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This newspaper page contains 9 articles. Subscribers can read the full text of each article.
Newspaper
Monroe News Star
Location
Monroe, Louisiana, United States of America
Date
Dec 05, 1938
Page
9
In New Orleans on December 5, cotton futures steadied after initial losses as short-covering and demand picked up. March traded near 8.27 with other contracts mixed, private crop estimates ranged 12,071,000 to 12,205,000 bales, and spot cotton closed two points lower with low middling at 7.20 and stock at 762,704.
New York December 5 report shows cotton rebounding after declines of 9 to 13 points as foreign pressure plus trade and mill buying supported the market. March futures rose from 808 to 816 and at mid afternoon traded at the best with a 3 point rise to 4 points.
Cotton market in Liverpool shows 4000 bales traded including 3600 American with prices down several points. Quoted in pence, grades range from strict good middling 5.66 to good ordinary 3.41, with futures closing 7 to 14 lower and listed for January March May July October contracts.
In New Orleans on December 5 cottonseed oil closed steady with summer yellow bleachable at 7.25 and prime a4 at 6.12. Quotes for December through July ranged from 7.12 to 7.28 with varying basis and bid-ask indications.
The sugar futures market in New York tumbled with heavy liquidation after an unexpectedly large quota. March contracts dropped to around 1.90, briefly easing near 1.95 late in the session as the list fell 19 to 20 points. March No 4 recovered slightly but remained lower.
Chicago dairy market reports weak butter demand with various creamery types priced. Notable entries include 93 score creamery specials at 291-4, 92 at 283-4, and 90-91 at 271-2-28 with firsts near 271-4 and 84-87-2 for seconds. Listings show unsettled arrivals and refigerator extras, with graded fresh imports and standards around 22 1-4 to 28-1-4.
New York stocks displayed ease while traders remained sluggish. Bonds and governments varied in demand as curbs fell and industrials declined. Commodities showed a mixed picture with cotton up and sugar weaker. Chicago crops outlook grew pessimistic with corn firm and Argentine quotes higher. cattle steady to lower and hogs down 10 to 25 cents.
The New York stock market faced limited selling with declines at negligible levels as volume dried up to about 650000 shares. Led by notable firms like United States Steel and General Motors, most issues slipped slightly while a group including Celanese and Eastman Kodak held firm. Traders eyed tax selling, a flattening business curve, and talk of a large 1939 federal budget as potential later catalysts.
Chicago wheat mainly eased early while world shipments stay heavy and more wheat afloat for importers. Corn started unchanged to down, oats rose. Near steady after a Saturday close, Dec wheat at 64 1/8, May 66 3/4. Corn Dec 48, May 51 3/8 to 1/2. Poultry prices firm with varied weights and breeds listed for live birds and dressed turkeys.
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