St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-03-31
WHEAT IS STILL WEAK
An Effort to Rise on Chicago
Change Failed for Lack
of Stamina.
Free Offerings by Holders
Were a Source Of Weak :
ness in Trading. q
Buyers Lost Confidence EARLY,
and Then Proceeded to :.
Liquidate. =
Better Trading and Frae-
tional Gains in Stocks at
New York.

CHICAGO. March 30.-Wheat made heroic
efforts to sit up today. Its strength. proved
hardly sufficient for the effort, and the at
tempt had 10 be abandoned. There seemed
to be good many buying orders at the start
and for time there was considerable dis
play of vigor. The early cables were con-
strued by some as rather favorable, especially
those from Liverpool, and domestic markets
showing an upward tendency, there was
good deal of covering. Reported large ex-
port engagements here yesterday had a ten
dency to create strength and cause shorts to
cover while Bradstreets report of q de-
crease in the available supply last week of
1,357,000 blu was also regarded as favorable
factor. The receipts for the day were only
90 cars. or 40 cars less than estimated, while
only 90 cars IRE expected tomorrow.
May opened briskly. l2@5sc higher at 9Gls@
s0Ac. but the advance brought out free Of
ferings. The tone soon changed 10 one OF
weakness, and before IL o'clock the price
went off TO ~ 7s@lS0c split. Kaufman, of ST.
Louis, and the New York contingent proved
the best sellers. Their offerings were urgent
and early buyers soon lost confidence and
liquidated Nearly all the late cables were
weaker. and those from the continent were
particularly depressed.
Paris and Antwerp were both quoted lower
with the weather i'll France said to be favor
There were also many favorable reports from
experts making the tour of the winter wheat
country, declaring crop damage reports eXag
gerations or entire fabrications. By noon
the market sold off to 79s4c., Weakness con,
tnued to rule during the closing hour and
May s paringy sold as low as 79Ac, and lett
Oft easy at 7YSBc.
A new feature was the decline in the
premium on July. The pressure TO sell that
month was great from the Southwest on the
fine nrOSnQctS from
May to only l2c over. 1t was also discovered
that number of houses were buying May
but selling an equal amount OF July. One of
the items of gossip floating around was that
the Mccormick Harvester company. of this
city, was arranging its plans for a crop
nearly equal to that of last year. Reports
late in the day OF cash sales of 100000 bu
at Minneapolis had no effect here. Dispatches
were received today from the straits saying
the ice is breaking up and that navigation
will likely be open by April 10.
The corn trading i'll its course was almost
duplicate Of the wheat market 1t started at
an advance for May of about tSc, and made
the best prices for the day in the first few
minutes of the session. Some of the parties
who were supposed to be the heaviest hold
ers were sellers on the opening bulge
Cudahy was said to be letting his go, and
Bartlette Frazer was also said to have sold
freely near the opening. The local receipts
were below expectations, and contained but
little of the contract, while the weather was
regarded as unfayOrable.
Considerable excitement prevailed in oats
at the opening the market being very firm
as a result of similar conditions in wheat
and corn, and the-fact that the receipts were
lighter than expected.
Counselman ana Bartlett Frazier bought
pretty free early, taking about 23U,000 bushels
each. and sending the price TO 29Ac. Late
in the day Schwartz-Dupee purchased quite
n line for New York parties.
Hog products were the weakest thing on
the list. Ryan. Logan aud Hately we're gen
erous sellers. Closing prices were nearly the
lowest May pork closed at Sl0.l712, com
pared with $40 37le yesterday; May lard at
So. 30, against 81, and ribs So.51l2, compared
with $50 yesterday. 81 IT,
The estimated receipts fortomorrow are 90
cars of wheat, los cars of corn. 1856 cars of
oats, and from 27,0o0 to 30, 600 hogs. Z
The leading futures ranged rs follows:
u