Evening star., 1938-01-16
WHEAT DEPRESSED
BY PROFIT TAKING
AND RAIN REPORTS
Weather in Winter Belt SUD.
gests Possibility of More
Moisture.
SUPPORT WITHDRAWN
AFTER EARLY GAINS
Corn Prices Display Little Power
to Advance Despite Forecast
on Argentine Crop.
BY FRANKLIN MULLIN.

the Southwestern winter wheat belt,
where the 1888 crop is dormant, DOM
mated the grain market today and
prices slumped in the final hour,
wiping out early gains Of almost a
cent and substituting net fractional
losses.
Although the weather map showed
most Of the Southwest dry and clear,
the forecast suggested possibility Of
unsettled conditions in some sections
over the week end along with promise
Of more favorable weather next week.
A moisture deficiency has been preva-
lent in many areas of the winter wheat
belt and dust blowing was reported
today at points in Oklahoma and
Kansas.
Some late selling was credited to
profit taking. Export wheat business
continued disappointing, North Amer
ican sales being estimated at only
250,000 bushels, including 100000 Of
domestic grain.
Futures Close Lower.
Wheat closed 1s-1s lower, compared
with yesterdays finish: May, 97A "a;
July, s1A-3s; September, 9o-901s.
Corn was unchanged to 4 up, May,
60A-3s: July, 81; September, 61A.
Oats unchanged to Il higher, May,
3l7s. Rye unchanged to u down,
May. 75A. Provisions 8 to 1s cents
higher.
Scattered buying that came into
the thin market early in the session
lifted May wheat to 98l4 and July
to 923s. The strong tone Of securities
and recovery Of Liverpool prices after
midsession declines Of around a cent
helped bring this advance. but when
support was withdrawn prices sagged.
Winnipeg declines of more than 2
cents in some instances from early
highs also induced selling here.
Despite . Department of Agriculture
estimate that the Argentine corn crop
will be between 1877 ,0o0, 600 and 1885,
100000 bushels. the smallest since
1924, corn prices showed little power
to rally. Last season the crop to-
taxed 100000 bushels. Gables said
corn Is showing some recuperation
following recent rains except in South
Cordoba and west.
Corn Demand LaxS
The let-up In foreign demand for
domestic corn also restricted buying
Sales overnight were estimated at
100000 bushels.
Grain range at principal markets
today:
x..cu u,,I.s4 High. Low. Close close:
LiysTpS0l ere lwurII;Il4Is l.1a'. r.l4'. LA.
G;nn!s,o,,, Sh,sssS ssE. ssi. ss1: @ 49,. az,.-
MinniDes S. 1ss5: & 1.se: s 1:ssl. ss 1ssS: sss:
I'.s5PGe' 'JUfY wHEArA' Az 1'1s'a 1'14'' 1'l4'.
Minneapolis 1.o4s: os.: 1.04 81.
Kansas City .9o;. .ss .ssA .sss.-A
Eve4poe M'en!Sef 1s 11s3: 11e 11s 11s, 11s 111
sh'ss:s aisa:spo,,. :ei" SO" &c, ss ss: :ss,:-"
winnipeg 1.o1N 1.ooH 1.oos 1.ools-h oo
AsnSGs nIsy C,Iy GUpN ;oo .s7'- o7%+ .o7%
chicaso 91h .sa. 30 .90ss-h
kansas City . .5s% .5s% .6sA 1885,
Chicago .seh .317. .s1n .slb
Minneapolis .29ss .29A .29,s POI.
Winnipeg 40 .4s.. 40 .4ss4
Chicago Cash Market.
Wheat, No. red. 90: No 3 hard. l .O2.
Corn, No. mixed 55H-56ha; No. 3 yell
low. 5s-5s,*: No. 8 white. 90. Oats. No
l white: 341a-35. Soy beans. No. 3 yell
low. 06s4. Barley. feed. 1852: mSstins,
70-9O. Timothy seed. 2.75-95: red cAYer,
81 .O0-37. 90: sweet clover, 1O.00-10.a.
Winnipeg Cash Market. ~
WINNIPEG. Jan. Is Gp).--Wheat. No. 1
Northern, 1.4SA: No. g 1854: No. B..
1:IsA. Oats, No. 2 white. 81; No. 8,
5oF-.