The Omaha morning bee., 1924-12-11
Wheat Climbs to
New High Peaks,
Then Reaction
Other Grains Act Similarly
News Is Bullish but Toppy
Condition Develops;
Corn Closes Higher.
By CHARLES j. LEYDEN.


Chicago, Dec. 10.--Wheat prices estab-
iished new highs for the season early
today and then. reacted under heavy
higher for the day. Other grains acted
similarly. News was generally bullish on
wheat. but 1t WAS case cas- OF OF too too many many
bulge during the first hour toppy condi-
fion developed. Houses with eastern con-
nections were among the best sellers OF
Wheat closed unchanged to &c higher.
corn was sc To &C advanced, oats were
unchanged TO &c down and rye ruled
Strength in Liverpool and fairly ac-
tive export trade were the early in-
fiuences but private cable from the
Argentine, saying that harvesting of
wheat was started and under favorable
Foreigners were credited with buying flu
lures in this country and cash wheat in
Canada.
The seaboard confirmed export sales of
10000 bushels, in all positions, largely
Manitobas. Two houses bought back
100000 bushels of gulf wheat for deferred
market for 250. 900 bushels of gulf wheat
at firm premiums. Liverpool closed 219d
Corn closed higher, after an erratic
day. The last few minutes witnessed
brisk recovery from the mid-season set
back Buying OF corn credited to a
leading house that said TO have a
bullish crop advice from the Argentine.
Profit taking sales in corn on the rise
~ net HlBns during the early nOuTS OF
trade was extensive. Country offerings
We're moderate, while the demand for the
spot article was somewhat improved.
Oats moved forward to the best levels
in weeks for the nearby months. with
the July touching new top for the
season., but reacted and closed lower
Rye reactionary most of the day
and finished lower. Export demand for
rye has slackened. The demand for cash
remains fair and prices held at steady
levels compared with the futures.
Provisions reached higher levels early
and then sold off. Lard was DC to 121ac
lower and ribs were 12iac TO Zoe higher.
Much of the long 10" seSfsi Selling in wheat was
prices has been too rapid and that "A set
back was in order The fact that foreign
ss ers were not taking our grain aggressive
~ looked significant to many despite the
aadvices of bullish nature from abroad.
There was excellent buying of wheat on
the break to around s1.66 for the May
and the. market at the close looked as
though 1t was in position TO do better
should news continue bullish.
The Canadian market displayed a rela-
tlveiy steady undertone compared with
Chicago. Cash wheat of all grades was
late reports said the advance had attract
ed heavy offerings from the interior.
country showed further falling off.
shipments from terminals also were re-
dueed.
The northwest advised of a fairly
brisk milling demand for wheat. Eastern
mills had stayed out of the market. ex-
pecting break. but recently have been
bidding for tho grain. st. Louis red
wheat was sharply advanced and in very
light offerings. Generally the domestic
cash situation looms healthy.
The worlds available supply of wheat
and and flour for the the week decreased SOIL
in grain on ocean supply. The. total
available supply is 255, $4,000 bushels
compared with 251. .3s4. 900 bushels a year
ago. World shipments OF wheat the last
two weeks have shown steady decrease.
but the corresponding reduction in grain
on the ocean indicated that there was no
letup to the consumptive demand In
Europe. 1t Is hardly possible that sea-
sonal supplies have been anywhere
taken care OF by foreigners, and this po-
tential demand tends TO keep the market
steady.
CHICAGO PRICES.
BY Updike Grain Co., Atlantic e3f2