Corn

A report of the Department of Agriculture on the July 1 condition of the crops explained the sensational rise in corn recently seen. The Government's estimate of the 1924 corn crop is 2,515,000,000 bushels--a drop of 531,000,000 from the 1923 corn crop of 3,046,000,000 bushels. Acreage this year in corn was 105,604,000, compared with 103,112,000 last year. Yet despite this increased area planted to corn, a relatively short crop is anticipated, owing to the condition of the 1924 crop, which on July 1 was only 72% compared with 84.9% a year ago.

Incidentally, while the rise in corn prices at Chicago has been fundamentally due to basic economic conditions, its rapidity is reputed to be due to a large Chicago grain operator, Arthur W. Cutten. Before the poor condition of the current corn crop was apparent, there was a large "short interest" in corn, speculating for the decline. The lateness of the Spring season and the poor prospects of the corn crop, however, completely turned the tables. The visible supply is small, and Mr. Cutten and his associates are reported to control most of it. The unfortunate "shorts" are now paying through the nose by bidding up the price, to obtain corn from the farms to cover their short commitments.