the late
strength In wheat led TO some short COW
,rinE. Tho after.plsnting movement In
Iowa Is reported as falling off and that
from Illinois increasing. Export business
showed considerable Improvement with |
sales OF 100000 10 100000 bushels aud
here TO the bay and to Buffalo. Receipts
Private crop reports on oats indicated |
the prospects for Yield less than nor.
and with corn easy q decline was easily |
attained. the finish being on q small rally. |
Shipping demand was only fair. with sales |
.: 10000 bushels. Receipts were IS
cars.
Houses with northwestern connections
sold September rye here. while the sea-
board was u fair buyer and charters were |
made for 100000 bushels Crop reports |
TIT Netes.
Seaboard exporters bought wheat freely I
on the break and there was buying to
remove hedges against cash sales OF
around l.00e. 900 bushels.
Corn traders were mainly bearish but
are not making much headway. Iowa IL
said 10 be offering less cash corn. while
Illinois IL selling fairly. Enough corn has
movement for a week or more. Sales Of
No /: mixed were made free on board
l;A..imore yesterday at sisc over July,
which shipper figured eaualled &c under
Chicago July. C. !. & Buffalo.
Charters have been made the past two
days for 5000, 900 bushels grain. including
100000 bushels wheat. $4,000 bushels
corn and 100000 bushels rye that has been
reported. the other business being held
back. Loading out Of this grain will make
room for the 2,4oo to $500 cars OF wheat
estimated as on track around Chicago and
within q week all will be unloaded. They
unloaded s5s cars Of grain here Wednes-
day and only s.oio cars we're on track In
I,ss: cars at elevators and 1850 Cal. on
track awaiting inspection and orders.
A winter wheat crop Of soS.ooo.ooo bush
els was suggested by the Goodman
trade today. while the Snow Bartlett
Fra zier returns made II sos. .000. 900. Gov
ernment estimate In May was SIS, 900 900
sSshe: and last .Sow
decrease Of around per cent with a
total area Of 17s5s,ooo acres and an In
dicated crop Of 242ooo.ooo bushels: ac-
cording to Goodman, and :56 900, 900 BUSH
els according to Snow. Oats acreage re-
duced about Z per cent with total area
OF 41,514,000 acres Indicated crop 10
/ PSI 900. 900 to f.s77. 900. 900 bushels. COM
pared with 1,to5, 100000 bushels In June
last year, and 1850. 100000 bushels har-
vcsted in 1921.
Complaint Of red and leaf rust 10 un-
Usually wide spread. according to Snow.
and 1t 10 apparent that this class of rust
will affect the crop moro than usual
this year. Goodman said prospects for
winter wheat had declined along the
southern half OF the belt.