Evening star., 1946-10-17
Prices Of Cattle,
Hogs, Cotton and
Butter Decline
Trading Extremely
Nervous in All
Commodity Markets
BY the Associoted Press

experienced extreme nervous
trading, with prices f1uctuating
wildly, in the wake of overnight
Regulations removing fats and
oils from ceiling control.
Featuring h o t i C markets
throughout the Nation were heavy
receipts of livestock, plunging cot
ton and butter prices, sharp mark
downs in the price of cash corn and
soaring quotations for soybeans and
lard.
While trading was still in progress,
the Agriculture Department an
nounced removal of restrictions on
the use of feed grains and Senator
Thomas, Democrat, of Oklahoma
sent kilograms to Cotton Exchanges
saying he had information there was
a pending bear raid on cotton
prices"
Cotton Futures Break Again.
At New York, cotton futures went
into q new nose dive that carried
active months off the limit of $40
bale, second day in succession that
maximum declines have been posted.
The fresh decline came at the start
of the third hour of trading and
followed forenoon Of wide breaks
and partial rallies as the market
attempted to adjust itself to fast
changing decontrol developments.
Farmers poured livestock into
major terminals and prices were
sharply lower on hogs and slightly
lower on cattle despite the fact that
new al-time record was estab-
lished at Chicago for a few cattle
at $37 so a hundred pounds.
Hog prices at Chicago were down
$500 to 500 hundred pounds. ST.
Louis reported prices down $500 to
$500. Omaha losses averaged around
$500 to $500. Indianapolis declines
were around $500. Everywhere. pens
were jammed and traders had diff
Guilty in establishing prices
Butter markets were overwhelmed
with offerings which traders at
tributed to removal of ceilings on
fats and oils, competitive products
At New York butter tumbled 7 to 8
cents pound from record high
levels. The top grade sold at 791s
to 804s cents a pound.
Butter in the Chicago wholesale
market was down 7 to tx cents a
pound. Best grades brought 80 to
60h cents.
Wheat Futures Decline.
In grains wheat futures broke as
much as 5 cents, the daily limit,
at the opening They rallied from
this level. Selling was based on re-
ports mills, were pessimistic about
any immediate removal of ceilings
on flour. January wheat opened at
$204 bushel.
Dealers reported that cash corn
was purchased from the country for
delivery within Is days at $198
This was sharply lower than prices
prevailing at the end of last week
Corn futures were lower on the
Board of Trade at the start, but
rallied sharply when the Agriculture
DGpdi eiiiCIlI ACtliOfCu lCStl lCtlOll OIl
feed uses of the grain.
Lifting of restrictions was a dis
tinct surprise to grain traders as it
had been expected such action would
not take place until next month.
Soybeans Sharply Higher.
Soybeans, removed from control
overnight, were bid sharply higher
Bids sent out to the country from
Chicago were $2.65 to $2.721s a
bushel. The previous ceiling was
$2.3215 a bushel.
Brokers reported there was no
general buying of lard, but that
bakers and other speciality users
were seeking the commodity. Prices
were quoted at so to SIS cents a
pound, and a sale at 80 cents was
confirmed. Ceilings In effect last
week were under 20 cents.
Live poultry at Chicago was down
2 cents pound. following a weak
market yesterday. Roasters sold at
80 to 80 cents a pound.
Trucks Communicated
By Livestock Producers