The sun., 1918-10-15
CORN PRICES JUMP
ON BUYING REPORT
Announcement Of Grain Cor
poration Entering Cash
Market Causes Advance.
NET GAIN OVER z CENTS
Purchases Said to Be for Ex-
port-Rate May Be Stabi-
lied to Prevent Breaks.

Corn showed very wide fluctuations
yesterday, breaking . to cents at the
opening on heavy receipts and the war
news. recovering violently on the an
nouncement by Secretary Mauff that the
Grain Corporation would from yesterday
become large buyer of cash corn. The
net advance from the low was 10ss to
Ike. and the net advance for the day
was S., to 7&c.
There was no public announcement by
the Grain Corporation or the Food Ad-
ministration Of Intention to buy corn, but
Il is understood there were many orders
In the market for export account, and
this report appeared to have been tele-
graphed generally throughout the country
and seemed to have been used as the
basis for the announcement at Chicago 1t
was reported on the exchange that there
was no change In the cash price bid by
the grain corporation, notwithstanding
the advance in futures. The fact, how
ever, that the market had declined so
rapidly and was apparently in very
nervous, oversold condition was partly
responsible for the violent recovery.
October corn has declined $3.50 from
the high point OF the season and Novem-
Der corn 471sc., while the high price OF
this months corn has shown a loss Of
1916, November 22%c. and December
22Ac With the maintained price for
hogs at the Is cent level the price OF corn
was considered unusually low and below
Q parity with the general average of
commodities. November corn was. ct the
low point, just about Q cents q pound.
while November oats were also about 2
cents a pound. Rye has declined only q
moderate amount from the extreme high,
the loss being only IL cents a bushel on
November. November barley has de-
elined 14hc.
The steadiness OF rye Is credited to
the fact that II has met good export
orders and a steady cash price. Barley
has declined. largely In a sympathetic
way. as a result Of speculative conditions.
although the export buying price of the
Grain Corporation has been maintained
and on Friday was advanced.
II the Grain Corporation Is to buy corn
In large way for export. 1t will proba-
bly, mean that some price will be fixed in
relation to the other grains. and cash
corn will be absorbed at that price from
day to day. as has been the case In rye
and barley. The stabilizing effect of ex-
port buying of corn at a specified price
and the maintained price for hogs should
have rather an important effect In pre-.
venting violent breaks In corn.
CHICAGO, Oct l4.--Sensational ad-
ances in the price of corn to-day made
declines which at the opening of busi-
mes had resulted from the German note
replying to the inquiries OF President
Wilson.
Bearish action Of the corn market In
stead of an advance had been generally
looked for. but tho extreme decline
shown was only I cents, a break which
FOR n wartime market was not unusual
Trading on the break was lively. though
by no means one sided. and the mar
ket was raIIying when announcement
that the United States Government was
to purchase large quantities OF corn,
November and December delivery. led to
a rush to the bull side. Then values
went soaring In earnest, and quickly
reached "a cents above the early low
point.
Opening prices, which ranged from
~ to cents lower. with November y1.11
TO Slip and December $l.09 TO $1.11.
we're the minimum. Recoveries before
the Government buying programme was
made known amounted to 2 to 2ls
cents.
Still greater upturns were witnessed
near the end Of the day. November
touching s1.21%, q total rise of 1875
cents a bushel. as compared with $1.11
At the opening this morning. The mar
ket closed strong at nearly the topmost
level OF the session. with November $1.21
to s121h and December $1.1SA to
iiS&
Oats swayed with corn. Changes.
however, did not exceed ordinary limits.
After opening unchanged to rs lower,
the market rallied to well above Satur-
days finish.