Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1920-11-20
Record Corn Crop
Overslladowe1 by
Drop n Prices

Kansas City Nov, 20. Corn has
made a mighty crop this year, Inc
largest in the history OF the unltst,
States. but from the standpoint OF
aggregate Sa.ue the harvest which -
now being completed over the entire
country is expected TO make u dis
appointing showing compared vita
tae last three years. Corn ~ cheap,
entrance OF the liateu States into
the world war, and Virtually as Tow
ais at the time Europe was plunged
into hostilities. Cora Ia 1914, durlas
July and August sold around sew
enty-fite to eighty-five cents u
bushel. while the current market ia
only few cents abeye this basis.
Not many months ago corn Was
bringing 81 a nushel on the primary
markets OF the middle west. Before
the close of the summer season corn
was bringing around 81 a bushel. and,
with the advance OF the fall season,
dollar corn was added to the ranks
OF the has eeens.'
In Oklahoma farmers are reported
TO be selling their surplus production
around 90 cents Il bushel. Out in
Colorado the price is as low as III
cents bushel. and in the heart OF
the greatest corn growing sections
of the United States, in the central
states. the price is averaging little
more than a cent a pound net to the
producer.
Movement Is Very Light.
Some new-crop corn already has
moved to markets, but the amount Is
OF an Insignificant volume; In fact,
the aggregate movement Of both old
and new crop corn is very light. But
the scattered arrivals OF new corn are
OF excellent quality. with the average
moisture content low. The excellent
quality also means that farmers need
not rush their surplus production to
market.
In view of the excellent quality of
the crop corn is not being pressed
for sale. More than the usual
amount of the grain is going into the
farmers cribs.
From the standpoint Of supplies.
corn is in q bearish position. The
estimated at 3,199.000.000 bushels,
compared with 2.9l7,45O,O00 bushels
as the final outturn year ago, o.
502.665.000 bushels in 1918, 3,065.233.-
900 bushels In 1917. and 3.124,746. 200
bushels in 1912 the previous largest
crop in history. But the immense
corn crop this year is not the only
bearish supply factor. There is an
enormous supply Of oats, kafir and
milo are making the largest crop on
record; roughage generally was never
observers are claiming that supply
Of feed as whole was never before
SO large as this year.
Farm Hog Supply Falls.
The hog situation also adds to the
bearish position of corn. and in some
trade circles the belief is expressed
that. because of the cheap price of
corn, more Of the grain than usual
will find it's way to markets ION the
hoof' instead of in the raw form.
This. however. is doubtful. The sup
pAAOS VI AOSS Oh VI lllS OultCl
States are smaller than year ago,
and producers are restricted in their
purchases Of thin cattle, sheep and
stock hogs on markets by the serious
strain Of credit. Whether the pro-
ducers will continue to feed corn on
a large scale or their porkers in the
event Of further sharp downturn in
prices, which is commonly predicted
in the stockyards trade, is question.
Much depends on the position Of corn
on markets as compared with hog
prices. Hogs are still considerably
higher, relatively speaking, than corn.
The demand for corn on markets
probably will be reduced further by
the abundance Of various feeds avail
able on farms. In many sections Of
the country there are not enough
cattle to consume thep reduction OF
various feeds, owing to the inability
Of farmers to obtain credit with
which to buy stockers and feeders