The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-07-09
WHEAT MEN AWAIT
PRESIDENTS ACTION
Movement Of Crop Delayed
Until New Price Is
Established.

Last year the discussion In Congress
over tho Food Administration bill re-
suited in a delay Of the movement OF
, the new winter wheat crop to such an
extent that there was but little new
wheat available until after September /.
The result OF this was such a small out
put OF flour that the country was on very
limited supplies until the mills were
able to get the wheat freely in Septem-
Der. The question agitating the grain
trade is, VIII the possibility of dead
lock at Washington between the Presi-
dent and Congress bring about a similar
condition as TO movement7--which would
he very serious factor, with the ex-
tremely small supplies Of old wheat in
land. and the very limited supplies Of
-four. The fact that Congress has
reached compromise Of s2.40, against
SO, as indicated in tho original bill,
would mean on a crop of 100000. 900
bushels an added expense to the coun-
try of $3.50, 900 900, and an expense
which will be reflected In probable
advance of about 50 barrel In the
price of flour over the expected level
for the new wheat
The limitations have been that the
Agricultural bill will be vetoed, but
there Is, of course, a possibility that the
be passed over the veto. Anyway the
matter would be undecided, and this
would lead to considerable confusion and
uncertainty as 20 the possibility of any
forward contracts, while the farmers
would be encouraged to hold back their
wheat at a time when the wheat should
be marketed freely. The supply OF old
Manitoba wheat, which may be shipped
in the next three months. Is compare
lively limited. Some Argentine wheat
10 coming forward, direct to Europe and
VIA American ports. and considerable
Australian wheat is being moved, but in
order to give adequate supplies avail
able It would be extremely desirable to
have a free movement OF American
wheat, particularly in August.
The new crops abroad. however. are
becoming available; the crop in Italy
and southern Europe IL being harvested |;
the French harvest will be well under
way this month. and the English har-
vest in the early part of August. While
the steady flow of wheat from America
ia an extremely desirable item. good
deal of -four is sure to be shipped with
out question on contracts for -four made
to be miled prior TO July /. and there
Ia also a large movement of substitutes
to satisfy the needs abroad.
CHICAGO. July S,-Action Of Congress
looking to higher prices on wheat stlmu-
lated an advance in the value OF corn
to-day, Notwithstanding announcement
of veto forthcoming from President
Wilson. The market closed unsettled.
however nc. net lower to NC. up, with
August s1.54A to s1.5+S and Septem-
Der s1.55L. Oats finished sc. of to
lsc. advance, and provisions varying
from 20 cents down to a rise OF 20 cents.
Commission house buying of corn was
strongly in evidence throughout the day
except Just before the close, when sales
to realize profits became the rule. Bulls
commended that even aside from the ac-
ton of Congress corn was worth more
money on the basis Of current premiums
paid for new wheat. Besides the opinion
generally prevailed that the weather in
tho big producing States was too cool for
the best interests of the Drop. Lkeli-
hood that Canada would continue to take
corn literally for -four mixing purposes
tended further to handicap the bears.
Oats were inclined to advance with
wheat, but encountered hedging sales.
Rains In western Canada operated also
as an element of depression.
wHEAT-The visible supply of wheat In
the United States decreased $4,000 bushels
during the past week and the total was
b54 900 at visible supply points, compared
With l2637,0oo last year. At the same
time receipts at primary points were s7S.-
400 for one day or nearly twice as large
as the whole visible.
CORN-In the local cash market the
trade was very dull but prices were arm !;
fresh shelled No. 2 yellow corn being
quoted at sieS%; No. yellow. 3l.ssA
cost and freight New York.
OATS-In tho local cash market prices
we're steady and unchanged: standard
quoted at s0hc.; No. white. SONG: NO.
clipped white, 81 to &c: ordinary clipped
white, s9la to sic. all elevator.
RYE-Market FIRM; No. Western, $3.50
cost and freight New York.
BARLEY-Market dull; feeding $40 to
u.f5; mailing. $50 to s1s6. cost and
freight New York
HAY-Market weak; No. 1, $40; No. Z.
$3.50 to sl.26: No. 8, soc to 81.
CHICAGO PRICES