The sun., 1919-07-12
CORN WEAKENS IN
IRREGULAR MARKET
Sharp Break Comes in After
noon, but Some Recovery
Is Made at Close.
JULY HARDEST PRESSED
Oats Are Strong Throughout
Day, While Provisions Are
Dull and Weak.

Corn prices were weak yesterday in
an Irregular market. Options opened
easier, strengthening with hogs, but
broke sharply after the noon hour. Some
OF the losses were recovered before the
close. The July delivery proved the
weakest. due mostly to cash situation
weakness and heavy liquidation. July
corn broke five cents. September weak
ened. but pressure was not as great as
on the nearest month. The December
delivery gained many friends and held
In the face OF the favorable weather and
crop reportsl Cash corn sold cents
lower. the cause being absence of in
dustrial demand. The difficulties which
the Corn Products Company was exper-
fencing were largely responsible for that
poor tone. Not only is that company
having trouble with its employees, but
yesterday morning fire damaged one Of
It's largo plants. The Industrial demand
had played a prominent part in holding
up the cash position for the last few
weeks. Liquidation was heavy through
out the day. Many felt that corn had
reached its apex when 1t touched 81 and
shifted to the selling side. They felt
also that recent advances had been too
rapid and that the market was due for
a reaction. But under present condi-
tions the shorts can only sell limited
amounts and are prevented from press
ing their advantage.
The announcement that wheat trading
would be resumed In Winnipeg on Mon
day was another reason for the selling.
Many believe that trading in Canadian
wheat will be quite general, and that II
will undersell the American product. Ar
Eentine corn is suffering from too much
rain, according to reports, but prices re-
main firm. The exports from Argentina
70, the last week fell below those of
previous weeks Lifting of the German
blockade, followed by announcement that
trading with that country could be re-
sumed. had little or no effect on the mar
ket. There 10 q difference of opinion as
to just how much grain will be re-
quired by the foreign countries and Just
what means they will use TO finance their
purchases of 1t.
Oats were strong throughout, due to
advices Of further crop deterioration and
talk that oats would be substituted freely
for corn and other high priced grains ae
a food. The substitution of oats will
mean heavy purchases Of that cereal. AND
is heartening to the longs, Export trade
was smaller because of the increase In
price and the rise in freight rates, pu'
the offerings were quickly absorbed
Provisions were dull and weak, being
under pressure by the packers. This on
eign demand has been discounted.
Local grain prices follow:
CORN-In the local cash market No
yellow was quoted at Sf.loh; No. white
s?itM. cost and freight New York.
OATS-The local cash market was
frmer, No. / white being quoted at 20
No white, Stnssc.: No. . white. ssh "
S4c No. 4 white. $50 s. hc., all elevator
RYE - Market arm; No. Western
siss% cost and freight New York
BARLEY-Market steady; feeding si:so
and mailing, N.s6. cost ana freight Ne"
York.
HAY-Market dull; No. 1, s:.os sio
No. ?. tI.soaLs5; No. >. $LsSVl'7Si
shipping. $3.50.
RUCKWHEAT - Market quiet; sound
milling 1886 nominal. cost and freight
New York.
sTRAw-Market dull; No. rye, slt
ton.
WHEAT - Including -four. exports FOL
the week according TO Bradstreets akgre,
gate 4,sss.52 bushels against l.Ioo,eo
the previous week and b,i3i.seb last year;
since July /, s,364.lss. against s.osO.
last season Corn exports for the week
1900. against 1858 last week an an
S7i3I2 last year: since July J.. lsI'ss+
against l,i3e,175 last season.