The Montgomery advertiser., 1904-04-13
CHICAGO GRAIN AND PROVISIONS.

CHICAGO. April 12.-A large increase in the worlds available stock of wheat, to- caused weakness in wheat to-day. The close was at the bottom, July being down $ @lhc. Corn shows loss of 1hc, oats of x a Ac and provisions of 15@20c.
 fair degree of strength was evident In wheat at the start, the influences being the bullish character of the government crop report and advices of delayed seeding operations in the Northwest. July opened unchanged to Nc higher at s79s7%. 1t did not take long to minimize the effect of the low condition of the winter wheat when conditions prevailing since April were taken into consideration. In the opinion of many traders sufficient rain has fallen during the first week of April to overcome much of the deficiency shown in the governments report. As result there was a tendency to sell. Bearish sentiment was accentuated by the downward course of prices in the corn pit. As the session advanced wheat became extremely weak. Reports from the Northwest stated that cash situation was in very demoraIized con dition Additional force to the reports was given by neavy selling orders credited to houses with Northwest connections. An in- crease of nearly 100000 bushels in the worlds visible supply also had depressing effect. Under general selling July declined to S51i @S5h and closed at the low point May sold between 92h @94h and closed at e2h. Clearances equaled 229.5G0 bushels The worlds visible supply, as shown by bFduStftStst WIS increased I,719,D0O buSh- els. Primary receipts were 2S1.800 bush- els, compared with BOP. 900 a year ago. Minneapolis, Duluth and Chicago reported 154 cars, against 1s7 last week and 10s a year ago.
 Heavy weakness of July corn was the fea- ture of trading. The market opened firm in sympathy with wheat, but weakness soon developed. The principal holder of July was said to have disposed of nearly a mill lion bushels and there was also heavy sell ing Tor short account. Lower cables and a poora cash demand were largely responsible for the eselllng pressure, although an im- provemeut In weather conditions was A minor factor. The market rallied slightly later on covering, but the close was weak, July opened unchanged to hc higher at and closed at 49%. May closed at 52 after selling between 51h and 53% Re ceipts. 2fe cars, 42 contract
 Oats exhibited pronounced weakness es- peclally May. which sold down to within a shade of the low point of July. General liquidation. aggravated by aggressive short selling, caused the decline. The mood was influenced by the weakness in corn. A pre- diction by prominent trader that May would sell at 35c was also an important fac tor The market closed weak and near the bottom July opened unchanged to kc higher at 37M to S7B, sold between s6 % 6D S6 and 37B and closed at 36N@S7 May ranged between 3eB and 37% and closed at 37GS7B. Receipts, 131 cars
 Provisions were firm early due to small hog receipts with firm prices, and closed 2Fsc higher to 10c lower. Sentiment re. versed, however, when the grain markets turned weak. heavy liquidation causing a rapid decline. Later the market received fair support and the close was about steady with July pork down 10c at l235; July lard closed hc higher at 6.67h, and ribs off 2hc at $50.