Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-10-28
observation-disclosures
GRAIN

CHICAGO, Oct. 27-Wheat prices
had an upward turn today, for Il
change. Liverpool and Buenos Aires
advances were of the kind to str
up much enthusiasm on the buying
side. Corn was helped by the
strength in wheat and that market
also scored substantial gains. With
! the two leading cereals showing
! strength bulls in the oats market
were encouraged to greater activity.
Provisions were lower.
! While the big bulge in LIVERPOOL
and Buenos Aires came as a sur
prise in the local trade, it was not
a disagreeable one. A change in
sentiment was noticed later Satur-
| day and many of the shorts had
| evened UP and longs had replaced
[ lines that they had dumped earlier
| III the week. However, the adj
vances in both these markets served
| to lend encouraGeme to those
longs who believed in the bull side
but had not as yet replaced their
wheat. A few shorts also were
forced to pay the penalty of over
staying the market. Offerings on
resting orders after rally of five
cents from Saturdays low point
were sufficient to hold the advance
| in check and cause some reaction.
The big bulge in Liverpool was the
result of continental buying OF fu-
lures, desire to readjust future
values with the spot market, and
Of iy1 I,
of Argentine. Buenos Aires regain
ed its loss of Saturday. Crop re-
ports from there said rains were
beneficial, but the outlook for an
eXportable surplus is not over $780,
O0O,0 bushels. Latest supply and
requirement statistics from the IN
ternational institute of agriculture
show a SURPLUS of only 2S,00O,0O0
bushels over requirements. Weekly
statistics were generally bearish.
Heavy receipts continue in the
southwest. Seaboard advices indi-
cate export sales of 100000 bushels
to the United Kingdom, France and
Italy.
Wheat closed to 8 1-4c higher.
December, $1.44 3-8 to is; May,
$1.49 IA to 3-S; July, $1.33 IL.
Corn bulls were excited to greater
activity by the action of wheat. A
rush to buy at the opening disclosed
a paucity Of offerings. On the up
turn, houses recently connected
with the bull side were the best
sellers. Weather continues to favor
the making of merchantable corn.
Country sold few cars of corn to
arrive on the opening bulge. Re
ceipts continue of good volume
Shipping demand was light.
Corn closed 1 3S to / 7-8c higher
December, $1.03 3-8; May, $1.O6 SIS
to "a; July, $1.07 3-S
Oats showed much strength early.r
little reaction was noticed in the
later trade. Shorts rushed to cover
at the opening and there was some
reinstatement of long lines because
OF the advance in other grain. The
bulge uncovered some hedging pres
sure in sufficient measure to cause
reaction. There were reports
from the Seaboard of sales of So
pound white clipped oats for export.
Domestic SHIPPING demand was not
so urgent as recently, eastern buy
ers having supplied their urgent
needs on last weeks break
Oats were 1 IA to l lie higher:
December, 40 7-Sc; May. "a 9,S to
1-2c; July, 50 lac.
Provisions had heavy tone. Low
er hogs, the slump in Liverpool and
Il slow cash demand were obstacles
which the bulls found it hard to
surmount.
Lard closed 35c lower to 15c high
er, and bellies 10c lower. No trade
in ribs,
Local cash sales today were 2G7 900
bushels of wheat, including 250,0
bushels to exporters; 5000 bushels
of corn; 100000 bushels of oats, and
10000 bushels of barley.
The seaboard reported $500, 900
bushels of wheat, 500 900 bushels of
rye, and 100000 bushels of barley
taken for export.
Vessel room was chartered for 1885,
600 bushels of corn to Buffalo and
for winter storage of 260,0 600 bushels
of wheat at sc to Buffalo, 10000
bushels of oats and 5000 bushels Of
oats to Georgian Bay.
CHICAGO QUOTATIONS
The following were the ruling prices In
the exchange today: