The Birmingham age-herald., 1924-05-21
GRAIN LETTER


 NEW ORLEANS. La. May so.-cotton was irregular today. owing to mixed in- fiuences. and offered good trading oppor- tunitiss on both sides. Fluctuations cov- cred 2 pretty wide range. but ended prao- tically unchanged from previous finals. A good many traders sold at the start on weak Liverpool and belief that the re- passage of the bonus bill would bring on liquidation. Early weather reports were also favorable Official forecast of un- settled and cooler weather; for al1 sections of the belt and belief that low condition estimates from the private bureaus, as well as the government, are now assured. soon checked the selling and letter induced enongh covering to give the market a fair sized rally. Tightness of May and ex- pectation of a bullish review from the weather bureau tomorrow stimulated fur ther buying and covering and around the middle of the session values sold 65 to 56 oyer the early low oSs pFlySts STrssS an Increase of per- Acent in acreage. This bureau made the condition TIT year ago when the government made it n. Intimstion from Washington to the effect that the tax reduction bill is scheduled for veto owing to the passage of the bonus bill aud scattered reports telling of tn- provement in the crop. outlook as result of few days of warm weather induced the late selling. some of which was realizing. We believe that the buying side offers the best opportunitiessf for the time being.
 CHICAGO. May zo.-corn started out with promise of considerable strength. Of course there was much in the over night gossip concerning yesterdays demon- stration in the May delivery and 1t was easily the leader of the market this morn ing. News received during the session did not support the advance. It was said that vessel room has been chartered to bring 100000 bushels corn to this mar ket from Duluth. There was another re- port which had it that Milwaukee was offering full cargoes.
 With our wheat Sd much dearer than Winnipeg wheat relatively, 1t Is obvious that purchases in our market against sales at Winnipeg are predicated on an- ticipation of legislature price boosting.- H. X B. Beer to J. r. Wiltnshsp & Co.
 CHICAGO. H.. May 2o.--wheat. Buying here against sales at Winnipeg and scat tered short covering sufficient to bring a fair advance in the absence>of important and sfos for september. tliere was sui ficient selling to cheek the upturn. but not enough to cause any material weak ness. Cash basis easier.
 Corn: Reports that vessel room had been chartered for three cargoeay corn to come from Duluth. that Milwaukee was offering full czrgoes, and that the couIl-y try in general appeared to be offering grain to arrive more freely, led % scat tered setting and the market eased off. Oats: There was good buying of May, presumably to cover shorts. and there was extensive exchanging between May and July At sA cents difference. Under tone firm, with prices holding within a narrow range-Fenner & Beane to Kahn & virgin
 CHICAGO, May 20.-Despite pronounced duliness there is an undertone of firmness in the wheat market. This is derived from the idea that European continent viii continue to absorb worlds offerings In a free way, also from the idea that inc North American surplus, particularly that of Canada. has been materially re- dTced. stiiI another idea is the possibil-