The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-05-11
SEVERE BREAK IN
THE WHEAT MARKET
Improvement in Crops Is Prin-
cipal Factor in Decline
PRICES DROP RAPIDLY
Corn FOLLOWS Wheat Downward But Is
Not So Weak in General Closing
Fgures-Oats and Provisions
Close Little Higher

Cmcago May 10.--A parallel suggesting
the carrying of Goals to New Castle was
drawn In the Chicago wheat pit today
when million bushels of wheat at Du-
luth was reported to be brought here for
oenvery on May contracts. The conster-
nation resulting dropped the price of the
May option AZ cents and caused general
selling in the active futures. The close
was weak at practically the bottom fig
ures OF the day, but with May showing
a loss of 8N cents as compared with
last nights price. July and September.
respectively, Is of cent and l cent low
er. Corn closed Il of a cent lower to u
OF a cent higher. Oats unchanged to q
OF cent higher, and provisions cents
lower to 211 cents higher.
The decentralization caused by the news
from Duluth occurred shortly before the
hnal tap of the gong at the end of the
session. Several commission houses were
attempting to take profits on long wheat
In the May option. Suddenly the sellers
found the market without support. the
price of May oollapsing at the rate of a
cent q minute spasmodic rally of a
cent or more was quickly followed by a
reaction fully as grelt. Meanwhile sell
Ing on liberal scale had been precipi-
tated in the deferred future, where buy
ing power had been largely exhausted by
big purchases early In the day. Adding to
the bearish feeling In the last hour, re-
ports of rain and snow in the Canadian
northwest promised to remove the drouth
hot hos taI t,.k
wheat states. There was light rainfall
in the Dakotas today. Moreover, the crop
reports from beyond the Missouri river
today averaged better, apparently as a
result of last weeks rains. Some atten-
ton was also given to dispatches alleg-
ing that Russian banks were forcing out
grain and that the flood of offerings was
upsetting European quotations. The early
buying movement here was attributed to
the belief that the bearish construction
of the government crop report failed to
take into account sufficiently the huge
percentage of acreage abandoned. Sep
TENDER wheat sold between $1.00A and
s1.O2ss. closing at the former figure.
Corn, though governed by the course
of wheat. was not SO weak as that cereal,
partly, doubtless, because of the light
receipts. Cash demand nevertheless was
poor. The weather was reported fine for
planting, which was said to be rapidly
nearing completion In the leading states.
September ranged between 6SA cents and
637s cents, and closed a shade up at 63as
to 631z cents. No. yellow sold at $50
63h cents.
Active buying of oats today was cred
tied to local spectators, including lead
ing wheat longs Weakness in wheat die
not altogether wipe out the gain. Sep
TENDER had a variation of a. full cent and
finished exactly in the middle at 3S%
cents, a net advance of IS of a cent.
Complaints Of high mortality among
spring pigs helped the. provision market
Lard and ribs closed a shade to 21s cents
up, but pork, affected by the slump In
wheat, finished 215 cents to cents
down.
Future quotations were as follows.