The Montgomery advertiser., 1902-01-12
Chicago Grain and Provisions.

CHICAGO. Jan. 1.-The reaction in wheat that bears have been predicting came with a rush in the latter part or the short session today. The influence Of the break brought a slump in all other pits and the net losses registered at the close were 1 1-S6J1 1-4c for May wheat. 3-4 for May corn and 1-2Q5-S for May oats. Provisions closed 1-2G5c lower Heavy selling by leading professionals. a somewhat bearish crop report and me advice Of numerous brokers to their eli ents to sell on this bulge brought the slump in wheat. Conditions seemed ripe for a bad break and all over the pit traders were predicting a bad dip today and still lower prices Monday. At the outset the market was rather quiet and featureless. The cable list was slightly improved and combatted the bearish in- fiuence of the government wheat crop report. This report indicated a condi- tion of S6.7 or AS bushels per acre for tn y.ar 19Jl. This suggested total yield of 67S, ,66l. 400 bushels. compared with the September estimate of only e26,oOo ooo May opened 1-s@1-ic lower to l-SW1-i up at S3 l-2 to S3 7-S between these two in fiuences. The cables set a fair number of outsiders to buying and the prlcH went to s 7-8GS4c. Commission houses. however. were the only buyers and the report of poor cash situation both at Kansas City and -ainneapolls and tte prediction hat rain would fall in the winter wheat belt to relieve me disas. trous condition depreSs ed the tone or the market materially. Altogether there was practically no support to the mar ket. Winter wheat was reported stlli scarce and bringing higher prices than futures in the pit, but there were no for eign buying orders even with the firm situation abroad. As soon IS the market broke, short sellers seized the opportu- nity to pound prices and sent May doWn to S2 3-S The close was very weak. 1-S6D 1 1-4c lower at S2 1-2. Local receipts were 37 cars. none of contract grade; Minne- apolis and Duluth reported All cars. making d total for the three points of sos cars against 346 last week and AIS year ago. Primary receipts were 552.ooo bushels compared with 565.000 bushels last year. Seabodrd clearances in wheat and flour eaualled 2S2.000 bushels. Australian shipments for the week were 664 900 bush els compared to 22.000 bushels week ago.
 Corn shared in the wheat slump and its break was bad. The opening was tie tendency to gain strength in the other pit. Receipts were light but on the other hand clearances were only 15.000 compared to 914.O0O bushels the corresponding day year ago. There was no foreign demand and the demand in the West was reported unimproved. Re- ceivers were sellers in moderate way indicating free country movement though nothing considerable. The selling was largely professional and of liberal size On the wheat break short sel- lers pressed the markets sorely and May slid down to weak z, eosei S-4 lower at 63 3-4. Receipts were 143 cars
 Oats opened somewhat firm. but weak ened on the wheat decline. Trade early was light. There was some small com mission business but in general the local crowd controlled. Late in the session the pit ruled heavy under general selling by long holders. The buying was only scat tered. May sold down to a weak close, 1-2M5-S lower at 45 3-4@45 1-S Receipts were 114 cars.
 Provisions ruled dull and easy, heavy throughout the session un- der the grain influence. The opening was weak on q slump in the hog market. but the cash situation was dull, adding to the general depression and the close was weak. May pork closed 5c lower at 17.10@17.12 1-2; May lard was lower. 7.95, and May ribs ? l-2m5c lower at S.G0. Els tihated receipts for Monday: Wheat, 45; corn. 95: oats. 190 cars. Hogs i3,0OO head.
 The leading futures ranged follows: