The Birmingham age-herald., 1909-06-23
IF WHEAT
 TURN DOWNWARD Bearish News Develops and Market 0ragS Heavily KANSAS CROP IS BETTER Favorable Crop Reports Have Bearish Effect Upon Corn and Prices Close
 Lower-oats and Provi-
 visions Close Weak.
KANSAS CROP IS BETTER

Chicago, June 22.-The wheat market to- day failed to retain the advantage se- cured in the previous session and closed heavy, owing to optimistic crop reports. Final quotations, however, were irregu- lar, ranging from 14c above to Aq9se be- low yesterdays close. Corn, oats and provisions closed weak
 The wheat market was decidedly strong at the start and initial quotations showed gains of 1s@14c to ss@%c compared with the previous close The upturn was due to additional rains in Kansas and Mis- souri and to an advance of s4c to 1Ad at Liverpool, where prices were bullishly affected by continued light shipments from Russia and by fear of liberal de- crease in the European visible supply Demand. which was quite urgent at the opening, soon dwindled to small propor- tions and toward the end of the first hour prices began to sag. The early re- ports of wet weather in the harvest belt were found to have been exaggerated as to the probable effect on harvest oper- ations and other news of bearish tenor developed sulnclently to inspirequite gen. eral selling, particularly of the July de- livery. The Kansas crop report, which forecasted total yield of about So,oooooo bushels of wheat for that state, was an important factor. This was supple mented by declines at the northwestern markets and by reports of good yields in Oklahoma. The range on the July de- livery for the day was between $.lS9s and $1.147s. The market was weak late in the day and closed near the low point or the session with July at $1.14.
 Favorable crop reports and an unex- pected increase in local receipts were the chief reasons for the weakness which prevailed In the corn market the greater part of the year. Reports from various sections of the corn belt claimed that the new crop was. getting magnificent start under the most favorable conditions. The market was bearishly affected by a report from Omaha stating that large quantities of corn, originally intended for shipment to the south, were accumu- lating ther owing to falling off in de- mand. The market closed weak at almost the bottom, with prices one-quarter to one-half a. cent below the previous final figures.
 Oats slumped sharply on realizing sales based on denials of damage by green bugs to the new crop in southern Illinois. To- days reports admitted the presence of the pest in the fields, but claimed that the crop was too far advanced to be in- jured by the insects There was a mod crate bulge at the start owing to cover ing by belated shorts, but the market soon weakened and continued heavy the remainder of the day. The close was weak with prices asc to 1q11sc below yesterdays final quotations.
 Provisions were weak the entire day because of selling by local longs, who were influenced blythe weakness of coarse grains and by decline of Dc to 10c in live hogs. Pork displayed the greatest weak ness and closed 10c to 50c below the pre- vious close. Lard and ribs were off 21ac to 171sc.
 Leading futures ranged as follows: