The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-04-23
REVISED CROP REPORTS
WEAKEN WHEAT MARKET.
SHARP SLUMP FOLLOWS UN.
CERTAIN OPENING.
Buying by Shorts Not of Stuff
cient Volume to Cause Rally
Corn Depressed.

Chicago. April 22.-Revision of expert
reports, making wheat conditions In the
Southwest more bearish. was largely in
strumental in starting heavy liquidation
of wheat to-day. July delivery closed with
a net loss of sale. Corn is Off asalac.
Oats are down Logo. Provisions closed
practically unchanged.
WHEAT.
For n minute or two at the beginning
of trading in the wheat pit there was an
air OF uncertainty. In consequence. trans
actions were rather light and prices We're
about where they left off yesterday. with
July 1sc 10 &c lower at S5ts to Sol4c. Sud
denly the market collapsed and a decline
of 1c or more was experienced in all de-
~liveries. Trading became active and a
general disposition to sell became mani
tested. Reasons for the when
had thus quickly developed were various:
A correction of n crop experts report OF
the Southwestern situation IA first re-
ceived yesterday, and which was origin,
ally exceedingly bullish, largely nulliiied
the first conception of the situation.
Traders who bought on the supposltion
that Western Kansas and Western Okla
homa were the portions of southwestern
territory referred to in the report as
being past redemption, had the wheat for
sale to-day. The sellers had in the mean
time ascertaincd that the irredeemabie
portion of the southwestern wheat fields
was confined to Western Texas and West
ern 4 cable dispatch from
Liverpool stated that millers were buying
considerable quantities of Indian delivery
forsMay-June shipment at the equivalent
of SIC a bushel. Such q contrast with the
prices at which wheat could be laid down
from here had much to do with the heavy
selling pressure. In addition. there was
a large increase in Argentine shipments.
No heed was paid to crop damage re-
ports from the Ohio valley and Indiana,
the general desire being to liquidate long
wheat Many Stnn-IOSS orders We're re-
ceived, accelerating the decline. The only
demand came from the shorts, but there
was not sufficient buying from that source
to cause any great rally. The market
continued in a d~emoralized condition the
entire session. the close being weak. After
selling off 10 SIC. July closed at
closed at SSIsc. Clearances of-wheat and
flour were equal to 1880 blu. Primary
receipts were go, 100 bu.. against 1855 bu.
a year ago. Bradstreet.s reported worlds
apoii.. Duluth and Chicago had receipts
of 16l cars. compared with 1853 cars last
week and l67 cars a year ago.
CORN.
The corn market was weak. partly In
sympathy with wheat and partly owing
to liberal selling by the big holder OF both
the May and July deliveries. Over 1,000.EO
bu. of May We're reported sold by the .rst-
while bull leader. There was a little firm
ness early. but on the break in wheat the
liquidation of May corn set in. The attend
ing decline carried the price of July and
Sept. down with it. Thereafter the mar
ket was inclined to drag. about the only
support coming from shorts. July opened
unchanged to &c higher at 4Sfsc to 4sa.c.
sold off to 41s4c and closed at 4SlsI4shc.
May ranged between 47isc and 1910, clos
ing with a net loss of l1sc. ut 4Sc. Local
receipts were 133 cars. with % of contract
grade.
OATS.
Pit traders were persistent sellers OF dis
tant deliveries of oats due to more favor
able crop advices. AS q result of this sell
ing pressure and under the influence of the
slump in wheat and corn, the market
ruled weak. but the declines were not as
pronounced as in other grains. The prin-
cfpai support came from shorts. After
opening unchanged to bc lower. at S6ssc to
36lsc. July sold down to 353sc. and closed
at S5ba36c. Local receipts were 81 cars.
ANG OF