The Birmingham age-herald., 1909-05-28
SHARP DECLINES
 IN WHEAT MARKET
Prices Are Heavy Nearly All
 Day and Close Lower
CROP REPORTS FAVORABLE
Ideal Weather for New Corn crop In. duces Selling and Prices Break Sharply-Oats and Prov-
 sions Are Also Weak.

Chicago May 27.-Favorable weather conditions for the new crop in this coun- try caused sharp declines in wheat prices today, and final figures showed net losses of Ac 10 1zc. Corn, oats and provisions were also weak.
 The wheat market was heavy the en- tlre day with the exception of a mild bulge early in the session which carried the price of the July delivery half a cent above yesterdays final quotations. The upturn was due chiefly to buying based on report of a local crop expert who is now in Kansas, and who claimed that in the sections visited the condition of the crop was extremely poor.
 Reports from other sources. however failed to show any serious injury to the growing wheat and with a continuance of the favorable weather the wheat crop of the state. according to many traders, promises only to be a little short of an average yield.
 Demand for the cash grain was exceed ingly slack owing to the attitude of mil lers in, general, who are said to be in clined to abstain from purchasing any more wheat until the termination of the May deal Local sales today were less than 10000 bushels.
 Weakness at nearly all the European markets was an additional bearish factor The May delivery displayed more irmness than the distant futures early in the session on account of covering put out by shorts, but demand was not urgent and prices finally yielded owing to the selling pressure on other options During the day prices fluctuated over range of 1asc to 11c. May selling between s1 31ss and $1.3S and July between $116A and S11s The market closed weak and only a trifle above the lowest point, May being at St g and July at $1 1.161aq1 .16ss
 Ideal weather for the new crop with an almost total absence of shipping demand prompted free selling of corn today, re- sultng in sharp declines. The May de- livery displayed especial weakness, and broke more than 2c, partly as the result of slump In the price of the cash grain. Receiving houses claimed that the re- ceipts would be fairly liberal for some days yet to come, owing to free move- ment from the northern part of Illinois, while the prospects were said to be poor TOT any improvement Tn shipping demand for a month at least.
 Trading in May was between 727sc and 75hc. and for July 6914c and 7O4c The market closed almost at the bottom with prices Ac to 214c below the previous close, May being at 73c and July at 69Ad69ssc.
 Declines of 20 to Sc in the price of cash oats caused heavy liquidation in the op- tions, resulting in a weak market all day. Weather conditions were favorable for the growth of the new crop and this added to bearish sentiment. The severe break in cash prices was said to have been due to the withdrawal from the mar ket of some of the largest buyers who had taken the bulk of offerings of the late crop, in order to make contract oats for May delivery The market closed weak at a decline of 5sc to 115c, with May at 599sc, and July at 531sc.
 The slump in cash grain induced liberal realizing in provisions which resulted in a weak market nearly all day. The mar ket lacked any material support and closed weak at declines of 10c to 171ac, compared with yesterdays final figures.
 Leading futures ranged as follows