The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-11-02
FIVE CENT BREAK in
THE PRICE OF CORN
Peace Developments and Crop
Estimates Affect Con-
tract Rates. MA J.
YIELD NEAR 3 BILLIONS
Cash Situation Is Weakened
by Great Lack Of Freight
Room. ''-' ,
YIELD NEAR 8 BILLIONS


was at about the low OF the day. The
crop situation has distinctly improved
this autumn. and now instead Of saiking
OF the possibility OF $500, ooo. 900 BUSH
els Of corn the estimates run from
2,e5t,ooo,ooo bushels. that Of Clement.
Curtis q Co.. Just issued. UP to 2.slS,-
10000 bushels. the estimates OF the
Snow Bartlett-Frasier crop reporting
bureau. The latter figures seem to be
more in line with the general ideas OF
the crop, particularly as the conditions
have been SO very favorable this autumn
large, one estimate being 10000, 900
bushels ana this other Of fS5,0o0.0o0
bushels. which IL distinctly in excess OF
the carry over Of last year and in excess
of the average carry over. These figures
were 30 large In connection with the war
developments that there was no support
to the market
The absence OF freight room makes
the cash situation very weak one. as
there IL no support excepting the domes-
tic demand and the export level. which
was quite buying basis last month and
from which the market was rallied
sharply on the statement that the Grain
Corporation was in the market to buy
corn, was broken through and there was
no evidence Of Government buying. The
situation In this respect Is distinctly dis
couraging and was reflected In the atti-
tude Of the corn market and the unset
tied feeling during the day.
The report Of the Snow-Bartlett-Fra-
sier bureau on the acreage OF winter
wheat was also distinctly bearish, show
ing a total OF +s.0s0.o0o acres. with the
soil conditions good and the crop In ex-
lent shape. Only a few days ago q
Western trade paper estimated the
area at $4,000. 900 acres, and the reports
all indicate that the progress of plough
ing in the Northwest has been excellent.
30 there fs q possibility that the acreage
which was planted last spring. slightly
over 22.ooo.ooo. win be exceeded.
$40 wheat at New York, or SAGE In
Chicago. seems to be such that the
country IL very willing to put all the
ground possible Into wheat. In the
Southwest sesding Is still going on. and
there Is the possibility Of further In.
crease in the area. Last year the acre
age was 42,170,000, and the total. spring
and winter. was little under 65.o00, 600.
There seems TO be good prospect that the
acreage this year will be In the neigh.
borhood Of 70,o0o.00e which with an
ordinary yield OF about sixteen bushels
an acre. woul give over 100. 0Do. 900
bushels for the total crop. This crop
viii be so large that. with the reserves
built UP from this years crop and any
surplus from the Cansdian Northwest,
there VIII be sanlpfe supplieS fff9 North
America for all the allied demand pos
sible. But the question will be whether
the entire world will not be 30 short of
wheat supplies IN 1880 that DO, mat
ter how large the crop. may be IN the
United States there win be need for all
the food supplies possible.
With the disastrous conditions for
seeding In the Teutopic countries and in
Russia this year as wen as conditions
In the allied countries there is very lit.
tie prospect Of any enlarged wheat pro-
duction next year, and there 10 a pos.
sibility that there will he a tremendous
demand for wheat. which will be limited
only by the supply - tonnage available
to carry Il.
CHICAGO, Nov 1,-Bearish crop osti-
mates together with the capitulation OF
Turkey and the breakdown OF Austria
forced q sharp setback to-day in the
price Of corn. The market closed un-
settled, ~ to ~ net lower. with De-
osmber i1sx TO ia and January lis
to 11bh. Oats finished y to 2k@2A
down and provisions up &c. to e0c
Lower quotations Of the day In corn
came after the issuance of an authori-
tativo statement, indicating that the
Yield OF corn this season would be nearly
loo, 100000 bushels In excess of the Gov
eminent estimate q month ago. Besides
farm stocks of old corn were said to
total more than three times as much
a. at the corresponding time last year
and to be the largest carryover since
1919 - ......
LeWg before the announcement Of crop
figures to-day, however. the bears had
decidedly the advantage. owing to the
fact that all Of Germany's allies had
quit. Such news from abroad, though,
seemed to have been looked for by a
majority Of traders, and to have been
for the most part discounted as a mar
ket factor. As q result the volume of
selling on account OF European advices
proved TO be relatively moderate.
Oats descended with corn.
Establishing OF the hog market lifted
provisions.
C0RN-In local cAsh market No. . yell
low corn was quoted at yl,elk, No. Q yell
Nv SAfSts Gust anu iIvibut WV LoEA.
oArs-Looal cash market was about q
cent lower. with standard quoted At rev o
TIC; No. white, Ts97shc; No. Z white.
isc.; ordinary clipped white. 7sh 977hc..
ali elevator.
RYE-Markst steady, No. . Western.
t1T elevator export.
BARLEY-Market. weak, feeding, 81,
and milling. 'I.oS. cost and freight New
HAY--Market easier; No. 1. stso9Is5;
No. 2, s1.s5@L7o; No. 9, SlS59l.6o.
BUCKwHEAT-Markst quiet; sound
;ssS cost r AND frsishs Nov ,or Yesk
eecording TO Bradstrsets, aggrssste s.ioi,-
as bushels against B,siLpl5 the previous
week and +,s5B.ss7 last year. Since July
I Sal9s.oeS. against ss,taosi. Last year:
q week ago and sss.sit las, year since
July !. s'SsS.is7. against lo.ito'an last
CHICAGO PRICES.
RYE s., Open. rftvh. Tow. clo.s. " Day.
b bscs%S:s is; IL i: i i & ia isss
January ''''.'....' -. -" .''' hsh =:
, ,,s i:x H H. i i Il: Ill.,
's oaTS :''"'.."- hs~ l1oA rss 'i' -;
Novem ber........ 90 esH 81 GIN tH
jspssS%SS tr.......' 81. - q q
ss &c s sss t &. &C
RIBS ~ 49, .-.A-.' :. ..-..t i
s$;$f. '::::: 81. i nc lis ll s rs
s sSSsns.r. -; az s .ss ss% s.s ssl