The sun., 1919-07-19
CORN BREAKS ON
SELLING BY LONGS
Liquidation Is General, Caus-
ing Heavy Price Recession,
but Recoveries Follow.
JULY PRICE DROPS TO 1877
Oats Rally During the Late
Trading, While Provisions
Are Heavy.

The break in the corn market yester-
day was directly due to liquidation by
the longs. Selling was general, causing
prices to recede. one month as much as
cents. Pressure was heavy on July
corn, that delivery dropping to 1877
The break came during the noon hour
The market previously being weak and
very susceptible to a~decline. which had
been expected. as the market was
thought TO have been in an overbought
condition. Prices recovered some of their
losses very soon afterward on covering
by shorts and commission house buying
on the Modern Miller wheat report
which said that winter wheat was dis
appointing and that spring wheat was
backward. Weather and crop news were
particularly favorable Weather advices
showed good temperatures, with rains in
the Southwest. Some reports placed the
condition Of corn at 81 per cent. and
were certain that 1t would be a three
billion crop. Foreign financial condi-
tons and the marine labor situation
were contributing factors in the weak
ness. Export trade Is at n standstill
as long as those conditions exist.
Continued talk of lower prices and
labor troubles. the latest being at the
packers plants, checked buying For
eign countries, which during the war
were willing to pay any price for things
that they needed, are looking for the
cheapest markets. Exporters find that
European countries, while they may
need supplies. have only manufactured
products to offer In payment. Weak
ness in the stock and provisions mar
kets was also an influence in selling corn.
The cash demand Is slow and the stocks
are showing increases now that the in
dustries are taking little corn. Some
new factor will have to develop before
prices may be expected to advance. The
news at the present time is bearish.
Oats were weak in the early trading,
due to sympathy with corn. poor sup
port and liquidation by longs but rail-
lied late in the afternoon. A better cash
demand and commission house buying
on export rumors produced the rally.
Commercial troubles influenced the early
selling. The movement Is large and
country offerings liberal. Provisions
were heavy under liquidation weaker
tone in grain, the slow cash trade and
large stocks. Some buying on the
breaks was credited to the packers.
Local grain quotations, SC, of yester-
day follow:
CoRN-In the local cash market No.
yellow was quoted at S2.0e No. white.
$2lI. cost and freight New York
OATS-In the local cash market prices
were easier; No. l white quoted at Ssc.
No. white sshc.; No. white, $50; No.
4 white. s7hc., all elevator.
RYE-Market easy. No. 2 Western.
i.70. cost and freight New York.
BARLEY-Market weak. Feeding }l.2s,
and mailing r.s?. cost and freight New
York.
observation-disclosures quiet. Sound
milling. sass nominal, cost and freight
New York
HAH-Market dull. No. l, Sl.s5d2. No.
.. slSOVl,90: No, 3, N.So9lso. shipping.
sl.3o
sTRAW-Market dull. No. rye. sl4
per ton.
Wheat, including -four. exports for the
week. according TO Bradstreets, aggre-
gated 7,S30,ss5 bushels. against Ge63,529
the previous week and 3,552,7si last year;
since July /. l7,ls4,S33, against 1889
$50 last season. Corn exports for the
week. s4,337, against $4,000 last week and
l,osS.s03 last year; since July /, 2Sl,s3l,
against 2.5?O,s7S last year.