The San Francisco call., 1904-04-23
Chicago Board of Trade.
Future Grain and Provisions.

CHICAGO, April 22.-Revision of expert
ports making wheat conditions in the South
west more bearish was largely instrumental in
starting heavy liquidations of wheat to-day.
July delivery closed at net loss of 7s@1c.
Corn is off 3sdisc: oats are down la@&c and
provisions closed practically unchanged
For Minute or two at the beginning Of
trading in the wheat pit there was an air OF
uncertainty In consequence transactions were
rather light and prices were about where they
left off yesterday, with July B@4c lower at
s5Isc to S5Ae. Suddenly the market collapsed
in all deliveries. Trading was active and
general disposition to sell became manifest.
Reasons for the weakness which had thus
quickly developed were various. A correction
of crop experts report on the Western sit
uation as received yesterday and which
exceedingly bcllish largely nullifed the first
conception of the situation. Traders who
bought on the superstition that Western Kan
sas and Western Oklahoma were the portions
OF the Southwestern territory referred TO In
the report as being past redemption had wheat
for sale to-day. The sellers rad in the mean
Of the Southwestern wheat hsds confined
TO Western Texas and Western Oklahoma. A
ca bic dispatch from Liverpool stated that mil
lers were buying considerable quantities os
Indian wheat for May-June shipment at the
equivalent of SIC bushel. Such a contrast
with the prices at which wheat could be laid
down from here lad much to do with the
heavy selling pressure. In addition there
a large increase in Argentine shipmeuts M
heed was paid to crop damage reports from
the Chic Nalley and Indiana. the general de-
sire being 10 liquidate long wheat Many stop
loss orders were reached. The only demand
came from shorts. hut there was not suffi-
cient buying from that source to cause any
great rally. The market continued In de-
noralized condition the entire session. the
close being weak. After selling off to SAC July
closed at S4AGS4Ac. May ranged between
S7Tkc and S954c and closed at SS3.c
The corn market was weak, partly in SYM
pathy with wheat and partly owing to liberal
selling by the big holder of both the May and
July deliveries. Over 1000 900 bushels of May
were reported sold by the erstwhile bull lead
the break in wheat liquidation of May corn
set in The attending decline carried the price
OF July and September down with ii. There
after TIE market was Inclined to drag, about
the only support coming from shorts. July
opened unchanged to nc higher at 4SNc to
4Sa.c. sold Off TO 4Tatc and closed at 4S1kN
4SAc May ranged between 4T1ac and 49Ac.
closir- with = net loss of 1 &c at 4Sc.
Pit traders were persistent sellers of distant
deliveries OF oats due to more favorable crop
advices AS result of this selling pressure
and under the influence of the slump in wheat
and corn the market ruled weak, but the de-
clines were not pronounced as in other
grains The principal support came from
shorts After opening unchanged to &c lower
at 3easc to 36%c July sold down to 35 &c and
closed at 3o%G36c.
Provisions were quiet and in view of the
weakness in grains the market held compara-
lively steady. There was some selling ON a
liberal run of hogs but the market received
fair support from packers and shorts. July
was shade higher at So T56as 77h. Ribs
We're off a shade at Sc 52h0I6 So.
The leading futures ranged as follows:
Articles Open High Low Close.