The sun., 1918-08-07
CORN PRICES BREAK
ON WEATHER REPORT
Market Extremely Sensitive to
Crop and News Devel-
opments.
DROP OF 4 CENTS BUSHEL
Conditions Less Favorable
Than in July-SOme De-
teriOration This Month.


Reports Of cloudy conditions in parts
OF the West caused break OF about 4
cents bushel In corn yesterday, show
Ing strongly the extreme sensltiveness
OF the market to crop and news develop
ments and the extremely limited volume
Of trade which would produce such wild
fluctuations. Crop conditions In corn
are recognized as> less favorable than
last month, and since August l there
has undoubtedly been deterioration In
some sections, but the hot. forcing
weather has pushed the crop forward
rep!dly in other sections, and 1t Is still
a grave problem whether the losses will
more than Offset the gains in condition.
High temperatures have prevailed over
the entire country, and where the
drought has continued for days and
weeks the crop has probably been in
jured beyond recovery. but a great deal
Of this Is discounted in the allowance
made for the normal loss in condition
until maturity.
A crop of 2.soo. oOo, 900 bushels OF
good corn would be far superior to last
years extremely poor product, when the
amount Of merchantable corn was the
smallest in years. the total amount OF
merchantable corn amounting to only
l.905,000.0o0 bushels out Of the aggre-
gate crop Of $3.50. 000. 900 bushels TAX
Ing the average grading and quality of
corn last year the food and feed value
was one Of the smallest in years In
1908, when the crop of corn was only
2.24+.000.0o0 bushels. the amount Of
merchantable corn was smaller than last
year. The largest amount Of merchant
able corn was in 1872 s54, 000. 900
,hn1. 90 hy. al
raised. While the poorer quality OF the
corn last year serves as certain
amount Of feeding value there has never
been at any time during the year any
good corn on the market OF much vol
ume. and in order to meet the conditions
Of the quality OF the crop and maintain
future market 1t was necessary to
lower the contract deliveries on corn to
Nos. and corn. and there has not
been q great deal of that kind available.
Even with a smaller number of bush
els Of corn compared with last year.
I taking the crop at 3,000. 000. 900 bushels,
but on the other hand the probabilities
OF much higher quality. the crops OF
oats. barley and hay and the feed stua-
ton Is far ahead Of last year. The
July indications were as follows:
1913 duly. 1917 CFi,an.
Corn................... 3,leo.0oo.o0 3.i5eoC@ 400
Oats. ........"....... Lts1 10000 l.Ss7 coo oN
Barley ................ c3oCNo.ooO 209. 0po.Oc)
Hay tons. ............ io2oco.oco 5000 oOo
When the increase OF 100000 tons
of hay is considered and the increase of
q, 000. 900 bushels of barley. the loss in
corn. although considerable on the basis
Of recent estimates. leaves the country
much better of than last year. when the
quality of the crops of last year and the
quality and prospects OF the crops this
year are considered.
CHICAGO, Aug 6.-Belief that the
bullish effects OF the hot wave had been
sufficiently discounted for the time
being had a restraining influence on
the corn market to-day. New advances
in price took Place. but were not held.
The close was unsettled, / asc. net lower
to iSc. gain, with September. sl6l5 4 a
1924 and October s1.6Sh. Oats fin
ished NC. off to 4 q &c, zip, and pro-
visions varied from l5c. decline to q
rise OF &c.
Many large commission houses
switched to-day TO the selling side OF
the market and the principal demand
! came from shorts. Continued torrid
weather and the absence OF rain were
somewhat Offset by the possibility that
storms from the northwest or the Gul.
might enetrate the corn belt and afford
partial relief from the danger of sev-i
crop CANA &c. Besides the trade shove
considerable disposition to await the
| Government weather and crop reports
| due to-n orrow and not to risk exasser.
| ating the prospective curtailment OF
Yield.
Oats were swayed almost entirely b.
the action OF corn.
Trade In provisions was only OF
| scattering character.
WHEAT-Crop reports from the dornes-
tic Northwest continued favorable, but
Canadian Northwest. The high tempera-
| lures over the West do not appear to have
| had any effect on tho marketing of wheat
and aontinued large movement is looked
for. as farmers realize there Is little to be
| gained In holding back their grain.
CORN--It was weather market In corn
| all day, with a steady advance up to mid
afternoon. reaching new high levels for
the present movement, followed by an
| equally sharp break near the close, which
left final prices Y to lN.c. net lower on ali
positions except October, which finished
kc. above the previous night Most OF
the buying early was on continued hot
| 2 yellow quoted al sl.97& and No 3 yellow
,l.s7H cost and freight New York.
OATS-Cash oats here closed easy and a
| little lower. standard being quoted san 10
ssc.; No. white. ssc.: No. 3 white, So
| to s?hc No. white. slii to see. fancy
clipped white. S2it TO s4hc., and ordinary
! clipped white. slia 9s2hc
| RYE-Narket steady; No. Western
| 3i.7l cost and freight New York.
BARLEY-Market ossy; feeding, slISm
| 40. and mailing. N.269l,So cost and
| freight New York.