The Omaha morning bee., 1924-08-19
Heavy Selling
Of Futures Sets
Wheat Back
Close Weak and Not Far From
Bottom, Other Grains
Trail Down; Advance
Too Rapid.
By CHARLES J. LEYDEN.
nivPrsal Service Staff Corresnondan


chicago. Aug. 1s.-Heavys selling of
wheat futures today by longs who had
sttraetiye profits. put a stop to the open
The close was weak and not far from the
bottom. Other grains trailed wheat. A
ceiling. that the recent advance in the
discounted much of the bulllsh Situation
Prevailed On the. dips. however. absorp-
Wheat closed IL to 2%c lower; corn
vas ~ higher to / * C lower oats were
). TO nc off and rye ruled III to / Mc
The initial strength in wheat was due
urncpaily to the sharp advance at Liver
played in the pit the past few DAYS was
absent during todays session and prices
did not hold up. Prominent. professional
hulk Of the wheat during the day. Houses
with eastern connections sold early and
ihen bought: Failure OF frost to material
re to the damage point in the Canadian
bushels in the United States visible sup
ply for the week augmented much of the
Export sales of soo.o bushels wheat
we're confirmed by the seaboard. and II
nave been worked. Liverpool closed u to
] 5 pence higher. but foreign exchange
weak
Corn was choppy all day. On the
bfeaks fairly good buying was encounter.
ed while realizing sales and pressure was
noted on the hard spots. The crop sit
uation is not improved. Grain men say
hat corn over wide areas is in the same
condition it was month ago relatively.
and unless unusually mild weather Is
experienced for the balance of the sea
the crop will probably be hard hit by
oat. opened strong and then sold off
under heavy profit taking. One of the
biggest operators in the trade sold long
oats freely. Country offerings of this
grain have improved some OF late.
Rye resisted pressure a great part OF
he day. but finally gave way. with other
Grains There nrOrniupOt DuytnN not
ed in this pit at tinles. but the realizing
wss TO much to overcome. a..
session. but weakened at the last Lard
was unchanged to 1oc lower in a broad
'rads and ribs psre pit Notes. o4m' lower
While the peak of the winter wheat
movement has been reached there is Is
we're 1905, 600 bushels compared with
3 eos. 900 bushels last year. The export
demand has been fairly active, but clear
snees are not fast enough TO keep avail
Ole supplies from accommodating. Devel-
opments IN an export way Will probably
be awaited.
Foreign political news was reassuring
had It that the German loan would prob
ably be floated some time before Oc-
3ober. Stocks is,, OF grain rn abroad are not OF
The continent are being harvested, flu
ture requirements are expected to be
heavy from exporting countries.
There were reports from Nebraska that
wheat In shock was being damaged by
IainfalI; I Thess attracted little attention
ment is approaching. and with the visible
supply totaiing 10, 600. 900 bushels in ex-
eess Of last year and southwest farmers
showing no inclination to let up in their
shipments bulls have been forced to act
cautiously.
Wheat and flour on ocean supply last
week decreased 2.512.ooo bushels. The
total supply is 1888, 900 bushels, COM
Jared with 36, 200, 900 bushels a year ago.
The grain moving to Europe Is admittedly
being we'll taken. It Is unusual. at this
prices when grain from the farms in the
United State is rushing to market. 1t
IS only natural TO look for frequent set
last two months. The advance in wheat
has been miraculous in more than one
way. Later on in the season bulls say
prices will reach materially higher
ground.