Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-10-30
1rl2ArIQkyMar@t RR portta
GRAIN

/ CHICAGO Wednesday,, Oct. %
1.-THE wheat market to day was in
need of support. 1t was not weak
one, but prices simply were unable
, to maintain themselves at advanced
| levels. Corn bulls were aggressive,
| but the dragging wheat market
proved a handicap against their eff
forts. Oats were affected by the ac-
ton of corn. Provisions were sharp
ly higher.
The trend of wheat prices early
was lower, but the market showed a
tendency to fight back on the de-
cline. Important trading was miss
ing.
The weakness in Liverpool and
Buenos Aires caused some pressure
at the opening, but the decline no.
ticed at that time was smaller than
looked for, and this caused some
shorts to cover. A rally followed,
and then the market encountered
heavy selling for eastern account.
The price broke sharply under this
pressure, and locals were influenced
to take the short side.
Around $1.40 ga for December
there was good buying by houses
with export connections, and this
had a stabilizing effect. Seaboard
adVices indicated that no great vol
ume of business was worked for eX-
port overnight This was due partly
to the distraction of English buyers
because of its being election day.
Export brokers in the local mar
ket said that they were unable to
draw a bid from the seaboard Do
nestle demand for wheat shows a
slight Improvement but the volume
of business is still disappointing
The movement of wheat showed lit
tie reduction and the pressure of
cash wheat is felt in all primary
centers.
Corn bulls were not lacking in
confidence as they supported their
market on all of the weak spots.
Some of the recent buyers, however,
were timid and unloaded their corn
because of tn eweallness in wheat
Cash corn was not SO snappy and
the basis was off 1-4cW1-2c from
yesterday. There was a breakup in
the excellent weather due to light
showers over most of Illinois and
pct1 - VI 1OWd'
Oats were affected by the action
of corn. Prices changes were Of lit
tie importance. There was little
selling for northwest account early,
but the offerings were absorbed by
commission houses ON resting or
ders. Shipping demand for oats was
of a fair volume. New York report
ed some SO pounds white clipped
oats sold for export.
In provisions lard was the leader.
That product showed much strength
on buying by packers. Reports of
good export sales of lard overnight
encouraged speculative buying also.
Offerings came mostly from longs
for profit. Meats were neglected
and easy in tone.
Corn had sharp bulge in the later
trading and closed rs to 3-4c
higher. Shorts covered freely, becom-
ing frightened over the poor husking
returns. December, SLOT 3-8 to Is;
May. Sill to $1.10 rs; July, Sill
ga to SIS
Wheat rallied with corn and clos
ed ! 3-8 to 1-Sc higher. December,
$1.44 is to IA; May. $1.49 IL to SIS;
July, $1.33 IA to SO.
Oats were ga to 7-Sc higher De-
cember. so 3-8c; May So 1Sc; July,
50 7Sc.
Lard closed II 1-2 to 81 1-2c high
er. Ribs closed 15c lower and bellies
sc higher.
Local cash sales were $4,000 bush
els of wheat, $4,000 bushels of corn,
10000 bushels of oats. and 10000
bushels of barley.
The Seaboard reported 200. 900
bushels of wheat taken for export.
Vessel room was chartered for
250,0 900 bushels of wheat to Buffalo
and 100000 bushels of corn to Geor-
sian Bay, also 500 900 bushels of
oats for winter storage at Buffalo.