The sun., 1918-09-29
PEACE OVERTURES
CUT GRAIN PRICES
~
Big slump in Corn Values Laid
Partly to Such
Proposals.
GUESSING ON FUTURE
With Wheat Rate Fixed,
Larger Use Of Corn and Other
Flours Is Anticipated.

Europe and successes OF the troops OF
the Allies together with the Bulgarian
peace move have created a profound i'm
preston In grain circles, AID the effect
of the political advices has been ex-
pressed to no little degree In the sharp
rccesslons OF erair, values recently. Corn
prices have led the way In This slump.
with the market down nearly 10 cents u
bushel from tho high point OF mid-sep-
tember. There are divergent theories
held as 10 the proper construction OF A
| general PEACE in Europe as relating to
grain prices, with this confusion OF ideas
accumulated by the knowledge that
wheat prices for the 1919 season have
already been fixed. and there is a GER
| tain. even though indefinite, relationship
| OF all grain prices to wheat that cannot
be ignored.
Thus the present level OF good grade
wheat At New York is s2.3sts a bushel.
| and 1t has been determined In a recent
proclamation by President Wilson that
this shall be tho basis for next season.
| with the added provision that there will
be investigation OF conditions affecting
tho farmer. 40 that higher price will
be named II deemed necessary. Not long
ago the basis for good grade corn at
New York was about So a bushel, com
| pared with under $3.50 at this time,
| The point IL made, therefore, that II
! wheat prices arc to be held due to a
| guaranteed price by the Government
| how far can corn and other grain prices
decline with a readjustment Of oondi-
tons in anticipation OF peace?
| Without eyarntiOD tho initial effact of
peace advices Is bearish on grain values,
| just as the FIRST war advices are bullish.
Looking back over number OF years
| grain values have risen In times OF war
declining with peace. and then advancing
devisively again after peace. due TO re-
plenishing Of supplies by warning coun.
tries.
1t is evident that II wheat prices were
to be held at the prevailing basis
through the coming season and corn
| should decline there would be more
than the usual use Of corn nours. II
rye, OATH and barley nours should also
decline (they have no fixed or guar.
anteed prices) the use Of these grains
would aieo be preferred on the theor,
Of an attractive price when compared
with wheat. 1t is important. however
TO bring out Ghat the principal demand
for corn lies In the feeding channels
|
fore a certain amount OF substitution tina
may take place, resulting In increased
consumption Of corn and oats hours a,
a foodstuf for the human populace
would not be a dominating price deter.
mining factor.
There are some other unusual features
in tho grain situation this year which
would come sharply to tho front with 9
general peace. There il a large surplu,
hnps 10000, 900 bushels, that ia avail
able at a price nearly 81 n bushel lowe,
than that of the liberal SURPRISES II
North America Naturally effort would
be made 10 reach this relatively cheaI
wheat. On the other hand there mus
he heavy buying OF wheat after a gen
eral peace for the Central Powers, anC
this might serve TO take care OF all sur
pluses. The point has been made tina
from a standpoint OF tonnage just afte
the end of the war there will be 4 hi
movement OF troops back TO the Unite
States and q plumber of the vessel
reaching here might and 1t advantageou
to carry grain back 10 Europe.
CHICAGO. Sept. 2s.--Rushes to sell cor
brought about a sharp fresh break TO
day In prices. broadening OF the En-
tente offensive. together with peac
I developments furnished most OF tn
impetus. The market closed unsettled
lN to 3Ao. net lower. with Octobe
Sl.3eh to si3s% and November $l.3
! to s1.3Sh. Oats lost VI to %c Tn
nnish In provisions ranged from So
: decline to 1fc. advance.
Bearish sentiment in the corn marks
appeared to intensity greatly to-day IT
stead OF losing force. The fact that
grand offensive by the Entente was
! progress on all fronts, including Be
:. gium. seemed especially to impres
% traders Meanwhile the military effac'
. ment Of Bulgaria and the resignation
q the German Chancellor combined furth'
a to deprive the market OF support. b.
IS sides. advices showed that favorab
~ weather prevailed In general for Il
10 cutting and curing OF the new GRO
% Some recovery. however. in the last hot
resulted from week end adjustment (
trades.
oil wHEAT-Reeeipts OF wheat at primnl
~ points last week fell OF slightly more tina
a million bushels as result q tho pc
e init system, the total being u $4,000 nnsi
1t els, compares. with ls.asaoCo the prsvio'
!. be the policy OF tn. Food Administratit
" to further ourtail the novement and
n hold more wheat on the farms again
W.
son Exports are expected TO continue on
liberal basis and the exportable surplus
- America this year Is very largo on
Ia Milling opera lions continue quite activ
In although the domestic demand for -four h,
- been somewhat disa ppointing and the on
look Is not particularly encouraging &
~ more than moderate exports compared VII
d last year.
CORN--war news again essrted bsari'
n influence on corn and prices broke abo
cents A bushel, making total loss
le So 10 INC. from the high point
Thursday In the local cash market No.
4. yellow corn was quoted at S177%; No.
Y. yellow. s1Tix, cost and freight New Yor
% OATs-In the local cash market stan
q ard and No. white oats were quoted .
90 s5h asGc.: No. white. s5@s5Ec.: n
e5 1 white, saw Ns5c. ordinary clipp
white, sS6S7c., all elevator.
XII RYE-Market steady; No. 2 westsr
a. u.72 cost and freight New York.
al BARLEY---Market quiet; feeding. ti.l
II milling, tll5, cost and freight New Yor
50 HAY-Market firm: No. !. s2i0; No.
60 -; No. 3. $3.50.
q. CHICAGO PRICES.
% RYE Open High. low Close. d.
e. S Ssss@ser.. isix 1884, 1901: iSs,. Is
", CORN
sa October. a. n. ,isasa. 1875 ].