The sun., 1918-10-04
CORN DROPS TO
NEW PRICE LEVELS
Peace RumOrs Affect Values
in the American
Markets.
OCTOBER DOWN TO SO 10
Reported Buying Of Argentine
Crop Helps to Depress
Quotations.

Corn made new low levels on the peac,
rumors and on reports that a consld
cradle line OF Argentine corn had beer
bought by American interests. From
the high point OF the season. October
corn shows n decline Of 3skc. to the low
point touched. and November corn q
decline Of nearly 21c. The other condi
lions influencing corn were the favorable
weather for the new crop and the con.
fidence in increased crop estimates.
The peace rumors seem to have had q
distinct influence in depressing Ameri.
can corn and advancing corn in tho
Argentine. Tho Buenos Ayres market
has been advancing sharply on the peace
rumors and within the last day or two
very persistent rumors have been cur.
rent In the trade that a line OF freight
room. mainly sail tonnage, held up ir
the Argentine, has come on the market
and that corn had been bought to Al
this tonnage to come to Atlantic ports
The general impression In the trade ap.
peared to be that II this corn should
come north It would not reach the Amer.
lean market. but would be Immediately
transshipped to the Allies. The sail ton.
mage cannot go into the war zone. but
could bring the grain to Atlantic ports
1t Is generally understood that consid.
cradle wheat is being moved this way
and II il also thought that considerable
other Argentine merchandise, not az
fected by the long voyage, will be han.
died in the sail tonnage.
Exports from the Argentine are est.
mated this week at $4,000 bushels OF
wheat, $4,000 OF corn and 1900. 900 OF
re- 80 Aru hAa
this year, including the estimate for
this week. amount to 100. 100000 bushels
against 32,1s2.000 last year. Exports
of corn from the Argentine since April
have been less satisfactory than a
year ago. due to the fact that corn
shipments during June and July were
very small. while shipments OF wheat
were very heavy, but recently the Ar.
gentine exports OF corn have been much
in excess Of last year. The corn crop
there Is quite heavy and there is a bis
surplus. Exports of oats thence have
increased largely. and including this
00o. 900 bushels against only about a.
100000 last year.
CHICAGO, Oct. 3.-Peace reports, es-
pecially an exaggerated rumor growing
out OF unofficial Turkish proposals for
an armistlce, gave the bears control OF
the corn market most OF the session to-
day. Prices closed nervous, X to u
net lower, with November 1917 to 1871
and December 126& to 1868. Oats I'm
ished unchanged to N higher and pro-
visions varying from 81 decline to 75c.
advance.
Downturns in corn started as soon as
trading began and despite subsequent
bulges due to covering by shorts no
sustained strength developed. Word
that the new German Chancellor would
be a recognized opponent Of militarism
did a good deal to favor the selling
side OF the market, and so too did con-
tinued rearward movements by the Ger
man armies. Then shortly before mid
day attention focused on rumors about
Turkey. A break to the lowest level Of
the session quickly ensued. The fact,
however, that no confirmation OF Tur-
ish gossip was Forthcoming led to par
tial rallies as the session neared an
end.
Moderate buying on the part OF cash
houses tended to strengthen oats Be-
sides rural offerings were light.
CORN-Market again feverish. closing with
net losses OF y To &c. In the local cash
markets No. 2 yellow corn was quoted at
n.s7x; No. 3 yellow. 1l.5sx. c. (. New
York.
OATS-A nervous undertone prevailed In
the oats market. and price changes were
Irregular. closing unchanged to VIC. net
higher. The local cash market was
steady; standard and No. white quoted
at 81 TO Sthc,; No. white, IS to SAC. /;
No. white. s2b to save; ordinary
clipped white. s4h to s5hc.. all elevator.
RYE-Market hrm; No. d: Western. Sl.74
elevator export.
AARIEY-Market steady: feeding. sl.ls;
milling. $1.15. C. (. New York.
AY-Market quiet; No. I, S2So to
s2 80; No. 2. S2.lS to $40; No. ., u to
32.l0.