Evening star., 1942-06-07
Grain Prices Suffer
Big Losses, With
Rye in Lead
Cotton Market Break
And Crop Prospects
Are Major Factors
BY FRANKLIN MULLIN,

hSSOSiGIcu EICoS WAINSis
CHICAGO, June 6.-An outbreak
of selling, terminating the grain
markets temporary show of strength
the last few days, carried cereal
prices sharply lower today.
Rye led the decline, tumbling al
most 3 cents at one stage to new
lows for the year. Other grains de-
clined fractions to about cent,
while soybeans fell almost 3 cents.
Prices were near 1912 lows in
most cases.
A break in cotton prices and pros
poets of big wheat, rye and soybean
harvests this year were principal
beariSh factors. The market lacked
support from processing and con-
Stunning interests in evidence the
last few days.
Rally Slightly Later.
Rallying slightly from the lows of
the day, wheat closed 's-1A cents
lower than yesterday, July s1173s-
a, September $1197s; corn 5s-7s
off, July 857s -86, September 883s- u;
oats 12-7s down; rye 21s-23s lower,
and soybeans IL -27s lower.
Some traders who bought wheat
late yesterday on crop complaints
from Kansas were influenced by re-
ports today that losses due to recent
deterioration in parts of the South
west may not be serious. The antici-
pated harvest, heretofore considered
Of bumper proportions, Is likely to
be larger than desired anyway,
traders pointed out. The Robinson
Elevator Corp, Kansas City, ex-
pressed belief Kansas crop may be
near 175,000,000 bushels, compared
with 1902 900 last year and a
1930-39 average of 131, ,460 900.
Traders blamed part of the weak
ness of rye on reports that the
whisky distilling industry will be
converted to manufacture industrial
alcohol. Latest private estimates in
dicate production will exceed 50,-
100000 bushels, compared with a
1941 crop of As ,191 900 and normal
annual domestic disappearance of
only 100000 bushels.
Corn Hedges Lifted.
Corn was off about cent at one
time with other grains, but that
cereal was supported by lifting Of
hedges to offset sale of 10000
bushels for shipment from here and
by good industrial demand. Both
spot wheat and corn declined u
to l cent.
Selling of soybeans was centered
largely in the July contracts, which
dipped to a discount under October
futures for the first time this sea-
son. Spot beans lost y to cents
and dealers booked 5000 bushels
to arrive from the country with
No. yellow grades selling almost
8 cents under the July futures at
the close. The quotation on No. 8
yellow was s162.
Lard prices were quoted un-
changed to lower.
Grain range at principal mar
kets today:
nuv r,,II High. Low. Close. Prevc
Ea5: K55,ss., ", f5': ff' 1859: 1859: 5!$ &
"zaE9Hs sEpTEMBER WHEAT 'so7' sos
ShIeasS GIn age. .2os. 1,Is1a 1.1s5. 1293.-M
Kansi Kan City LIZA 1.11h liz l127s
fOctober) 1917
DECEMBER WHEAT 80"
N55i NInpollf Sifv i:isa i1S ii{Ss:: 15fsH3
JULY CORN 1''0'
sass, sa!Sss2 Slsy 81 8" ss g ss'. ss''.-"
saSSfS Ss$S $1R Stss 5.Ts 81 ssssss ss ss ss"
S16 ShsssS ss},, .44ssH ~ 45'. 4" Is.
Chicago Cash Market
Cash wheat prices were l5-1 cent lower
today; basis, steady; receipts, 10 cars.
receipts, lis cars; Shipping sales. 12o,-
900 bushels; bookings. Is 1000 bushels.
Oats. N-ia lower: basis, steady to
arm; receipts, "a cars; shipping sales,
10000 bushels.