The sun., 1918-07-12
CORN ADVANCES :
CENTS BUSHEL
Market Influenced by Rumor
That President Had Signed
$2.40 Wheat Bill. ..

Corn advanced 3 to cents a bushel
yesterday, closing at practically the high q
price OF the day. Influenced by the re-
port that the President had signed the
$40 wheat price bill. Oats advanced
over cent a bushel, and all markets
were excited on the belief that $40 for
wheat on the farm instead OF So would
! moan higher prices for all grain. This
Is side of the question that has been
overlooked, An advance in the whea,
price from 50 to the farmer to s2.4O to
the farmer would mean $3.50, OO0. 900
more for the wheat crop and 81 a barrel
more to the flour consumer.
An advance OF 40 cents n bushel in
the base price for wheat. as shown by
the action OF other markets yesterday,
would probably be reflected in all grain
outside of wheat, and might mean 20
cents advance in the market level for
corn, which on 100000. 900 bushels
would mean $500. 900 added to the
value OF the corn crop. A possible ad-
vance OF 10 cents in oats would mean
nearly $4,000. 900 in the price of oats, e
while rye would undoubtedly advance as
much as wheat. or over $40. 900, 900, with
possible advance in the barley crop of
upward Of $20.o0O,0OO. ~
This would all be reflected in tho
living costs for food products, as the
question of the value of food grains was
affected. and it would be directly re-
Elected in the value OF all live stock, and i
the price of all manufactured products
coming from either the feed grains or
the food grains. This Is so far reaching
That 1t would mean an influence felt in
the markets directly for -four and flour
products. and also in the question of
milk and dairy supplies. eggs and meats
which would add materially to the high
Nne-fn Sf ltvRtx l.
factor In the cost Of foodstuff supplies
not only for the maintenance of the
American troops but for feeding the
Allies and the allied troops
Such an advance would mean over ST.
OOO.O00,oo0 added to the costs OF the
food and the feed crops. a factor too
large to be overlooked with the immense,
demands confronting the people the COM
ing year.
CHICAGO. July 11.-Highest prices yet
for grain this season resulted to-day to
a considerable degree from good milling
and shipping demand. Corn closed .
strong. rs to 4tsc. net higher. with
August $1.b9Ss to sl59l. and Scptem-
Der $l59s to s159A Oats gained 4
to NC. and provisions to zoe.
Corn traders seemed to be much Inn %
pressed with indications that there would
be free use Of substitutes for wheat, and
especially with the fact that milling in
terests were competing sharply for
good corn. 1t was said Canadian millers
had been buying white corn and had
forced prices Of top grades of that kind
up to s2.l5 bushel, despite rather lib
eral receipts. Notice was also taken
that Eastern shipping call had been con- .
t!nuous the last few days. Bullish SEN
timent received emphasis also from Gov
ernment and State weekly crop reports
pointing to widespread need OF rain and
Of warmer weather. Notwithstanding
that beneficial showers had fallen in
number of places West and Southwest,
prices showed no important reaction. .
Dry weather reports from western
Canada had bullish effect on oats Re-
ceipts. however. were liberal. and sea-
board sales only moderate.
WHEAT-It was said that high
premiums we're still being paid by mliers
In the southwest for good milling wheat
and conside bic business was being
done at prices subject to any change
which may be made In price levels by
the Government Weather conditions
were generally favorable FOR harvesting
operations and crop accounts from tho
spring wheat belt were satisfactory aside
from the continued absence of moisture in
the Western portions
CORS-New high records were estab-
llshed in the corn market yesterday when
August Mt $3.50 ana september at sl.5shs,
The close was slightly below the top for f.
the late months. but showed net gains of
TO ~ cents for the day. In the local
cash market prices were strong; fresh
shelled No. yellow quoted at s20S% ''
No. yellow {l.s3E, cost and freight New g.
York.
OATS-rhe market for oats made a
very reluctant response 70 the pronounced
strength in corn, but prices at the close
were u to isc. net higher. Tho local cash
market was quiet and steady; standard
quoted at S5lsC.: No. white. S9igc.; No.
8 white. $50; No. white, sSc.; fancy
clipped white, 90 to qoRc.. ordinary
clipped white. SO TO SOC. all elevator.
RYE-Market steady: No Western.
81 s., cost and freight New York.
BARLEi-Market quiet; feeding. 81 co
to f.@5; mating. $3.50 to sl.3J. cost and .
freight New York
HAY-Market firm. No. I. .l.45 to
$3.50: No. 2. $3.50 to $40. No. 3, 81 to
i.l5.
CHICAGO PRICES.
Ncdnes-
CORN oh