St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-03-09
AN INNING FOR BEARS.
On Chicago Change Wheat
Struck the Lowest Price
on Present Crop.
A Bearish Situation Induced
by Foreign and Domes-
tic News.
Longs LiQuidating, Shorts
Active, and Bulls Losing
Confidence.
New York Markets Unsettled,
and Closing Quotations
All Lower.

CHICAGO, March S-Wheat opened weak
and lower today, touching the lowest price
yet recorded for the present crop-e7 12c,
against SSc reached yesterday which equaled
the lowest figure formerly recorded since last
summer. The news and the situation both
favored the BEARS Cables were lower, do
nestle markets are declining, the weather
was all that could be desired and crop pros
poets everywhere were full of encourage
ment. Not only was the winter wheat crop
said to be promising satisfactory results, but
the condition in the spring wheat country,
especially IN the Northwest, were reported as
unusually favorable, the ground being in
splendid condition and an early spring prob
able.
The liquidation of long wheat continued,
with short sellers active, and the confidence
of bulls seemed to be thoroughly shaken. A
surprising item OF news was the reported in
crease of 1,464,0O0 bu in the amount of
wheat and flour on ocean passage. AS ex-
ports from America were light it was gener-
ally argued that the result could not have
been reached unless wheat was going to Eu-
rope freely from other countries, and it was
inferred that South America was beginning
to ship freely. The bulls got a little comfort
out of the fact that the English visible sup
ply had been reduced nearly 100000 bu
engagements continue to be reported from
New York. For several days now these en-
gagements have been reported at 100000 to
100000 bu per day, but only small per cent
shows up in the actual clearingS. private
dispatch from Antwerp reported that crop
damage reports in France, Belgium and Ger
many continue, yet the continental markets
were not apparently affected, and the report
eXerted little influence.
The buying was at times quite sharp. but
was mostly to cover former short sales which
yielded profit as there was not sufficient
confidence to cause much investment de-
mand. On every rally. however, there was
free short selling, Partridge being the leader
IN all such raids. 1t was said that fear OF
anti-option legislation by congress was still
acting as depressing factor. the price of
May at and around the opening was o1l20
S77sc. against SSlsc at the close yesterday.
selling sparingiy at the lowest figures, rallied
to SSlSc, broke 10 S7l2c aga Il, held steady
during most of the last hour around o7S40
S178c. but on heavy buying near the close by
shorts who had good profits in sight ad-
vanced to SS5sc and closed firm at sSl2c.
Late cables quoted Berlin 212 marks lower,
Antwerp unchanged on red, and Paris
centlmes higher.
Corn was quiet and lower on the fine
weather, larger receipts than were expected, 2
the increase in the contract grade ana SYM
pathy with the weakness in wheat and pro-
visions Trade was slow, the offerings being
liberal. but with very little demand. May
opened unchanged at 424c, weakened to-
417sc, but rallied some and closed steady at ,
421sc. March lost Csc on free local selling.
Oats were quiet and steady. closing with
loss of 1sc. q
Pork suffered quite slump in prices.
Live hogs were lower at the yards, and there
was free selling OF product with hardly any
demand. Opening 7I2c lower at $l120 for /.
May, the price went as low as $l1.02l3. but
rallied some near the close and finished at :
S11.10. Lard and ribs sympathized in some
the latter 2l2c.
Estimated receipts of wheat for tomorrow,
1870 cars; corn. 2l5 cars; oats. la cars; hogs,
1900 head. o