Evening star., 1942-07-19
Wheat Prices Close
Lower in
Nervous Trading
Konsos City Mill Strike
And Anti-InfIotion
Reports BIomed
By WILLIAM FERRIS,
associated Pres. Market wr-

CHICAGO, July 18.-Trading IN
the wheat pit today exhibited ner-
vous undertone and closing prices
were of fractionally from the pre-
ceding session. Other grains followed
the bread cereal lower.
Shortly after the opening. wheat
dropped Ia cents from yesterdays
finish with new seasonal lows re-
corded for September, December and
May contracts. July came within
5A cents OF the seasonal low, es-
tablished at sl.091a on October II,
1941.
The market rallied quickly from
this level, however, on short cover
ing and replacement of holdings by
local traders. At the highs, prices
got up to about yesterdays closing
quotations, but weakness developed
again just before the close.
Wheat finished h-ts lower, July
S1.16-sl.15h, September s1.177s-sl.18
and corn was of M, July 875t
September 89k-A. Oats declined
~, rye A-A and soybeans were
IS lower to u higher.
News Depressing.
The bread cereal had to encounter
number of depressing items, in
cluding a strike in Kansas City flour
mills. Cash premiums in that city
eased about l cent and the Mime
apolis market also displayed weak
ness.
Traders said a major cause Of the
downturn was increasing talk OF an
anti-inflation drive in Washington,
with the object farm prices as well
as wages and salaries. It was said
the President desired a reduction
in 'the ITO per cent Of parity level
Congress fixed as the lowest point
at which ceilings could be placed on
farm crops.
Corn was a featureless market
with quotations holding slightly be-
low yesterdays lows most of the
day. It was reported that one COM
mission house had the largest car Of
corn on record yesterday. This car
contained 170,320 pounds compared
with the previous record car Of 1885,
600 pounds.
Corn Outlook Good.
Progress of the corn crop In I'LL
nois, according to q railroad crop
report, has been favorable. Condi-
tions were reported as splendid.
Oats showed a strong tone early
but broke sharply at the close when
professional liquidation uncovered q
scarcity Of orders. One Of the COM
mission house reports from Iowa
said new oats are expected to be
heavy in weight with yields indi-
Gated at around As bushels to the
acre.
Rye and soybeans trading was
light.
Shipping sales totaled 5000 bush
els of corn, 10000 bushels OF oats
and 1000 bushels of barley. Book
ings were 5000 bushels OF wheat.
10000 bushels of corn and 5000
bushels Of oats.
Grain range at principal markets
today:
JULY WHEAT
Chicago fifs. iffs.. EYs4 FGy o7|efss 7f r|sy {ss close
K,n; M,nn,Ses S,,y ~ 1.9sss. ..9sss. iso .se.
SEPTEMBER wHEAI-
Ninn;' ;o'... 1I{E i.ddoo,. L.. iiSs iiSE
CHICAGO f'as f'scN 1.s1n 1.e1M-h
kaa' kan city 11tths 111tts 11l3s" 1l3s li1itsH 11:11ss
s.s' ss5s.ss e., s" s." 81. :s:3ss :3s ssss sgs
Rss rAsss9 g. :3* ses 81. 81. 81 u
SA5ssso Ea||ss; ::t5s :tss :4sa ttSS;s: -: :tsSSs
Chicago Cash Market.
Wheat was "a to / cent lower; basis
weaker: no shipping sales: bookings. 5000
bushels; receipts. los cars. Corn was
unchanged to H-cent lower; basis uneven;
shipping sales. 5000 bushels bookings
10000 bushels; receipts. 14s cars, Oats
were "a to "a cent lower; basis easier:
shipping sales, 10000 bushels. bookings