Evening star., 1942-07-12
Wheat Is Depressed
By Crop Prospects,;
Corn Advances
Rye and Oats Prices
Also Ease After
u. S. Forecast
By FRANKLIN MULLIN,
Press Market Writer

forecast of large 1942 wheat, rye and
oats crops depressed prices of those
cereals today but corn rose almost
a cent inasmuch as the outlook for
harvest of that grain is not as good.
Wheat closed XII cent lower than
yesterday, July, 1.19A; September,
$122A corn, 1z-A higher, July,
875s; September, 89A; oats, 3s-5s
down; rye, ss-A OF, and soybeans,
u lower to "a higher.
Besides the crop forecast, depres-
sing factors in the wheat pit includ-
ed profit taking, which shaved the
weeks net gains from Mondays lows
to about cents, and hedging sales
in. connection with the new crop
movement. Anticipation that larger
receipts in the Southwest next week
might I'LL the small remaining ter
nina. and subterminal storage
space available also was an unset
tling factor.
Record Supply Indicated.
The Government forecast OF a
904 ,228, ,000- -bushel wheat crop, third
largest on record, suggested total
supply, including carryover, will ex-
coed 1884 900 900 bushels, by far the
largest on record and more than
double normal annual requirements.
There was let-up in milling de-
mand which reflected large scale
-four buying earlier in this week
No new developments were reported
in Congress regarding legislation
for higher basic crop loan rates-the
major bullish factor in this weeks
price rise.
Grain men awaited word from
Kansas City that shipments to that
market would be stopped temporar-
lily before deciding what, II any, adj
ditional action would be taken here
to prevent congestion because OF
scarcity Of storage space. A permit
system to regulate now Of wheat to
this terminal for storage already is
In effect and when Kansas City ele-
vators become full. grain members
plan to extend this to wheat for i'm
mediate sale II 1t comes from terri
tory outside the Chicago area.
Advices from the leading winter
wheat terminal indicated loaded cars
now on track may I'LL elevators to
capacity, with the harvest not yet
completed, and experts predicted
many subterminals in the harvest
area may be filled by next week.
Rye Estimate Raised.
Raising the Government estimate
Of rye production almost 1000 900
bushels to 58.2l3, 900, largest crop
since 1885. helped to depress that
cereal. Traders estimated supply for
the season, including carryover, at
near 89,000,0O0 bushels compared
with $4,000, 900 last season.
Corn closed at or near the days
highs rejecting the Government re-
port showing heavier consumption
the past few months as well as fore
cast Of smaller crop than produced
last year even though acreage is
larger.
The estimate of a large soybean
acreage was about In line with trade
expectations.
Grain range at principal markets
today:
Kans. City 1.1lN l13H
sEPSTtMBER WHEAT ''07' ''o7'
Chicago - 1.23h 1.221s 22h 1.23h
Min polls 1.l6h 115A 1.l5ss 1.16h
DECEMBER WHEAT
Sh,sasG ain no,, 19s 9s,: 11s is: 1Ss% ;s 49,"
k.95 5utY G.tS coRan1s Is 1le" III lis"
s.ss seis:se e.. .s7" 81 .:3s .ss.
Ntasi ssPTisxsrn fisi CORN "a" "a"
Ss$; es'Ss;S s'sy g.. g. :ss* :ss 81" sax i:ss"
Chicago .47A .47M .47ss ~
WI WI s pui!s .44N .44M
Chicass Cash Market.
| Cash wheat prices we're = shade weaker
today; basis, steady to easy; receipts, a
| cars: shipping sales. 5000 bushels; book
1nES, 5000 bushels new Corn. NJ
higher; basis: steady to Y UP: receipts
ll6 cars; shipping sales. $4,000 bushels
BOOKINGS, $1,000 bushels. Oats, STEADY
to hrm: basis. choice arm, balance easier
receipts, 19 ears; Shipping sales. 16,OOt