The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-10-04
CORN WEAKENS ON
DROP IN ARGENTINA
Increased Offerings Are Also
FactOr-Weather Another
Cause Of Decline.

Offering of large amount OF new
Texas corn and softening Of Argentine
prices served yesterday to weaken the
corn market There we're contributing
factors as favorable weather, poor cash
market tone and the Presidents illness,
but increased offerings and decline in
Argentine exerted the most influence on
the trade. Prices sagged of sA to AZ
cents bushel, the low and closing points,
The market was again rather dull and
almost entirely dominated by profess
sionals. The drop In Argentine corn,
due to withdrawal of export buyers.
caused heavy orders to be placed here
and again put that country's grain In
competition with that OF the United
States. Enormous amounts of corn
ready for shipping remain in Argentine.
but there are no foreign orders. There
is a price difference of 80 cents between
Argentine and domestic corn which is
causing considerable trading in the
Plate.
The heavy shipment of new Texas
corn proved a surprise and with the APP
proach of Argentine corn makes II pos
sible that farmers will discontinue hold
ing and will sell at the present level
rather than trust to fortune. President
Wilson's illness had the expected senti-
mental effect of causing some to sell,
giving those who wanted to dispose of
their holdings an excuse on which to get
out. Crop reports continue favorable,
all stating that the corn is past the
frost danger and soon will be harvested
Considerable speculative selling in the
later afternoon helped the decline. Cash
corn started well, but failed to hold and
sold down 2 or cents lower.
Oats were weak in sympathy with
corn, but did not recede as much as
the leading cereal. The domestic de-
mand was slow and further reports of
export sales were heard, but nothing
definite reported. Crop advices con-
tinue unsatisfactory. which with the ex-
port talk. checked selling. Dispatches
from the United Kingdom say that trade
continues slow with only small de-
mand in evidence. Liberal quantities
of imported oats are available in the
United Kingdom, but the inquiry for
them has been on a disappointing scale.
Favorable outlook for the new Argentine
crop is causing holders to offer freely
and prices in consequence have been de-
Ginning. Provisions were irregular
steady hogs causing them to firm after
the weak opening, due to selling III
grains.
Local grain, &C, quotations of yes
terday follow:
CORN-In the local cash market No ?
yellow and No. white were quoted at
s1.66h, cost and freight New York.
OATS-The local cash market was easy I;
No. 1 white quoted at Sic; No. 2 white,
s0hc.; No. 3, Soc; No. white, 79c.; fancy
clipped white, SIC; ordinary clipped white.
sou c., all elevator.
RYE-Market easy. No . Western,
s1.54h. cost and freight New York.
BARLEY-Market Arm Feeding. s1s7;
mailing. sl.47. cost and freight New York.
No. 2, 81 91.e5; No. 8, sl.359l.45; ship
ping, S1.15Q l.25 .
sTRAW-Market easy. No. rye. SIS o
Is ton.
WHEAT-Exports for the week. includ-
ing -four, according to Bradstreets, aggre-
gate 7,63s.o66 bushels, against b,623,56S the
previous week and 9,775,220 last year; for
the season, s4l22,s2o, against s5,2ls,sss
last season. Corn exports for the week.
IS 7s6, against 74a00 last week and 764, 104
last year; for the season. s51,254. against
s,194,1 0s last season.