The Tupelo journal., 1917-09-14

"A. d vi. College, MISS, Sept. II.
Information keeps coming that a
considerable number of farmers are
contracting corn. for October and
November delivery at IS cents to
ST. 90, which is certainly far below
the price that they ought to get ac-
cording to the law of average rela-
tive to the price Of grain, and, too,
there is a tremendous grain shortage.
] am quoting herewith a para
graph from a letter just received
from one of u biggest exporters,
which ought to be very convincing:
81 should figure Mississippi num-
Der 2 corn to be worth around $3.50
to S1.75, and | now certainly do not
expect same to open up below $3.50
when the harvesting begins in Octo-
Der and November. There is very lit
tie corn for sale and the new crops
in Illinois, Kansas, ETC., do not move
freely until December, consequently
October and November corn will be
at a premium"
In the following paragraph is a
statement relative to the amer IN
which we arrive at the conclusion
that no corn ought to sell for less
than $1.50 for October and Novem-
Der delivery. 1t should bring more.
In a careful study of the Stats
ties compiled by the U. S. Depart
ment of Agriculture, find that the
average price for wheat for the ten
years, 1906 to 1915 inclusive, was
85 ITO cents per bushel; that the av-
erage price for corn for the same
period was 55 go cents per bushel;
that the average price for corn in
Mississippi for the past ten year
period was rs cents per bushel.
These are December 1st averages.
According to these figures, the re-
lative value of corn under compare
lively normal conditions has been
about SIS lilo per cent of that of
wheat. This is viewing the situation
from the standpoint of the entire
United States. The relative value
of wheat for the United States and
m for Mississippi. according to
these ten year averages, shows only
10 cents per bushel in favor of
wheat, or that the value of corr is
about SO clio per cent of that of
wheat.
Cash wheat right now in the middle
of the marketing season is selling
from $2.18 to $2.35 and it does not
seem likely that any wheat will go
below the minimum price declared
by the Government. Cash corn in
st. Louis ranges from S1.84 to S1.95
and inasmuch as &here is no corn on
the market and as there will be none.
until the Southern crop begins to-
move, it does not seem that the price
should drop materially until after
the middle of November. With
wheat-at $500 or over, figuring on
comparative prices, corn ought to
bring, under normal conditions,
S1.30 per bushel, and l am reliably
informed that a Memphis concern has
sold a considerable quantity already
to a Chicago buyer at $3.50
for October delivery. If the
relative value of wheat and corn in
Mississippi should remain as it has
in the past our corn would carry a
value of SHIT per bushel. We be-
Blieve that No. 2 corn ought to open
eup at $1.50 a bushel when the har-
,vesting begins in October and Novem-
Bber, and it seems reasonable to pre-
Isume that it will not go below that
Figure, certainly not before the mid
die of November. Practically all
Mississippi corn, if allowed to thor
oughly dry in the field before har-
vesting, comes within the No. y
grade.
AS stated before, what we are SO
anxious about it that our farmers do
not get panicky and rush their corn
on the market at sacrifice prices, and
] wish you would use your influence,
and the local press, if possible, look
ing toward educating the people re-
Iative to the value of our most IN
usual corn crop. It seems that we
are going to get a good price for our
cotton and if we can likewise get the
prires we should get for u corn,
Mississippi will be nor prosperous
this fall than at any time in its his
tory.
Thanking you for anything that
you may be able to do, / am
4 Very sincerely yours,