The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-19
CORN PRICES TOUCH
NEW HIGH FIGURES
General Buying Movement and
Short Covering Is Result
Of Reports.
ACREAGE MUCH REDUCED
Decrease i'm Eight States Is
Basis of Prediction of
Small Crop.
ACREAGE MUCH REDUCED

Corn prices reached new high figures
yesterday in a general buying movement
and covering by shorts. stimulated by
the Price Current report. which showed
a reduction in acreage greater than gen
orally expected. On the strength of the
decrease of 7.4Ss,eo0 acres In eight
states crop experts predicted the small
est corn crnp IN ten years The market
was strong after an easy opening, stiff
fleming as the day wore on. Heavy profit
taking sales kept the advance well In
check. but profit taking caused the sell
ing of at the close. Tuesdays reaction
gave the market a healthier tone at the
opening, but yesterdays rapid rise
brought IT back TO ITS previous condition.
Sellers seemed too conservative to push
covered. The buying side was naturally
the most popular after the sentiment
which had been mixed during the NOM
ing shifted to that viewpoint in the aftor-
noon No attention was paid to the
favorable weather or the drop of rs
points in the hog market after the OPEN
ing, The Government weekly weather
report was as expected. Light receipts.
tightening OF the cash situation AMI
scarcity OF offerings were buliish factors
which aided in the upturn. While the
cash demand was dull. the cash market
was arm. with prices up q cent.
Trading was quiet at the opening.
when prices were easier on professional
pressure. weather and weakness IN hogs
ing movement. caused prices to swing
upward. and with the exception of some
realizing sales continued in that direc-
ton until noon. During the noon hour
the futures dropped slightly from the
high levels which they had reached. only
10 react when the complaints OF crop
deterioration were received. Those COM
plants were followed by the publication
Of the Price Current report, which in
turn caused buying. The advance was
not checked until July corn had
reached Sl.SoA and the other months
had followed to new high figures.
Oats were strong throughout the mar
ket except for some profit taking at the
clcse. which was responsible for the
decline. There was good buying In oats
on the strength OF crop complaints and
the fact that oats. as compared with
other grains are comparatively cheap
Reports OF crop damage continue TO come
from the Northwest. particularly from
North Dakota and Montana. Although
the reports DO not mention any serious
damage. uncertainty prevails. The cash
demand was firm and offerings scarce
and receipts light. Provisions were
weak on informal ton that Germany had
suficient fats and the decline in hogs.
Local grain. &c. quotations follow:
coRN-Tn the local cash market No. Q
~ low was quoted at si.sSk: No. white.
Ho7S. c. and Z. New York.
OATs-The local cash market was
trmer: No ! white quoted at ~ to s2rc.:
No white. slh to SIC: No. white, 81
"a El-c. No Z white, 80 to Sic; fancy
clipped whte. 8: to SIC; ordinary clipped
white. 50 to SIC, ali elevator.
RYE--Msrket Arm with reports NJ eK-
port sales ~ 200. 600 bushels: No. 2 West
err 81 sc. C. and O. New York.
BARLEY-Narket hrmer. with exports
-.ported about 100000 bushels Feed
ing was quoted at si.25 and mating $50.
and Z New York.
BTCKwHEAT-Market dull Sound
n 'lirg f32; nominal c. and Z. New York.
HAT-Msrket steady. No. J. s2.35 to
40; No. ?. sass 10 $3.50; No .. t2.i5 to
$40, shipping. t2.1o.
sTRAN-Market steady. No. ! rye. t4
to SIS ton.