The sun., 1919-10-08
CORN SELLS DOWN
IN DULL MARKET
Prices Drop on Good Weather,
Weakness in Lard and
Bear Sentiment.

weakness in lard, good weather and
general bearish sentiment caused corn
N sell off In the last hour yesterday.
options closed / to III cents under
Mondays last sale. The market up
m the time 1t softened yesterday had
exhibited an easier tendency with the
Auetyations narrow and trading slow.
outside interest again was lacking, and
nrofessionals held full sway. Declines
we're checked by covering by the shorts
while the rallies were ended on selling
Rut when 1t became apparent that pro-
visions we're dropping because OF fail
ure to support lard. longs in corn imme-
diately began to dispose of their hold
Ings. The repeated reports OF favorable
weather throughout the belt, which will
tend 10 increase the movement. was an
other strong factor to encourage the
short interest The arrival of cash corn,
causing that option to decline. was an
other reason for the selling.
Argentine news continues bearish.
Announcement that rs per cent. of the
,9. 5000 in credits which Argentine
has arranged with England and France
must be used in the purchase of corn.
oats and other cereals was made. And,
naturally enough, the money must be
expended in Argentina, thus reducing the
amount Of grains which Europe would
buy from the United States. Predic-
tions that dull and narrow trading will
prevail for the next two weeks, or at
least until the shipments Of corn are well
under way, are made. The course of
the market is contingent on farmers.
II farmers move corn to market and fail
to hold for higher prices one may look
t.,,N -t.A t.zII
as Il is claimed in some quarters, the
longs will be favored. Crop reports are
all that could he desired, and the Gov
ernment report. which will be issued at
the close to-day, is expected to be bear
ish.
Oats closed weak after displaying an
easy tone up to the last hour. The De-
cember delivery held up as the result
Of the large cash demand. The weakness
IN May was due to softening of the
corr and provisions and the failure Of
exrected foreign trade to materialize
O when the shipping ban was lifted. Eu-
ropean countries are seeking Argentine
oats In preference to American. and
hence cutting in heavily on export or
ders. There is still some buying being
done on the strong belief that to-day's
Government crop will be bearish and
snow Il ld4llDk pll III NAC WY iho biNA-
cate that it will be light in weight. Pro-
visions suffered from selling in lard.
Lard eclined u cent to q cents
pound on the break of 81 in hogs and
the failure of any buying when the
product was offered for sale.
Local grain, &C., quotations of yes
terday follow:
CORN--In the local cash market No. 2.
yellow, was quoted at si.62A: No. =
white, s1slk. cost aad freight New YORK
OATs-rhe local cash market was
steady; No. /, white. quoted at Sic; No. 2.
white. so to s0hc.; No. 8. white. 7sh to
Soc; No. 4. white, 7sh to T9c.; fancy
clipped, white, s3hc.: ordinary clipped.
gh.;e, see; al elevator.
RYE-Market bare. steady. No. ..
Western, s1.55. cost and freight New York.
BARLEY-Market irregular. Feeding.
SlSG; mating. sl.4S, cost and freight New
York.
HaY-AIsrket barely steady. 30. l $40
10 Sl.1J; No. 2, Si,55 TO s1.e5: No. 3. 81 %
10 sl3t; shipping, s1.15 to si.2j.
STRAW-Market easy. No. | rye. SIS
q ton.