The Birmingham age-herald., 1909-05-29
WHEAT FAILS TO
 HOLD ADVANCE Prices Gain Sharply But Soon
 Turn Downward FOREIGN NEWS 'EARISH Liberal Receipts and Ideal Weather For Corn Do Not Depress Corn Prices-oats Close Easy and
 Provisions Steady.

Chicago. May 2S.-Additional unfavor- able reports regarding the wheat crop of Kansas caused an advance in wheat prices today, but nearly all the gain was subsequently lost on profit taking, prices at the close being unchanged to 1 cent higher, compared with yesterdays final figures. Corn closed firm; oats easy, and provisions fairly steady.
 Although the wheat market displayed considerable bulishness at various times during the day, enthusiasm in the pit was not of such character as to suggest any unusual demonstration for the ter imitation tomorrow of the famous "deal' in the May delivery. There was con siderable covering by shorts in that op- tion, but offerings were fairly liberal at all times, and at the high point of tho day the price of that delivery was still ? cents below the best mark of the sea- son, recorded a few days ago
 The market opened rather weak, owing to bearish foreign advices, which were reflected in declines at nearly all the principal European grain markets, ideal weather conditions in this. country for the new crop, and to liberal receipts in the northwest. One of the chief factors in the foreign situation was heavy ship ments of wheat during the week from India, the movement being placed at 1,5S4,0O0 bushels An estimate on the total movement for the world forecasted an increase of nearly 100000 bushels, com pared with the previous week.
 Toward the middle of the session the market rallied materially on buying based chiefly on a second report from local crop expert. who is Investigating the wheat crop in Kansas. The report to- day which is supplemental of one made yesterday and which covers several of the principal wheat-growing counties of the state, claimed that the outlook was for only about half a crop An improved demand for the cash grain also inspired buying of the options. The market with the exception of the May option eased off again late in the day on profit taking and closed about steady.
 During the day the May delivery sold between $1.31% and $1.33A and closed at $1 .33. Deliveries on May contracts an- nounced after trading had closed for the day were larger than had been expected being e71, 900 bushels.
 Liberal receipts and ideal weather con- ditions for the newly planted crop had @ weakening effect on the corn market at the start but sentiment soon became bull ish, and during the remainder of the session the market displayed consider able strength.
 Prominent shorts were active buyers during the greater part of the day The change in sentiment was due chiefly to an active demand for the cash grain by shippers which caused an advance of l cent in the price of corn. The market closed firm at net gains of Is to ss cent, compared with yesterdays close
 Renewed profit taking in oats caused a sharp slump in prices at the start, but the May delivery recovered all of tho lost ground, advancing more than 1 cent covering by shorts. The more dis tant deliveries, however, were inclined to be heavy, owing to favorable weather conditions for the new crop. The close was firm for May, but easy for other deliveries, final quotations being ssc high CT to 1zQ4c lower than yesterdays final quotations.
 Trade in provisions was inclined to drag, and a fairly steady tone was manifested all day. At the close prices were 21ac lower to 10c higher.