Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-11-18
GRAIN


Wheat developed reactionary ten
dency after sharp opening bulge
| today. News was mainly bullish
early but indications of a liberal in
crease in the visible supply had a
idampening effect on longs. Corn held
better, being influenced by strong
er cash situation. Oats were without
much change. Provisions exhibited a
downward trend early but the mar
ket had some recovery later.
Bulls in wheat showed less aGgreS-
siveness despite the bullish news
from abroad and from Argentine.
There was an opening rush to buy
participated in by shorts and outside
investors. Owing to the lack of pres
sure prices registered good gains.
On the bulge there was heavy sell
ing by longs for profit and despite
good support on the break the mar
ket encountered heavy going in its
upward journey. This was discourag-
ing to the newly converted bulls and
they proceeded to unload, which add
ed to the pressure on the market.
Later incomplete figures indicated
that the visible supply of wheat
would total nearly 100000 BUSHES
today. This caused renewed pressure
and lowest prices of the day were
made about this time. There were
reports of Saturdays acceptances Of
overnight offers of wheat to the
United Kingdom and Italy but local
shippers complained that they were
unable to sell any cash wheat either
for foreign or domestic account. Re
cent figures issued by the Interna-
tional Institute of Agriculture indi-
Gated a reduction of 401 200, 900
bushels in the worlds wheat crop
This year. The sharp bulge in Liver
pool in the face of heavy world ship
ments and an increase of nearly
1000, 600 bushels in supplies on
ocean passage was the result of buy
ing caused by frosts in Argentina.
Wheat closed as to nc lower; De-
cember, $1.5313 @1.535s; May, $1.60H
Q1.605s; July, $1.405s.
Corn was off to a sharp bulge on
first trade but the later break in
wheat eXerted i depressing influence
in the subsequent trading. 1t was
not SO much the buying but more
the lack of pressure that gave the
market it's early advance. An up
turn of half cent in the cash corn
basis stimulated buying in the later
trading. The break in wheat caused
some of the earlier buyers to unload
and accept profits. The country is
consigninG a little more corn but
offerings to arrive are practically
nil.
Corn closed "a to 1 hc higher; De-
cember, $1.14; May, $1.19A @1.19A;
July, $3.50.
Oats markets showed little change.
The only feature worth mentioning
was the buying by Western houses.
Receipts are falling off and this is
lending g better tone cash market.
Oats, q to 1ac higher; December,
559s 05S12c; May, 581ac; July, 56%c
Provisions were lower at the start
on selling induced by the weak hog
market and the slump in Liverpool.
Later there was some recovery il
price Cue to buying of LARD.
Lard closed cents lower to 10
cents higher; ribs, 121ac lower, and
bellies unchanged.
Local cash sales were 5000
bushels of wheat, 10000 corn, so 900
oats and 5000 barley.
Export sales at the seaboard were
estimated at 100000 to 1,500, 900
bushels OF wheat and 100000 rye.
Vessel room was chartered for
100000 bushels of wheat at 2h cents
to Buffalo and 225,000 bushels at
2Hc to Georgian Bay.
CHICAGO QUOTATIONS
The following were the ruling prices in
the exchange today:
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