Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-02-15
Wheat Slump Halted,
But Soybeans, Corn
Continue Decline
BY the Associated Press

py tNS SSsoCtdteo Fteso
CHICAGO, Feb. 14.-Some major
commodities touched at least a tenn
porary bottom today after an over
all To-day plunge that pushed the
inf1ationary spiral back six months.
However, soybeans and corn for
May delivery continued their record
breaking slump and New York stocks
did little more than hold their
ground at levels near the lowest
in eight months.
All wheat contracts for future
delivery halted their downward skid.
But trading was the quietest of the
week and there was not much dis
position for prices to bounce very far
back. Prices were going down at
the close.
Cotton Futures Gain.
Grains staged a much stronger
comeback Monday only to resume
their drop until today.
The strongest showing in the COM
paratively few. markets operating on
Saturday was made by cotton. At
New York, cotton futures closed $2.15
to SITS a bale higher. The staple
went $l65 to $3.50 bale higher in
New Orleans.
After suffering the sharpest week.
to-week drop in the II years since
it was first compiled, the Associated
Press wholesale index of IS basic
commodities advanced about quar-
ter of a point to 1866.
However, the index, which covers
commodities In general use, includ-
ing foods, was the lowest at the
start of trading today than at any
time since last August /. On that
date it was 1857.
May Wheat Gains. .
Comparisons with other years,
however, show how far the cost of
living has advanced. A year ago
yesterday the index was 1859 and
two years ago, 113. 1t hit peak of
20a.14 on January 9.
On the Chicago Board of Trade,
wheat for future delivery closed u
to az cents a bushel higher today.
May wheat, which had slumped
TAN cents a bushel under its Janu-
airy 1e peak, gained TX to az cents.
It closed at $2.3415-%.
Corn was q lower to l cent high
er, May $1.961a- "A, and oats were
IL to ~ higher, May 1.02. Soy
beans, which have taken the worst
beating sof any grains during the
current slump, again fell the Scent
daily limit permitted under ex-
change rules. March soybeans closed
at 1925 q bushel-s1.16 bushel be-
low their January 16 peak.
Corn for May delivery closed n
to q of a cent lower today. That
hard-hit future contract now Is
from IA to 741a cents below its
January 16 high.
Flour prices, which have been
falling steadily in Minneapolis.
held firm today in sympathy with
the stronger showing made by
wheat.
Wholesale prices of seven key
farm products-wheat, barley, corn,
cotton, hogs, steers and wool-are
where they were eight months ago.
Hogs this week hit Is months low
in Chicago and the average cost OF
all steers fer the week was the
lowest since June.
Some trade sources predict that
heavy livestock marketings will re-
suit in a meat shortage IN May.
Bacon Down Further.
The American Meat Institute said
that bacon sides, cured but not
smoked, averaging II to IA pounds,
dropped another cent and a half at
Chicago. This represented a total
wholesale decline since the mid
January peak of IA cents pound
Similar declines have occurred IN
cured but unsmoked 16 to 10 pound
hams, the institute said. Sliced
smoked bacon now has declined at
wholesale 10 to Is cents a pound
from month ago.
The New York textile market was
jittery over the plunge in commod-
ity prices, wondering whether cot
ton products might be next. One
market observer said there was no
question but that cotton textiles were
Vulnerable" with prices 300 to 500
per cent higher than before the war.
Some believe a break in textile
prices might cause retailers to mark
down their spring goods. However,
some others do not look for big
break in cotton prices, because cot
ton has not f1uctuated as widely as
grains and because the world de-
mand for cottoh has not been salts
fed.