Evening star., 1942-08-09
Corn and Rye Ease,
But Wheat Shows
Little Change
Traders Expect Crop
Estimutes Tomorrow
May Be Loreer
By FRANKLIN MULLIN,
Associated Press Market Writer

Associated Press Market Writer.
CHICAGO, Aug. 8.-Wheat prices
showed little net change at the close
today, after fluctuating erratically
over a 1-cent range, but corn and
rye lost almost cent.
Some selling in all pits was based
on trade expectations that Mondays
official crop estimates may be larger
than q month ago. Weakness Of
cotton prices, rejecting the Gov
eminent estimate of a larger crop
than many dealers had expected,
induced selling of grains.
Corn and rye lacked support from
professional traders who were COW
ering previous short sales in the
wheat pit. At the same time hedges
were placed to offset purchases of
$4,000 bushels of corn bought to
arrive here from the country.
Wheat closed unchanged to "a
lower compared with yesterday,
September $1.17a-A, December
s1.1oh4s: Corn h-N lower. Sep
tember 867s-A, December 891a- y +:
oats unchanged to y higher
soybeans unchanged and rye Nh
lower.
Wheat Rallies Later.
Wheat started lower due to sell
ing blamed on war news and pros
poets Of large North American crops
but rallied later as a result of short
covering and mill buying. Hedging
sales remained on small scale and
brokers commented that If the
spring wheat movement proves no
larger than that during the winter
wheat harvest, in proportion to the
size of the crops, hedging pressure
will be modest the rest of the
summer.
Because discounts of prices in the
spring wheat belt compared with
Government loan rates are greater
than in the winter wheat area
traders said the attractiveness ot
the ever-normal granary program
will be more pronounced Farmers
who can find suitable storage room
therefore. are expected to hold theil
grain of the market as long a.
prices remain below loan levels. Re-
ports from the Northwest indicated
weather has been unfavorable fol
harvesting in many areas.
Use Of Wheat Feed Talked.
Some weakness of corn wa!
blamed on anticipation of increased
Government feed wheat sales
r. w. Bell, market observer, sale
many grain men believe the Gov.
ernment schedule of what price!
is attractive enough to bring about
considerable use Of this grain fol
feed in some areas. He said in an.
other 10 days the new crop may bt
largely out Of danger from heat anc
drought although damage from
frost is possible the early part o.
September.
Strength of oats reflected sales o1
$4,000 bushels to be shipped out o1
this market. Weather was hamper.
Ing threshing In some areas.
Grain range at principal market.
today:
| SEPT. wHHxh- H,sh: Low Close. Close:
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| Winnipeg
lQct) - 80 30
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fss:s: fa!ss:H City sSs ss: Sc: ss ss sss ss* ssss*:"
sh'ssss a1nn:se,s Ss': ss lex ts, e: :3gg 49,. 3s
| Winnipeg
CHICAGO Cash Market.
Cash wheat prices were strong today
h-'4 higher; basis. unchanEed; receipts
Corn, choice. strong: balance, steady
basis, steady to nrm: receipts, SO cars
bookings, 95. 900 bushels
Oats. steady to Arm: basis. hrmer: re.
ceipts "a cars; shipping sales, $4,000