The Omaha morning bee., 1924-09-17
Wheat Tendency
Is ReactiOnary:
Strength in Rye
Active Bull Support in Corn
on Dip, Oats Influenced
by Bullish Canadian
Estimates.
BY CHARLES J. LEYDEN,
IL niuarsal Serx.ico Siafl Garr-.suatd ia


Chicago, Sept. 16.-Canadian news " as
mainly responsible for a reaetionary
eral demand was not especially agsres-
sive. Rye, on the contrary. was strong
all futures selling and closing at new
high points on the crop. Exporters were
eased moderately. but there was active
oa oats 1npor WE'RE influenced % by % the buiish " ca
madam estimates and by reports from
the seaboard of an excellent export in
a. Wheat closed &c to &c lower; corn
WIS NC to. sc down. oats were Nc to iac
8 A feature that was considered signifl-
cant In regard to the spring wheat move
ment is that the big end OF the receipts
cars against 273 cars year ago while
Minneapolis arrivals were smaller than a
year ago. This was taken to indicate
that the northwest wheat will go out
for export ahead of the Canadian move
ment which is slow in starting.
the dips to restrain aggressive short sell
ing. and with the crop outlook little
40 higher, and country selling of cash
corn of small proportions there was no
great incentive for selling the market
short. Bears are working on the theory
that bull news has become stale.
Oats were given good support on the
dips with reports of good export in
auiry and bulllsh estimates on the ca
madam crop helpful factors In sustaining
prices.
The rye market is beginning TO show
signs of congestion. especially in the Sep
tember which advanced sharply, with
smaller advances in the deferred deliv-
cries.
Provisions were irregular. Lard closed
llzc to 12ac higher; ribs finished 5s
lower.
Foreign advices today regarding wheat
showed but little change IN the general
situation. Russian advices said that 10
export offers were being made. French
crop conditions have improved little.
RepOrts from the Balkan countries indi-
cate but little wheat is being offered.
Liverpool was higher but sold off on bet
ter weather conditions.
The estimated Argentine acreage was
surprise to the trade showing an in
was much smaller gain than expected.
The long drouth in that country was
probably responsible for the reduction In
acreage compared to what was contein-
. plated.
Export sales at 10 the seaboard ooo were ere
bushels. The Canadian visible showed
decrease of 2.9s7,000 bushels for the week.
The. Winnipeg Free Press estimated the
900. 600 bushels which Is about 30, 900. 900
bushels larger than the government esti-
mate of short time ago.
Local statisticians took exception to tho
basis of figuring the Free Press estimate.
as apparently it made no allowance for
ally believed to have been eonsid cradle:
Local cash sales were 235Oo0 bushels sf
which mills took 100000 bushels. Re-
ceipts here were 312 cars with primary
receipts of 3,524.000 bushels. against l.
927, 900 bushels a year ago.
Commission houses were sellers of corn
early but bought on the break. The east
was credited with selling moderately. De
lfveries were $4,000 bushels. Cash sales
of were $4,000 bushels. Receipts
were 1875 cars. with primary arrivals OF
so2,0o bushels against $4,000 bushels
year ago.
Export business in wheat was again OF
fair proportions hero while the milling
demand was more extensive than recent
~.