Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1918-10-21
PEACE WILL NOT
LESSEN DEMAND
GRAIN MEN WAIT FOREIGN NEWS
AND MARKETS ARE UN.
SETTLED.
MUST BE FED
AFTER WAR Is ENDED.
World to Look to United States for
Large Portion Of Grain and Meats
Which Must Be Provided Long After
Peace 10 Declared-Pries Adjust.
ments Under Way.

Chicago. Oct. 21.-Peace prospects
are causing an unsettled feeling in the
grain markets, particularly in corn.
Those who believe that peace is near
arc to some extent bearish. while 9TH
ers regard peace as bullish factor.
Long arguments are being put up on
both sides and sentiment Is more two
sided than a week ago. All traders
recognize that. for the time being, war
news, especially that from Germany. is
the leading price making factor and is
expected to be for some time 10
come
All indications are that with peace
there Is to be a large demand for all
kinds of foodstuffs. as consumption
should increase. II will be easier to
supply the grains than the meats to
the countries which have practically
exhausted their supply Of animals, as
il takes a lon ger time to get the latter.
There is enough grain in the surplus
producing countries to satisfy de-
mands. and with a removal OF the
submarines and an increased supply
of ocean tonnage the grains in coun-
tries that have been unable to ship
to any extent will be more available
after peace comes.
Look to United States.
The United States is expected 10
supply large quantity Of the require
ments in the immediate future, as the
grain is more available and can be had
on shorter notice than grains from
Argentina Australia and India.
Food Administrator Hoover's state
ment that there are $4,000. 900 starving
people who must be fed means a lot
in the way OF demand on the exporting
countries. and should his figures prove
correct there will be sufficient con-
sumption to absorb all the surplus and
leave little reserve at the end Of the
season.
AS to wheat, there is an estimated
surplus of around 400. 000. 900 bushels
in the United states and Canada. Au-
stralia will have over 200, 900, 600 bush
els to ship. including the present stock
and the new crop, which will be avail
able after the first of tn year. Argen
tina is within thirty davs of harvest,
and It probably can supply 200, co.,
900 bushels more. Taking these fig
ures. there is 500. COO 900 bushels of
wheat. TO say nothing Of India, which
has fair quantity to spare.
While the corn crop in the United
States is below the average. there is
enough for all domestic requirements
and fair quantity for export. OF
oats. barley. and rye there is plenty
in the United States for the domestic
and export trade.
Dr.eo i,etnoept Factor.
With a surplus of all grains the
question that is uppermost in the
minds of traders is the readjustment
OF prices when peace comes. Some oil
the closest students of market condi-
tons believe that peace in the near
future has already been discounted by
the decline in corn, and that other
grains have little readjusting to do SO
long as the government maintains the
wheat price at around 1925.
The latter. however. is on a level
maintained by legislation, rather than
by actual supply and demand. so that
this should not be exclusively consid-
cred in the readjustment OF values.
There has never been time in the
history Of the grain trade when condi-
tions were so uncertain and when
there were so many important things
to be carefully considered in price
making, all of which must be watched
continually. After long period Of adj
vancing markets 1t is natural that re-
actions occur, but the question is how
much reaction is probable.
Big Rally in Corn.
Between efforts Of the food admin
stration to stabilize corn values and
those Of Board of Trade officials to
comply with its wishes as they were
understood. shorts. in corn had most
unsatisfactory week. The advance OF
15c Monday and Tuesday dissipated ac-
cumulated profits Of the shorts. as the
announcement that the food admin
stration would be large buyer Of corn
for November and December shipment
caught the trade oversold and resulted
in heavy covering and an advance OF
lac within a few minutes on Monday
The jolt given short sellers was, the
most severe they have had and resulted
in a change Of sentiment and there
were more friends to the buying side OF
corn 2. the close.
little corn was bought for export
by the food administration on the basis
If $3.50 for No. 4, track, New York
which il equal to $1.17 in Chicago
shipment to be made December 10, fol
either old or new corn. This was be-
low the market. Cash corn Is a good
premium over distant futures, al
| though the movement is the larges,
known at this time in years. but in
cludes 60 to e5 per cent Of sample
| grade and No. 8.
| Oats Requirements Liberal.
| A few Of the largest cash handlers
Of oats are friendly to the buying side
They look for large demand for oat.
and oats products for a long time tt
come. Between requirements Of lin
dustries and exporters there are indi
cations OF a liberal demand. regardless
OF peace. Horses and mules n tn
armies abroad and in this country will
have to be fed just the same after tn
war, and the government has mad
large purchases Of late and is said t
control more of the visible supply a
leading points than most of the trad
knows Of.
Foreign buying has been RESTRICTS
by scarcity of ocean tonnage, bu
there are indications Of a betterment
Some Of the cash houses are undep
stood to be short standard oats o.
their sales