Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-11-20
GRAIN

! CHICAGO wednesday,, Nov 10
The bulge in corn about midsession
carrying the May and July deliver,
les to the highest levels of the sea-
son, was the outstanding feature in
the grain trade today. Wheat re
covered partly from its early de
ipression because of the strength
shown in corn. Oats also were ben
| Gifted by the rally in the coarse
grain. Provisions had firm tone
/ After period of depression which
lasted most of the first half of the
session, corn rallied sharply and
made new high records for the sea
son i'll the deferred months. There
I was little selling at the start by
overnight longs who became fright
ened over the weakness in the Liv.
(erpool market. This encoura ged
lshort selling by local traders. In
1.-THE meanwhile a steady absorption
3ot offerings by influential commits
lslon houses took the surplus out OF
1.-THE pit, and when early sellers at
tempted to take profits they found
little corn for sale. This started a
stampede of buyers, and the market
ran into stop loss purchases which
accelerated the advance. Light re-
!ceipts and good spot demand for
corn gave the cash market a firm
tone Offerings of new corn to ar
lrive were slightly larger on the up
turn. Shipping demand remains
Iquiet.
Corn lost some of it's early ad-
vance on profit taking by the longs
| but last prices were ga to lac
| higher. December, $1.1S to $1.18 Is;
| May, $1.23 to $1.23 Is; July. $1.23 ga
to 1924.
! Wheat was under pressure from
seaboard interests and eastern
! houses, but the market met with
good buying on the break. Later,
! the strength in corn started another
buying movement which carried
prices back to the previous close
! Pressure again developed, and the
market was unable to maintain its
position. News from abroad was of
! a decidedly bearish tinge. Liver
pool failed to become excited ovec
yesterdays closing bulge in Ameri-
ca. The heavy tone was attributed
! to big stocks, pressure of supplies
| on passage and a cessation in the
consumptive demand. Exporters
| told of England reselling little
wheat, and Rotterdam cables told of
resellers offering number 2 hard
wheat afloat at SC over December
| On the other hand, Kansas City re-
ported sales of 100000 bushels to
, gulf exporters at II cents over De-
cember Local milers reported an
excellent flour demand, and stated
la Paris, KY, miller was here to buy
flour today to fill contracts, he haV-
ing oversold his output. Shipments
OF wheat out of the northwest mar
kets are overtaking the receipts.
Weather was fair over the entire
wheat belt
Wheat weakened after hsorts had
finished covering and closed 34 to
1-2c lower; December, $1.51 3-S to
$1.51 ga; May, 81. 50 IA to $1.159 Is;
July, $1.39 rs to $1.40.
Oats rallied after an early break
in sympathy with corn. Leading
longs supported the market on the
dip. The selling was mainly for
northwest account.
Oats unchanged to 3-Sc lower; De-
cember, 81 to SO 7-Sc; May, 50 Is to
soc; July, 81 1-2c.
Trade in provisions was confined
largely to lard. Investment buying
is increasing because of the light
weight of hogs Strength in corn
also encouraged holders.
Lard closed so to II lee lower
and ribs 25 to AZ 1-2c higher. No
trade in bellies.
The Seaboard reported 100000
! bushels of wheat and 100 900 rye
for export.
Kansas City reported sales $4,000
bushels wheat to gulf exporters.
Omaha sold 100000 bushels wheat
to come to Chicago.
CHICAGO QUOTATIONS
The following were the ruling prices in
the exchange today: