The St. Louis Republic., 1904-04-26
SHARP BREAK IN WHEAT
FOLLOWS HEAVY SELLING.
WEAKNESS IN CORN PIT A
SYMPATHETIC FACTOR.
Commission Houses and Shorts
Buy Oats Early, but Liquida-
ton Soon Follows.

Chicago. April "a sharp break oc-
Cured in wheat prices to-day. due to
heavy realizing sales. broush. Tut to some
extent by weakness in the corn pit. Final
figures on July wheat showed a loss from
Saturdays closing quotations OF 1l.c. July
corn is Off 2sQHc. Oats are down a
shade. Provisions closed about i'm
changed.
WHEAT
In spite Of an abundance Of rain
throughout the principal sections OF the
winter wheat country. there was a good
demand for wheat at the start OF the mar
ket. Little attention was paid to the
lower Liverpool cables. The opening was
STEADY with the July option Isc lower
10 sc higher, at SSl.qSSl2c. With only
light offerings the market soon became
strong, July advancing TO SIC within the
first half hour. The higher prices brought
out q humber OF realizing sales and a
slight reaction followed. Toward the mid
die of the SESSION the market again be-
came strong under the Influence OF numer-
Gus damage reports from the Southwest
Emphasizing the effect OF the bullish ad-
vices, commission houses with St. Louis
connections Were urgent buyers of wheat.
Another cause of the active demand from
ST. Louis traders was large transactions
in cash wheat in that market. the strength
IN the cash situation there being ma
terial aid in forcing up speculative prices
here From S3Fsc July advanced to sfz4
Sic. Late in the day. however. buying
Many Of the early purchasers turned
sellers. support seemed entirely lacking,
aud the result was j quick break in prices.
A slump in corn added TO the denoraliza-
ton. During the last half hour the mar
! iIet was extremely weak and closing prices
were practically ct tie lowest Of the day,
May sold between So. Gssc. and closed at
S5c. Ciearances of wheat and flour were
equal to 9.0ll bi. The amount on passage
increased 2.G03. Opt- bu.. and the visible sup
ply Showed a decrease of I13 bu. Primary
receipts were 211.ieo bu., compared with
i6fisg bu. 4 year ago., Minneapolis, Duluth
ana Chicago reported receipts of Is. cars,
against 2il last week and 500 year age.
CORN.
Strength in wheat. and excessive rains
| throughout the West, caused firm tone
in corn during the early part of the day.
The best demand caue from recent short
| sellers. On the advance Considerable pres
sure by local longs was brought to bear
severe decline. The more distant futures
7 were affected by the weakness in May, but
the reaction was not SO violent. The SELL
In May was said to be due to holders
Ing for their lines on the first cf May.
| The market closed weak with prices
near near the bottom July opend !. TO 1.e
| and ssasc, closed at 4T.lssc May sold
| between 457sc and 47ssc. closing at 4sc
Local receipts were 2tS cars, with IS con-
tract grade.
OATS.
Commission houses and shorts were fair
| purchasers OF oats early in the session,
| the Inducements to buying being improve
| nlent IN the cash business and unfavorable
| weather for seeding. As a result of this
| demand the market ruled strong for the
| first hour. on the break in corn there
rtf f.h hx- NIT frod dnrd
| the market becoming easier. At the close
| prices We're about at the low point OF
| the day. After opening sc to ss65:c high
| er, at 3s,sI14c TO 36asc, July. sold of to
| S5ssc. closing at 35a.c. Local receipts were
| 52 cars.
| RANGE OF FUTURES.