The Omaha morning bee., 1924-12-09
Market in Wheat
Much Stabilized
by Foreign News
Prices Move Up Briskly to
New Tops and Bulk of
Gain Is Maintained at
GO Close; Corn Up.
. by CHARLES j. LEYDEN,

Universal Service staff Correspondent.
Chicago, Dec. s.-Foreign news exerted
a very stabilizing influence in the wheat
pit. today. causing heavy short covering
and speculative buying. Prices moved up
hrskly to new tops for the season in all
deliveries and finished with the bulk of
thee gain maintained. Strength at Liver
pool and indications that distressed grain
abroad was cleaned up were the influences
back of the rise.
Wheat closed 1hc to 1No higher. corn
was. 2lsc to csc higher, oats were y c
to 1Sc advanced and rye ruled &c to
Had it not been for the liberal profit
msanst IN would evsl % hare reached
higher levels. But 1t continued to move
In healthy fashion and at the close tech
Iuii standpoint. An advance Of sssd in
Liverpool corn futures. reflecting bad
crop. conditions In tho Argentine, proved
the factor in the local pit
The seaboard confirmed export sales of
$1,000 bushels of wheat, with Germany,
Italy and Greece the best buyers. Liver
pool closed I'd to 2%d higher.
As in wheat, all deliveries of corn hit
new highs for the year. Private advices
from the Argentine state that frost and
the growing corn crop, and the advance
in Liverpool today indicated as much.
Primary receipts of corn today were
1,456,000 bushels compared with 1853, 900
bushels last year.
Oats encountered excellent support and
reached ardl the highest levels in. in weeks Re-
being shipped into sections where the
grain raised had already been fed.
Rye met good buying and worked
higher. Leading commission houses sup
ported the market at times Best levels
were not held, due to proft-taking sales.
Provisions finished higher, but consid-
erably lower than the day high point.
Lard was ioc to zoe higher and ribs were
1oc higher.
Pit Notes.
The United States visible supply for the
week decreased 90e. 900 bushels. The
first report of 100000 bushels increase
was. erroneous. Just what the visible
OF the day. As consequences there was
heavy realizing attracted from some who
nai to further On in
supply, It is not unlikely but that the
peak Of the. visible supply increase has
Almost every report from Europe re-
gardng the cash demand for wheat was
practically reverse Of what was received
last week. London cables said that all
nearby grain was cleaned up The news
from Germany was more encouraging
Supplies of wheat and flour on ocean pas.
sage have been decreasing steadily fol
three weeks. The decrease has been
larger than the falling off in world ship
ntents
consumptive demand in Europe appar-
emily is keeping up at a rapid rate and
with the grain that was pressing on for
export demand for supplies from North
America is to be expected. Three con-
tinental countries bought cash grain to-
day that had been in the market for
scme time.
December wheat again displayed rela-
tive strength compared with the deferred
months and closed at discount of 5A c
compared with 5ac Saturday. and s1ae
carly last week. The deliveries on con
month have been small Holders of the
cash article have shifted their hedges
from December to the May and have
thus let very little of the actual grain
get away from them. Millsrs. exporters
and spectators snapped up what was
delivered in active fashion, and have been
in q. position to further accept all the
grain put out.
Chicago Egg and Butter Futures.
Quotations furnished by George r. Clark,
1927 Woodmen of the World building: