The Omaha morning bee., 1925-01-14
Prices of Wheat
Reach New Highs
but React Later
Toppy Pit Situation Is I'm
covered on Extreme Bugle;
Some Recovery at
Bell, However.
BY CHARLES j. LEYDEN,
niX eI.xal SerYica staff Gnrreennndel


Chicago, Jan. 1S.-Aggressive buying
of wheat rushed prices 70 new highs Tor
the season. early today, the May delivery
reaching s1.S8, but extensive realizing
brought a reaction to an irregular close.
on the extreme bulge .toppy pit situa,
tion was uncovered and many belated
buyers were dislodged on the setback.
During the final minutes, however, the
market was in the process of recovery
and looked strong at tho bell.
Wheat closed &c higher for. the May
and sc lower for the September; corn
Il g up. and rye ruled 1isc to 1Nc higher;
News continued mainly bullsh and
seemed to attract a broader outside IN
terest. Improved foreign. news with Liv-
erpool futures and cash wheat acting
buoyant gave local bulls encouragement.
The Winnipeg market displayed greatsr
stability than Chicago, especially late IN
The seaboard confirmed export sales
reports that Europe was requesting ,i ,oa
liberal offers of wheat overnight. Rye
sales were moderate totanF fntuge S0uge
wheat closed * to 2as pence higher.
Corn was irregular. but encountered
gUSa 0qsRs On The anT Support a seemed
come from local professionals Tor the
most. part. The demand for dry ,1e,n corn
was fairly active and the basis was flrin,
while poorer grades continued TO widen
their discounts under the futures -,
Profit taking sales forfeited much OF
the early gain in oats at the close. TINS ms
grain seems 10 have many friends, but
support is slow in developing
siderablv but there was an excellent de-
mand at times. Export business for the
last few weeks has been active. Reports
ments for the purchase OF rye in TINS
country.
was 22lac to 37j5c higher and ribs were
7l5c to 1oc higher.
Much of the profit taking sales in
wheat on the bulge was credited TO
prominent Wall street operator. who was
reason for the setback other than the
belief that prices had been going up 100
rapdly The manner annd4t In mnleh wa pr,eeS under
the market Cash wheat in Chicago sold
at 50 bushei for the first time this this
season. local miller bought six cars
No red wheat at that price.
Foreign advices In some instances al
vised that more attention was being Or
fered TO the cheaper offerings OF fiate
wheat In fact France has been credie-
ed with caneelling some North American
purchases and replac cling with Argentine
rrain. some exporters were OF the opn-
ION however that sooner or later France
would have tes seek North -Ntfserlsath
er was said TO be delaying the move
ment and offerings OF new crop Argen-
tine wheat TO some extent n rurone
according to advlces from the Depart
z inent of Agriculture, was ls per cent a,,9s II,
than the harvested area in 1924; Ihis m
was regarded as particularly bullish by
tha trade and led to consideraole puyihs
of the deferred months. Despite hign
prices the world over. there does no,
seem 10 be much effort on the part OF
s. nrnducers 10 over-produce this year.
The worlds available supply OF wheat
and flour for tho week decreased 4,lol.
600 bushels, compared with decrease
Of s632oo0 busheh last week and ~ -.
45s 900 bushels last year, The. s.apis,9n isr9.
in available supple. 'wrs "a s0wersa woria ship-
,nsDts er tnan last ApSee week We're c6ndefsSly IN.
creased High prices for wheat ny 81 of
the globe, but tho sniseppeayanc9 ncf, sSp Spnt
plies at oil points Certainly proves .,1, tos,
the demand = TO. date mas. proven "setA
more than equal TO the ssuppiv
CHICAGO PRICES.
BY UpdIks Grain company. Atlantio VIZ.