St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-03-08
WHEAT GOING DOWN.
Over One Cent Decline in
Price Since the Saturday
Closing.
Great Depression at Chicago,
With Trading Weak and
Spiritless.
Oats Gained a Fraction, and
Hog Products Decidedly -
Higher.
A Firm, Active Temper on
Wall Street and Small
Losses. ~

CHICAGO. March THE wheat market
showed much depression throughout most of
the session, and prices were generally weak
and lower There were one or two rallies
but the strength was only temporary and the
close was wi hin 1bc of the lowest point
touched during the session. and shows a loss
of lac compared with saturdays closing
figures. The news was generally discourag-
ing. Weather conditions were an important
factor, as they were reported favorable
almost everywhere, not only for the winter
wheat, but for the early commencement of
spring seeding operations. There was no
cold weather reported anywhere, and even in
the extreme northern part of North Dakota
the temperature was said to be 81 deg above
zero.
Another bear factor was the weak cables;
Liverpool was reported l2d lower, and Lon
don from Sd to Cd lower, while all domestic
markets were very much depressed, New
York falling off 1c and Duluth and Minneap-
oils about as much. Receipts continued
liberal everywhere, especially i'll the North
west, and the indications from the start were
that there would be a very considerable in
crease in the visible supply. Many dis
couraged holders started to sell at the tap of
the bell. and for time the pressure was
heavy, and May starting at SSS4c and touching
sS7Sc. sold off to eSAc, with only light de-
mand.
When the price got down to SS4c, however,
the shorts began 10 take advantage of the
drop to cover, and there was gradual rally
to oSS4c. report that the weather i'll
France continued very cold. that there was
some export buying i'll New York and that
100000 bu had been worked at Detroit
was also some help in bringing about the i'm
provement When the increase of 445.0O0
bu in he visible supply was reported, the
market lost little but this was subsequently,
recovered Among the dispatches received
from abroad was one that the Liverpool Corn
Trade News had reduced its estimates of the
weekly European requirements from 1885,
00J blu to less than 1900. 900 blu. This, in eff
feet, is reducing the estimate of the needs of
Europe this year over $4,000 CQ blu, or, in
other words. that much less foreign wheat
will be required. During most of the last
hour the market held steady at SSI208Sa4c,
but grew very weak during the last ten
minutes and touched the lowest point in the
day-soc, closing weak at so1Sc. The break
near the close was attributed to cessation
of the demand by shorts and weak cables.
The clearances of wheat from the seaboard
Saturday were I'll 900 bu of wheat and
ll,OOO bbls of flour. Late cables
quoted Paris lower with Berlin higher
on spot, but lower on futures. Partridge
made pretence of selling some wheat, but
was generally believed to be buying heavily
through brokers to cover his short line and
secure his profits. New York houses were
heavy buyers on the break.
Corn was quiet and weak, but held its own
much better than wheat, the decline being
only about NC. The receipts were in excess
of the estimate by some 50 cars, aud included
10 cars of contract. Trade was slow and the
offerings were fair. The shipping demand
was slow. The close was at less of 1sc
compared with Saturdays.
Oats were quiet and weak during most of
the session, but closed with gain of 1sc.
Hog products were stronger, especially for
pork. Live hog receipts were below the es-
innate and prices at the yards 5@lCc higher.
After marking an advance of zoe pork closed
with gain OF 15c. Lard and ribs are PFC
higher. ~
Estimated receipts of wheat for tomorrow,
$4,000 head. ~ lrh1 s.
The leading futures ranged as follows: