St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-01-08
BeARISH AND SELLING
A Diseouraging Change Took
Place Over Night in Chi
cago Grain Pits.
No Confidence in the Outlook,
and Everybody More Than
Anxious to Sell.
~
-
General Drop in Price From
= Top to Bottom OF the
xs List.
The Closing Of an Active Mar
ket at New York Shows
ia Losses.

CHICAGO, Jan. THE bull feeling which
prevailed in the wheat pit yesterday all
eyaporated over night and the sentiment to-
day was decidedly bearish. Yesterday every
body seemed confident, and then buying was
eneral; today the feeling was one of dis
enlargement and the selling was equally
unanimous The result was that the appre-
citation in values, which it took all of yester-
day session TO bring out had all disap-
peared before the trading began. And yet,
the advocates of lower prices were not salts
fed; so they offered with freedom and prices
broke steadily. with scarcely any reaction.
and the close was weak at a net loss of 2l2c,
compared with Yesterdays.
There were several bearish pieces of news.
but the potential one was the government
estimate of last seasons crop. The market
has been for months staggering under the
load of the enormous crop, generally esti-
mated at 60, COO, 900 blu. and when the staiis-
tican of the department OF agriculture piled
about 12.00l,00o Blu on top of that. it was too
much: it was the prOverbial last straw which
broke the markets back. On top Of that came
the intelligence that the stocks Of wheat and
flour i'll London were the largest of this
season within recent years. being AGO. 600 blu
of the former and 430,CO1 bbls of the latter,
against 2,240, 600 bu and las, 900 bbls, respect
lively, at this time last year.
The longs who had Ieen holding in the
hope that something might turn up to help
out. and the generous buyers of yesterday
made haste to unload. The bears, who were
temporarily ratified yesterday. rallied i'll force
and pounded the market. The domestic
markets were all weak. New York. which
luth also fell off cent, Minneapolis lac
and ST. Louis l14c. Foreigners however, did
not seem to take such pessmistic view of
the situation. London alone was markedly
1ntr Ar,t r rxvnr 0ol
was Id higher on spot wheat and firm on fut
ures; Berlin was higher and Paris steady.
The weather was reported at zero and be-
low in the Northwest, and as very cold i'll the
winter wheat district, with but little snow,
but it had very little effect. Lester sold a big
line and afterwards gave up Armours name
Nearly ali the big houses had selling ORDERS
and The buying was chiefly to fill shorts.
Partridge sold wheat early, but covered
good deal on the subsequent decline. May
opened a4c lower at 95c, fiuctuated for some
time between 947sc and 95lsc, then grew de-
cldedy weak and without material reaction
broke to 93c, recovering some, but closing
weak at 93Ac.
Corn fairly active. but easier, chiefly in
sympathy with the depression which ruled
in wheat, but there was not the same dis
cOuragement and loss of confidence. The
government crop report reports the crop at
$4,000. 600 Du, or 1900 900 bu less than
generally computed, and the export demand
continues good. The receipts are not very
heavy and the inspection continues to show
very small proportion of the contract
grade. May started at 4I4sc, fiuctuated
downward to HLac. and closed at that
Oats were quiet and weak in sympathy
with wheat and corn, and closed with a loss
of 75c.
Hog products opened lower in sym pathy
with the weakness in wheat but there was
fair buying at the reduction, and an advance
was scored. This was met by free offerings
by packers and the market sagged off again.
There were some further fluctuations, with
in & narrow range and the close was at
slight losses compared with yesterday. Es-
timated receipts for tomorrow: Wheat. liz
cars: corn, 49, cars; oats, ia cars; hogs, 3S-
900 head.
The leading futures ranged as follows: