The Omaha morning bee., 1924-05-06
Wheat Prices
Give Way After
Early Increase
Decrease of 1,729,OOO Bush
; els in Visible Supply Fac
tor in Late Firmness
of Corn
BY CHARLES j. LEYDEN,
L.. .....z.l s.....i.- "a. Ca=rasroudonf a


Chicago, May 5-wheat travelled an ir-
regular trail today to higher Levels.
Strength at Winnipeg was an early in
fluence in the local pit. but prices grad
aaly gave way. particularly at midday
when locals sold on the Disappointing de-
crease of the United States visible for
the week. Commission houses absorbed
offerings and a bulge featured the final
minutes as shorts covered.
Wheat closed unchanged to &c higher;
corn was &c lower TO sc higher: oats
was 4 lower to isc higher; and rye
The decrease of 10. 4f4. 900 bushels In
the Canadian visible supply of wheat was
influence in the late rally. Foreign
political news was encouraging to many
in tho trade as well the sanction by
the. federal reserve board Of the credit
many by group of eastern bankers.
Corn acted fairly we'll considering the
lack of trade and the irregularity in the the
bushels in the visible supply for the week
factor in the late firmness. De
spite the apparent lack Of demand for
spot corn. supplies are not accumuiating.
Some reports said that premiums in west
ern markets were gradually strengthen
ing.
Oats met with improved support In the
closing hour and rallied to an irregular
finish.
Rye. failed to become attracted by the
more cheerful foreign outlook. This
grain lacks speculative interest. little
liquidation took the edge off the market.
Provisions were easy under scattered
commission house selling. Lard was oc
lower and ribs were 2iAc down.
Pit Notes.
May wheat showed relatively more
firmness than the late months While
the decrease in the visible was not es-
pecially big, the changes showed That
here is plenty of wheat heading for
eastern ports, all of which Is either sold
TO the domestic or foreign trade, no
doubt. There is a belief spreading in
grain circles that the outcome of the
Dawes report will lead to much greater
be stimulating on domestic as well as
world grain values
Clearances of wheat from the head of
have been in excess of 10000 bushels
TO many this looks II significant and re-
fleets the idea that export sales have
probably been larger scale than the
daily reports Indicated Gables from the
United Kingdom for some time have in
sisted that the continent particularly was
much more active buyer of cash wheat.
With the Winnipeg market closed to-
day keynote of the immediate export
developments was thus not to be had
Weather conditians over the American
fair. generally. although in our own
spring country there were complaints of
lack of moisture in some sections
The statistical information relative to
snmpiive channels The world shipments
for the week totaled close to 2o.oO0.0O0
bushels, thus accounting for the increase
of slightly over 100000 bushels on
ocean supply. Cash wheat was in fairly
good demand in domestic markets at
ment of wheat was less than a year ago,
and 1t promises to continue so for the
balance of the crop year. Decreases in
the visible supply are more rapid than
taken TO mean that prices are right in
asmuch as supplies are greater.