St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-03-04
BIG DROP IN WHEAT.
The Leading Cereal Came
Down With a Crush
Near the Close.
longs simultaneously At
tempt to Grab the Prof
its on the Lines.
leavy Receipts Of Hogs
Cause q. Decline in
Pork Products.
Stocks Closed With Slight
Gains Only Over Low
IS est Prices.

CmCAGo, March 5. - Wheat came
down with a crash today. 1t was near
the end of the session, and was the out
come of a Semi-panic caused by num-
Der OF longs simultaneously attempting
to snatch their profits when the market
reached 19c for May, an advance OF sc
over last nights closing figures. HE
price almost shot down from 79c to 71Ssc,
losing all tOdays advance and &c addi-
tonal. July was less bullish early than
Nav, ana not quite as weak on the
break. 1t closed at 75@Sc, after selling
at &c in the morning. Corn broke read
lily when it received announcement
from the wheat pit Compared with
yesterdays final price, May corn is sc
lower. Provisions were strong, but the
gains in the end were limited to PIC iii
pork. DC in July lard and sc in ribs.
Trade in wheat was large in the az
gregate, but spaSmodic and the feeling
nervous. The market was irregular at
an advance of 14@5sc. Prices receded
C, then rallied sc, yielded to previous
inside figures, but advanced &c, receded
2, c, then advanced &c, but weakened
and declined l5sc, and closed weak at
the inside prices, with loss of 3s(@$ic
from Yesterdays. Although there was
good buying at times by outsiders, there
was not the urgent demand from
shorts that cutsuch figure yesterday.
The local traders were disposed to follow
any big loader, and the highest prices
were made on the bidding by one of the
largest bidders. There WAS good selling
10y some of the large buyers of yeSter
day, and free selling on the break by
the largest shorts" \ feature OF the
trading was the free selling fer July,
causing it to sell at one time at 21sc un-
der May, against l%5c yesterday. At
the close it was l2sc. There was con-
siderable comment over the fact that
other markets failed to follow the bulge
here 10 any extent.
In corn at the opening fair frmneSs
was denoted, prices indicating a gain of
about &c over Yesterdays declining
figures. This was due largely to the
strength in ncighbOrng pits, with a
few outside buying orders here. The
shorts" were naturally little nervous
after the good advance and were in
ciined to cover. The initial advance
did not hold, however, the support PROV
ing inadequate, even in THE light of
stronger cables and fair cash demand
for relatively small spot offer
ingS. A few prominent operators
identified with the bear party entered
as sellers, and their offerings proved too
much for prices, which sold down
SG3Se, later recovering feebly. The
1inal weakness was in line with the
downturn in wheat, with general and
heavy selling, which placed prices at
The close at the low point of the day.
There was not as much demand from
shorts in oats, except for a period at
the opening, when the highest prices
were recorded. 1t soon subsidized, and a
little more pressure to sell caused weak
ness and 4 decline Of &c, and the mar
ket closed easy at about the inside
prices.
The provision market was fairly act
i've. The receipts of hogs were $4,000.
against estimates Of 1000 That started
an advance OF l0c for pork, &c for lard
and 2 c for Yibs. Pork declined 2215c
from the opening price. but soon recOV-
cred It's earlier tone, and from the low
point rose soc per barrel, 25c of which it
lost again in the latter part of the SEES
sion. Lard was comparatively steady,
with Hately taking advantage of hard
spots to sell a moderate amount. The
Cudahy Packing company was seller of
pork on the advance, but bought freely
of ribs through SchwartZ-D upee and the
North American Packing company.
There is a constant demand from the
country for cash ribs at the price being
realized for the May delivery.
Estimated receipts for tomorrow:
Wheat. 1870 ears; corn, 2l0 cars; oats, 12O
cars; hogs, 10000.
The leading futures ranged as follows: