The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-04-12
WHEAT MARKET ON
THE DOWN GRADE
Rain in the Southwest Acts as
Bearish Factor
PRICES WEAK ALL DAY
Renewed Realizing Prevails in Corn
Market and a Decline Is Scored.
Oats and Provisions Are
Also Very Weak

Chicago, April 11.-Rain in the south
west started wheat prices on the down
grade today, and the decline was not
checked until cents had been clipped
from the price of the new crop months,
compared with Saturdays final figures.
Corn and oats also were weak, the former
declining about 1c and the latter approx
mately &c from the previous close Pro-
visions also experienced severe declines,
especially pork, which sold off to a point
more than 81 a barrel below the closing
quotations OF Saturday.
The wheat market was exceedingly
weak all day, with the exception Of a
short time during the first hour of trad
ing, when prices showed a slight upward
tendency, owing to buying by leading
longs and miscellaneous shorts. The de-
mand, however was insufficient to bring
prices up to the closing level of the pre-
vious session. The principal selling pres
sure was on the more distant deliveries,
although May also was sold freely be-
cause of the extremely weak position of
the cash grain.
Weather conditions in the southwest
furnished the chief selling incentives.
Rains were reported during the last 4S
hours over a large section OF the winter
wheat belt, including Kansas
In addition to reports of actual rain in
that state, the weather bureau predicted
additional showers tonight and tomorrow.
Statistics also favored the bears. The
amount on passage and the visible sup
ply in the United States each showed a
1f>dn IN jnn nd nrr rltc
In the United States were greatly in ex-
cess of those of the corresponding day a
year ago. During the day the July deliv-
cry sold between s1041a and s1.057s, and
September moved between Sl0lss and
81 02FsG1 Ops. The market closed weak
with prices almost on the bottom level,
July being off 1s4c at $1.04ss@1.04A and
September down 1%c17sc at H.0114@1 01ss.
Corn prices declined to a still lower level
today as result of a renewed realiz-
ing, and at the low point was fully 1c
below the previous close. The May deliv-
cry displayed the greatest weakness and
sold off from 586s95sszc to size. Poor
shipping demand and favorable weather
for farm work were the principal bearish
factors. Cash corn was in fairly good de-
mand and prices were steady to 1sc high
er. No. 8 yellow sold at 56@57c. The
market for options closed also at the
lowest point, at net QecllneS OF &C TO sc,
final figures on May being at 57szc.
Oats yielded to the weakness Of wheat
and corn, although for a time some firm
ness was manifested as a result of good
demand for the May delivery for the
shorts and the elevator interests The
May option sold between 415sQ41%c and
42i1c The market closed weak with prices
ss91sc below Saturdays close, May being
at 4A@41%c.
Provisions were weak all day, especially
pork, prices declining Sc to $13.32h from
Saturdays close The slump was due to
lack of demand rather than to any mark
ed selling pressure. The government re-
port on live hogs on the farms, which
was more bearish than generally expect
ed; was an influential factor. The range
for the day on the May delivery of pork
was between $3.50 and $3.50. The mar
ket closed weak with prices only slightly
above the lowest marks. Final quotations
on the May deliveries were: Pork, S22. S71s;
lard 1925; ribs s12.S7.
Future quotations were as follows: