The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-07-10
CORN LOSES GAINS
BEFORE THE CLOSE
Early New Highs Are Lost as
Realizing Sales Occur
Near Finish.
TRADING HAS SLOW DOWN
Oats Follow Action of Corn,
but Retain Strong Tone and
Provisions Drop.
TRADING HAS SLOW DOWN

New record levels were made yester-
day In the corn market only to have
prices sell OF at the close on realizing.
The market was strong throughout the
day after an easy opening. Prcat taxi
Ing at the close was largely IN antici-
patton of the Government crop report,
which was issued ut 2:15 p. NJ. yester-
day. Trading was fairly active In the
early part of the session, but slowed
down with the decline. Nearby months
were exceptionally strong, July touching
1913 and September S1.e8. December.
while strong, felt pressure due to the
fact that many believed there would be
considerable cereal available in that
month. There was more interest In
the September delivery, as the supply
OF corn Is low and the new crop will not
be marketed at that time. Cash corn
was up TO 50. The tishtness of the cash
position exerted considerable influence
on futures. Hogs, going above the pre-
vious record price proved a prominent
factor In the rise Farmers say that
that there would-ee~a profit in feeding
$3.50 corn to live stock. Another cause
for the advance was the strength in
oats, due to the export demand and re-
ports Of crop deterioration.
The Government crop report was con-
srued as bearish by the trade, the
49, oe>So BANGH oCiiB tuun uhu
been expected, while the condition wns
about as predicted. The weekly weather
report was favorable. and that and the
bearish crop report and the technical po-
sition forecasts q decline. The feeling
always has been that II the market has q
violent rise or a rapid decline previous TO
tho publication of the report a move in
the opposite way may be expected. As
the corn market has moved upward
quickly in the last few days one may
look for its decline. Many leaders of the
trade were suspicious of the markets
technical position yesterday and realized
carly. The strike at one of the leading
industries caused some selling at the
opening but otherwise had little effect
Oats sold of at the close under profit
taking. but retained its strong tone Tho
export demand has broadened. sales on
Tuesday being estimated as high es
1000, 900 bushels. Crop complaints came
from scattered sections of the belt and
the weekly weather report was unfaVor-
able. The Government report showed q
smaller crop than was expected. which
will have a bullish effect on the market,
especially when one considers tho rela-
tive cheapness Of the grain. Provisions
broke late in the session after displaying
early strength. Liquidation accounted
for the decline The firmness came from
the grain and hog positions.
Local grain. &c, prices follow:
CORN-In the local cash market No. .
yellow was quoted at 32.15, and No.
white at s2.2o. cost and freight New York
OATS - Exporters were again in the
market for oats and sales for the day were
estimated at fully q million bushels. This
demand and the strenth in corn sent prices
to new high records. Tho Government re-
port placed the condition of oats at 81 per
cent. compared with 9s.2 last month and
s6.5 last year. It also estimated the total
yield at l,+o3. 100000 bushels. compared
With last years final crop of ASSOC 900.
The local cash market was Arm; No. J
white quoted at s3c.; No. white, 81 q
szhc.: No. 3 white. sl0s2 No. white.
sic; all elevator.
RYE-Market dull. No. Western. $780,
cost and freight New York
BARLEY-Market Arm. Feeding. tl.77;
mating. 3l.35, cost and freight New YORK
BUCKwHEAT - Market Arm. Sound
milling. $3.50 nominal, cost and freight
New York.
HAY-Market easy. No. !. s2.o592io;
No. 2, sl,so9LS5: No. 3, t.s54l.7S: ship
ping. $50.
sTRAw-Market dull No. rye. 80 q